Two top Canada pension funds to oppose CIBC's executive pay plan

April 17, 2015 9:50 PM

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TORONTO, April 17 (Reuters) - Two of Canada's largest pension funds, shareholders of Canadian Imperial Bank of Commerce, said on Friday they will demonstrate their unhappiness with CIBC's executive pay structure at the lender's annual meeting next week.

The Ontario Teachers' Pension Plan Board, vexed by multimillion-dollar payments to two retired executives, plans to withhold support for members of CIBC's compensation committee and to oppose the bank's pay structure in a nonbinding vote.

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