CCL Industries : 2020 MIC

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

OF CCL INDUSTRIES INC.

MAY 13, 2021

NOTICE is hereby given that the annual meeting (the "Meeting") of shareholders of CCL INDUSTRIES INC. (the "Company") will be held at the corporate offices of the Company at Suite 801, 111 Gordon Baker Road, Toronto, Ontario M2H 3R1, at 2:00 p.m. (Toronto time), on Thursday, May 13, 2021, for the following purposes:

1. to receive the 2020 Annual Report of the Company containing the audited consolidated financial statements of the Company for the financial years ended December 31, 2020, and December 31, 2019, and the auditor's report thereon;
2. to elect eleven directors;
3. to re-appoint the auditor and authorize the directors to fix the auditor's remuneration; and
4. to transact such further or other business as may properly come before the Meeting or any adjournment or adjournments thereof.

By Order of the Board of Directors,

Suzana Furtado

Corporate Secretary

Toronto, Ontario

March 19, 2021

In light of ongoing concerns related to the COVID-19 pandemic and the Province of Ontario's emergency measures concerning public gatherings, the Company is strongly encouraging shareholders and guests not to attend the Meeting in person. The number of people permitted to attend the Meeting will be subject to and limited by the then applicable health and safety regulations. Shareholders are encouraged to vote on the matters before the Meeting by proxy, and to participate in the Meeting by teleconference in the manner described in the accompanying management proxy circular.

Shareholders will be able to ask questions of management at the conclusion of the Meeting.

Should the prevailing advice from the Province of Ontario's authorities require any additional changes to the Meeting, updates will be posted on the Company's website and by way of news release.

NOTES TO NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

1. Holders of Class B non-voting shares of the Company are not entitled to vote on any matters proposed for consideration at the Meeting.
2. Registered holders of Class A voting shares who are unable to be present at the Meeting in person are requested to specify on the accompanying form of proxy the manner in which the shares represented thereby are to be voted and to date, sign and return the same to AST Trust Company (Canada), Attention: Proxy Department, P.O. Box 721, Agincourt, ON M1S 0A1, for delivery by 2:00 p.m. EDT on the last business day before the Meeting or for deposit with the Chairman or the Secretary at the Meeting. Proxies may also be returned by personal delivery to AST Trust Company (Canada), 1 Toronto Street, Suite 1200, Toronto, Ontario, or by fax to [phone] (or toll free to 1 [phone]) or by email to [e-mail].
3. If you are a non-registered holder of Class A voting shares and receive these materials through your broker or another intermediary, please complete and return the materials in accordance with the instructions provided to you by your broker or intermediary.
4. As provided in the Canada Business Corporations Act, the directors have fixed a record date of March 26, 2021. Accordingly, holders of Class A voting shares registered on the books of the Company at the close of business on March 26, 2021, are entitled to notice of and to vote at the Meeting.
5. A copy of the 2020 Annual Report of the Company containing the financial statements referred to in this notice accompanies this notice.

