Canada’s first-ever “say on pay” vote held at CIBC’s annual meeting yesterday got 45% support, reports the Vancouver-based Shareholder Association for Research and Education.

SHARE notes that CIBC shareholders gave 44.96% support to a proposal on adopting an annual non-binding advisory vote on executive compensation. Such a vote would not affect actual compensation, it would just give shareholders an opportunity to express an opinion on the proposed package. The proposal, brought forward by Meritas Mutual Funds with support from SHARE, is the first of its kind in Canada, it said.

“These results are incredibly strong given that first time proposals typically receive about 7% of the vote. To have so many investors join with us in support of this proposal will send a strong message to publicly traded companies in Canada as well as to securities regulators,” said Gary Hawton, Meritas CEO, in a release.

It remains uncertain whether CIBC will choose to incorporate the non-binding vote, the organization said, reporting that bank chairman William Etherington indicated the bank will continue dialogue on the issue.

Proposals for an advisory vote on executive compensation will also be presented and voted on at upcoming annual meetings of the remaining major banks, with Royal Bank of Canada holding its meeting today, Bank of Montreal and Bank of Nova Scotia both slated for March 4, and Toronto-Dominion Bank due on April 3.