Fifth largest bank of Canada, Canadian Imperial Bank of Commerce's shareholders tremendously supported the bank's first "say on pay" poll. Almost 93% of the votes were in favour of the executive compensation policies. This figure was counted and announced at Toronto-based CIBC's annual meeting in Montreal.

This poll was an indication for predicting the shareholder's response "say on pay" vote which is to be held in many other banks in coming weeks.

CIBC opted this way after two other major banks last year decided to allow shareholders to vote on executive pay policies. CBIS's issue for the poll was to know whether the executives are earning their compensation in the disorders that prevail in 2009.

Compensation received by CEO Gerry McCaughey's last year was $6.24 million, Richard Nesbitt got $5.4 million and $3.15 million and $2.5 million, respectively was taken by other two other senior executives.

The critic declaration on the bank's policy were proposed by Louise Charette for the Mouvement d'éducation et de défense des actionnaires (Medac) and Accountant Jean Legault.

CBIC board was accused of unrealistic representation of shareholders' concerns by Medac as it claimed , ''Excessive executive compensation negatively affects investors' interests besides creating internal resentment".

Chairman Charles Sirois said, ''The vote was a strong sign of shareholder approval of the bank's overall performance through critical times and its strategy going forward. But we're committed to listen to shareholder concerns.''