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MANAGEMENT PROXY CIRCULAR OF
CCL INDUSTRIES INC.
SOLICITATION OF PROXIES AS OF MARCH 19, 2021
FOR USE AT THE ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 13, 2021
TABLE OF CONTENTS
SOLICITATION OF PROXIES .....................................................................................................................	5
COVID-19 PANDEMIC.................................................................................................................................	5
NOTICE-AND-ACCESS...............................................................................................................................	5
APPOINTMENT OF PROXYHOLDER ........................................................................................................	6
REVOCATION OF PROXIES ......................................................................................................................	6
EXERCISE OF DISCRETION BY PROXYHOLDER ...................................................................................	6
VOTING BY NON-REGISTERED SHAREHOLDERS .................................................................................	6
CLASS B NON-VOTING SHARES ..............................................................................................................	8
VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES......................................	8
SUBDIVISION OF SHARES ........................................................................................................................	8
PARTICULARS OF MATTERS TO BE ACTED UPON ...............................................................................	9
Election of Directors ................................................................................................................................	9
Appointment and Remuneration of Auditor...........................................................................................	21
CALCULATION OF FOREIGN EXCHANGE AND OTHER VALUES .......................................................	21
USE OF NON-IFRS MEASURES ..............................................................................................................	21
Adjusted Basic Earnings per Class B non-voting Share.......................................................................	21
Operating Income .................................................................................................................................	21
NAMED EXECUTIVE OFFICERS .............................................................................................................	22
COMPENSATION DISCUSSION AND ANALYSIS ...................................................................................	22
Compensation and the Human Resources Committee ........................................................................	22
Compensation Decision Making ...........................................................................................................	23
Human Resources Committee and Compensation Advisors ...............................................................	23
Compensation Risk Management.........................................................................................................	23
Recoupment Policy (Claw Back)...........................................................................................................	24
Succession Planning.............................................................................................................................	24
Compensation Philosophy and Program Objectives ............................................................................	24
Benchmarking Compensation...............................................................................................................	25
Compensation Elements.......................................................................................................................	26
Base Salaries ........................................................................................................................................	26
Annual Incentive Plans .........................................................................................................................	26
Corporate Executives............................................................................................................................	26
Operational Executives .........................................................................................................................	27
Long-Term Incentive Plans ...................................................................................................................	27
2019-2023 LTIP ....................................................................................................................................	27
Employee Stock Option Plan ................................................................................................................	28
2017-2025 LTRP...................................................................................................................................	28
2019 LTRP ............................................................................................................................................	28
Performance Stock Unit Plan................................................................................................................	29
Restricted Stock Unit Plan ....................................................................................................................	29
Executive Share Ownership Requirements ..........................................................................................	30
Compensation of the President and Chief Executive Officer................................................................	30
CEO Pay-For-Performance...................................................................................................................	31
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Realizable Pay Analysis........................................................................................................................	32
Compensation of Other Named Executives..........................................................................................	33
SUMMARY COMPENSATION TABLE- NAMED EXECUTIVE OFFICERS ..............................................	37
INCENTIVE PLAN AWARDS.....................................................................................................................	39
Outstanding Share-Based Awards and Option-Based Awards as of December 31, 2020...................	39
Incentive Plan Awards-Value Vested or Earned During 2020............................................................	40
Securities Authorized for Issuance under Equity Compensation Plans................................................	40
Employee Stock Option Plan ................................................................................................................	41
Deferred Share Unit Plan ......................................................................................................................	42
2017-2025 LTRP...................................................................................................................................	43
2019 LTRP ............................................................................................................................................	45
PSU Plan...............................................................................................................................................	47
RSU Plan ..............................................................................................................................................	49
PENSION PLAN BENEFITS ......................................................................................................................	51
Defined Contribution Plans ...................................................................................................................	51
Deferred Compensation Plan................................................................................................................	51
TERMINATION AND CHANGE OF CONTROL BENEFITS......................................................................	53
Summary Table of Termination and Change of Control Benefits .........................................................	53
Employment Agreements......................................................................................................................	54
Change of Control .................................................................................................................................	55
COMPENSATION OF DIRECTORS..........................................................................................................	55
2020 Director Compensation Table ......................................................................................................	57
SHARE-BASED AND OPTION-BASED AWARDS TO DIRECTORS .......................................................	57
Outstanding Share-Based Awards and Option-Based Awards to Directors
as of December 31, 2020......................................................................................................................	58
Share-based Awards, Option-based Awards and Non-equity Incentive Plan
Compensation to Directors Vested or Earned During 2020 .................................................................	59
Indebtedness of Directors and Executive Officers to the Company and its Subsidiaries under
Securities Purchase and Other Programs ............................................................................................	59
Related Party Transactions...................................................................................................................	59
DIRECTORS' AND OFFICERS' LIABILITY INSURANCE.........................................................................	59
STATEMENT OF CORPORATE GOVERNANCE PRACTICES ...............................................................	60
Audit Committee....................................................................................................................................	68
The Mandate of the Board ....................................................................................................................	68
Board Committees ................................................................................................................................	69
Charter of the Audit Committee ............................................................................................................	70
Charter of the Human Resources Committee.......................................................................................	72
Charter of the Nominating and Governance Committee.......................................................................	74
Charter of the Corporate Social Responsibility Committee ..................................................................	76
Composition of Board Committees .......................................................................................................	78
Matrix of Skills and Competencies ........................................................................................................	79
Equity Ownership Requirements ..........................................................................................................	79
Board Diversity Policy ...........................................................................................................................	80
Orientation of New Directors and Continuing Education of Directors ...................................................	80
Disclosure Policy...................................................................................................................................	82
External Auditor Service Fees ..............................................................................................................	83
Auditor Assessment ..............................................................................................................................	83
SHAREHOLDER ENGAGEMENT .............................................................................................................	83
SHAREHOLDER PROPOSALS FOR THE 2022 ANNUAL MEETING .....................................................	84
ADDITIONAL INFORMATION ...................................................................................................................	84
GENERAL ..................................................................................................................................................	84

