CIBC loses advisory vote on executive compensation at AGM

April 23, 2015 7:05 PM

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Calgary, April 23 (Reuters) - Canadian Imperial Bank of Commerce lost an advisory vote on its executive compensation structure on Thursday, in the face of blowback from investors over mega payments to two retired executives.

Two of Canada's top pension fund managers, Ontario Teachers' Pension Plan Board and the Canada Pension Plan Investment Board (CPPIB), last week both outlined plans to oppose the bank's pay structure in a nonbinding vote.

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