The corporate governance consultant at the Ontario Municipal Employees Retirement System (OMERS) was preparing to respond to the proxy ballot for resolutions to be voted on at a Royal Oak Mines Inc. shareholders' meeting. Royal Oak's management was requesting that shareholders approve resolutions with respect to the granting of employee stock options (ESO) and the repricing of ESOs. Prior to voting the Royal Oak ESO proxies, OMERS staff wanted to prepare discussion points for a meeting among the portfolio managers, the investment committee, and the corporate governance consultant to review OMERS' position with respect to voting on ESO plans and repricing ESOs. (A Microsoft Excel spreadsheet is available for use with this case, product 7A99N030.)