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SOLICITATION OF PROXIES

THIS MANAGEMENT PROXY CIRCULAR IS FURNISHED IN CONNECTION WITH THE SOLICITATION OF PROXIES BY THE MANAGEMENT OF CCL INDUSTRIES INC. (THE "COMPANY") FOR USE AT THE ANNUAL MEETING OF SHAREHOLDERS of the Company (the "Meeting") to be held at the corporate offices of the Company at Suite 801, 111 Gordon Baker Road, Toronto, Ontario M2H 3R1, at 2:00 p.m. (Toronto time), on Thursday, May 13, 2021, for the purposes set out in the accompanying Notice of Meeting, and at any adjournment(s) thereof. Holders of Class A voting shares who are unable to be present at the Meeting in person are requested to complete, sign, date and return the accompanying form of proxy to AST Trust Company (Canada), Attention: Proxy Department, P.O. Box 721, Agincourt, ON M1S 0A1, by 2:00 p.m. EDT on the last business day before the Meeting. An addressed envelope with the postage prepaid accompanies the Notice-and-AccessNotice and may be used for such purpose. Proxies may also be returned by personal delivery to AST Trust Company (Canada), 1 Toronto Street, Suite 1200, Toronto, Ontario, or by fax to [phone](or toll free to 1 [phone])or by email to [e-mail]. The solicitation will be primarily by mail; however, the directors, officers and employees of the Company may also solicit proxies by telephone, by facsimile or in person. The cost of solicitation by management will be borne by the Company.

COVID-19 PANDEMIC

In light of ongoing concerns related to the COVID-19 pandemic and the Province of Ontario's emergency measures concerning public gatherings, the Company is strongly encouraging shareholders and guests not to attend the Meeting to be held on Thursday, May 13, 2021, in person. The number of people permitted to attend the Meeting will be subject to and limited by the then applicable health and safety regulations. Shareholders are encouraged to vote on the matters before the Meeting by proxy, and to participate in the Meeting by teleconference as follows:

Canada/US Dial-In Number:	[phone]
International Dial-In Number:	[phone]
Conference ID:	3656448

Shareholders will be able to ask questions of management at the conclusion of the Meeting.

Should the prevailing advice from the Province of Ontario's authorities require any additional changes to the Meeting, updates will be posted on the Company's website and by way of news release.

NOTICE-AND-ACCESS

The Company has elected to use the notice-and-access procedure ("Notice-and-Access") under National Instrument 51-102 - Continuous Disclosure Obligations and National Instrument 54-101 - Communication with Beneficial Owners of Securities of a Reporting Issuer, for the delivery of the Company's Notice of Meeting and Management Proxy Circular and 2020 Annual Report (which includes the Company's audited annual financial statements and management's discussion and analysis) to all registered and beneficial shareholders for the Meeting. Under the provisions of Notice-and-Access, all shareholders will receive a Notice-and-Access Notice ("Notice") containing information on how they can either access the Company's Notice of Meeting and Management Proxy Circular and the 2020 Annual Report electronically instead of receiving a printed copy or, alternatively, how they can receive a printed copy of those materials. Together with the Notice, holders of Class A voting shares will receive a proxy or a voting instruction form enabling them to vote at the Meeting. The Notice of Meeting and Management Proxy Circular for the Meeting and the 2020 Annual Report will be posted on www.meetingdocuments.com/astca/CCL as of April 9, 2021, and will remain on the website for one year thereafter. The Meeting Materials will also be available under the Company's SEDAR corporate profile at www.sedar.com as of April 9, 2021. The use of notice-and-access is an environmentally friendly and cost effective way to distribute the materials for the Meeting because it reduces printing, paper and postage.

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