TORONTO, April 16 /CNW/ - Manulife Financial Corporation (the "Company")
today announced that it will provide shareholders with a non-binding, advisory
vote on the Company's executive compensation policy starting at its annual
meeting in 2010.
"The board's initial recommendation that shareholders vote against 'Say
on Pay' this year was based on the lack of support for the proposal among
Manulife shareholders in 2008, as well as the views of Canadian institutional
shareholders, many of whom opposed an advisory vote until just recently," said
Manulife Chair Gail Cook-Bennett. "Since the release of Manulife's proxy
circular we have seen the Canadian Coalition for Good Governance come out in
favour of 'Say on Pay', and have also heard from many shareholders who now
support the measure, so the board decided to respond."
As a result of Manulife's decision, the Mouvement d'éducation et de
défense des actionnaires (MEDAC) has withdrawn its shareholder proposal on
this issue from consideration at the Company's Annual and Special Meeting
being held on May 7, 2009, in Toronto, Ontario.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories worldwide.
Operating as Manulife Financial in Canada and Asia, and primarily through John
Hancock in the United States, the Company offers customers a diverse range of
financial protection products and wealth management services through its
extensive network of employees, agents and distribution partners. Funds under
management by Manulife Financial and its subsidiaries were Cdn$404.5 billion
(US$330.3 billion) as at December 31, 2008.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife Financial can be found on the Internet
For further information:
For further information: Media Contact: Laurie Lupton, Manulife
Financial, (416) 852-7792, Laurie_Lupton@manulife.com; Investor Relations:
Amir Gorgi, 1-800-795-9767, firstname.lastname@example.org