2003 Voting Results
Final Voting Results
Annual Meeting of Common Shareholders
Montreal, Quebec - February 28, 2003
FULL DETAILS OF THE MATTERS FOR SHAREHOLDER ACTION CAN BE VIEWED BY ACCESSING THE 2003 MANAGEMENT PROXY CIRCULAR (PDF).
The Board of Directors and management recommend that shareholders VOTE FOR items 1 and 2 below:
1. Election of Directors
A substantial majority of the votes cast at the meeting were voted in favour of each of the 18 nominees named in the proxy circular.
2. Appointment of Auditors
Votes For: 99.2%
Votes Withheld: 0.8%
The Board of Directors and management recommend that shareholders VOTE AGAINST the following Shareholder Proposals:
Proposal No. 1: Reporting on social, environmental and ethical risks
Votes For: 10.4%
Votes Against: 89.6%
Proposal No. 2: Separation of the positions of Chairman and CEO shall be made formal
Votes For: 26.5%
Votes Against: 73.5%
Proposal No. 3: Stock options shall be phased out
Votes For: 8.6%
Votes Against: 91.4%
Proposal No. 4: Executive compensation polices shall include penalties as well as incentives
Votes For: 6.4%
Votes Against: 93.6%
Proposal No. 5: Set a reasonable threshold for nomination of Directors
Votes For: 4.8%
Votes Against: 95.2%
Proposal No. 6: Independence of External Auditors
Votes For: 11.0%
Votes Against: 89.0%
Proposal No. 7: RBC Pensioner Insurance Benefits
Votes For: 4.3%
Votes Against: 95.7%
Proposal No. 8: Employee Pension Plan Representation
Votes For: 6.1%
Votes Against: 93.9%
Proposal No. 9: Employee Pension Entitlement
Votes For: 4.6%
Votes Against: 95.4%
Proposal No. 10: Abolish stock option plans
Votes For: 8.3%
Votes Against: 91.7%
Proposal No. 11: Certification of periodic reports containing financial statements
Votes For: 34.5%
Votes Against: 65.5%
Proposal No. 12: Loans to directors and officers
Votes For: 12.4%
Votes Against: 87.6%
Proposal No. 13: Creation of ethics committee
Votes For: 6.6%
Votes Against: 93.4%
The Board of Directors and management recommend that shareholders VOTE FOR the following Shareholder Proposal:
Proposal No. 14: Chair reports at Annual Meeting
Votes For: 83.8%
Votes Against: 16.2%
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