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Looking forward on clawbacks

Author(s): Lynne Lacoursière, Andrew MacDougall, Kelly O’Ferrall

Dec 11, 2023

New listing standards from the New York Stock Exchange and Nasdaq Stock Market came into effect this year, requiring companies to adopt policies providing for the clawback of executive compensation in certain circumstances. We previously discussed these changes in our Osler Update.

The new listing standards apply to substantially all issuers listed on a U.S. stock exchange. These include foreign private issuers as well as Canadian issuers filing under the Multi-Jurisdictional Disclosure System who have debt or equity securities listed on a U.S. stock exchange. The standards required issuers to adopt a clawback policy by December 1, 2023 that complies with the listing standards applicable to certain incentive compensation received by an issuer’s executive officers after October 2, 2023. Affected issuers should therefore have developed and be implementing the required policies...

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