(March 14 – 15:20 ET) – Canada Life Financial Corp. has announced that its first annual meeting will take place on April 13 at its head office.
Shareholders will be asked to adopt a shareholder rights plan at the firm. Demutualized insurers are restricted from mergers and acquisition for two years from the time of their demutualization, but are expected to be active players once the cuffs are off.
The company has also announced that all executives received salary raises. Chief Executive, David Nield, for example saw his salary increased to $700,000 from $625,385 the year before. Bonuses however jumped sharply. Nield for example saw his 1999 bonus jump to $700,000 from $200,000 in 1998. The maximum bonus the firm awards is 100% of salary. The firm also awards long-term incentive units based on average return on equity during the period.
Additionally the firm will ask its shareholders to approve a stock option plan for executives and other management.