I'll add to that. I agree with everything Ms. O'Neill said. We have recently published our principles for executive compensation, which is a guideline to help companies make their compensation clearer. One thing that we stress when we meet with boards of directors is that it should be clear and understandable, and really it should say what your company is trying to achieve and how your compensation system sets out to achieve that.
I would agree with Laura that some companies are getting better, and some companies are terrible, with 18 defined terms at the start of their disclosure, and it's incomprehensible. I do think that improvements are being made, however.
We also support an advisory vote on compensation and recently issued, for public comment, a draft model board policy that companies can adopt to provide for a shareholder advisory vote on compensation. We also provided a draft form of resolution so that all companies in Canada will use the same form of resolution.
We'd like to avoid what we see in the U.S., where companies that have been required to adopt advisory votes are all using different language in the resolution put to shareholders, adding another layer of obfuscation for shareholders to get through. We've issued this model board policy and draft resolution. What's unique to Canada is that we actually worked with the 12 issuers who have agreed to have advisory votes on pay. They have all agreed to use that common form of resolution.
Our policy and the resolution is out for public comment. The end of the comment period is at the end of this month, and then we'll finalize it and have it available for companies to use. We think that should also help improve clarity of disclosures, because companies are concerned about these advisory say-on-pay votes. They're worried that they're going to receive a no vote, so we think it will encourage them to go further into plain English disclosure and make sure shareholders can understand what they're being asked to vote upon.