The Globe and Mail reports in its Friday edition that CI Financial chief executive officer Kurt MacAlpine saw his pay drop sharply last year as the company overhauled its compensation plans to head off shareholder opprobrium. The Globe's David Milstead writes that Mr. MacAlpine made $7.33-million in 2022, down from $10.60-million in 2021. A big decline in the CEO's annual bonus, to $1.22-million in 2022 from $3.88-million in 2021, was the main cause of the decrease. CI lost its shareholder advisory vote on compensation, known as "say on pay," at its annual meetings in both 2021 and 2022 -- the only Canadian company to do so. Shareholders will weigh in on the 2022 pay approach in another advisory, non-binding vote at CI's 2023 annual meeting on June 27. "Getting executive compensation right is fundamental to CI's future success," the board's Governance, Human Resources, and Compensation Committee wrote to shareholders in CI's proxy circular, saying the pay program "evolved significantly in 2022." The committee wrote, "We are confident that CI has an industry-leading executive compensation program that places performance at its core." CI made changes to the pay plans for executive who report to Mr. MacAlpine.