We look to support compensation plans containing the following features:

• a clear statement by the board of directors of its executive compensation philosophy and how this philosophy is related to the company's strategic objectives;
• incentives for performance that address both short- and long-term corporate objectives that we believe will be stable and not require alteration through the company’s business cycle;
• a minimum one-year post-retirement hold period of equity awards, although we prefer two years
• minimum share ownership requirements;
• meaningful industry and company performance metrics for the awarding and/or vesting of incentives;
• full disclosure of all benefits including the present value of pension benefits and supplemental executive retirement plans in the compensation table in the management information circular;
• identification of changes in philosophy or performance targets; and
• a relatively simple formula that is easy to understand.