Executive Summary

As SHARE is not soliciting proxies, submission is not required of this filer under the terms of the National Instrument but is made voluntarily in the interest of public disclosure and consideration of these important issues. [...] Economic growth slows when the incomes of the wealthy rise and those of the lower and middle classes do not, with the potential to create greater social and political instability and risk.12 Good compensation plans recognize the value of the efforts of all a company's workers, and the importance of fairness as well as market considerations in allocating pay. [...] SHARE’s proxy voting guidelines view executive pay more than 150 times the average annual pay of all workers in that country as cause for concern and recommend against approving the executive compensation if the total compensation of any of the named executives is more than 200 times the average annual wage.13 10 Loblaw companies 2022 proxy circular, p. [...] These include several categories of companies whose executive pay has historically skewed higher: • Sixteen of the 18 Canadian companies in the benchmark made the list of the 100 most highly paid Canadian CEOs in 2021 (Loblaw, then led by CEO Davis, did not at the time). [...] Two-thirds of PEO LTIP consists of stock options One-third of the PEO’s LTIP consists of stock options granted at the discretion of the Governance Committee.