Rogers 2015 Annual Report Download - page 137
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Compensation
The compensation expense for key management for employee
services was included in employee salaries and benefits as follows:
Years ended December 31
(In millions of dollars) 2015 2014
Salaries and other short-term employee
benefits 13 10
Post-employment benefits 32
Stock-based compensation 120 18
Total compensation 36 30
1Stock-based compensation does not include the effect of changes in fair value of RCI
Class B Non-Voting shares or equity derivatives.
Transactions
We have entered into business transactions with companies whose
partners or senior officers are Directors of RCI, which include:
• the non-executive chairman of a law firm that provides a portion
of our legal services;
• the chairman of a company that provides printing services to the
Company; and
• the chairman and chief executive officer of a firm to which the
Company pays commissions for insurance coverage (ceased as a
related party effective April 2015).
We recognize these transactions at the amount agreed to by the
related parties, which are also reviewed by the Audit and Risk
Committee. The amounts owing are unsecured, interest-free and
due for payment in cash within one month from the date of the
transaction. The following table summarizes related party activity for
the business transactions described above:
(In millions of dollars)
Years ended
December 31
Outstanding
balance as at
December 31
2015 2014 2015 2014
Printing, legal services, and
commission paid on
premiums for
insurance coverage 31 38 32
SUBSIDIARIES, ASSOCIATES, AND JOINT ARRANGEMENTS
We have the following material operating subsidiaries as at
December 31, 2015 and 2014:
• Rogers Communications Partnership (see note 1); and
• Rogers Media Inc.
We have 100% ownership interest in these subsidiaries. Our
subsidiaries are incorporated in Canada and have the same
reporting period for annual financial statements reporting.
When necessary, adjustments are made to conform the accounting
policies of the subsidiaries to those of Rogers. There are no
significant restrictions on the ability of subsidiaries, joint
arrangements, and associates to transfer funds to Rogers as cash
dividends or to repay loans or advances, subject to the approval of
other shareholders where applicable.
We carried out the following business transactions with our
associates and joint arrangements. Transactions between us and
our subsidiaries have been eliminated on consolidation and are not
disclosed in this note.
Years ended December 31
(In millions of dollars) 2015 2014
Revenue 115 15
Purchases 170 88
Outstanding balances at year-end are unsecured, interest-free, and
settled in cash.
As at December 31
(In millions of dollars) 2015 2014
Accounts receivable 56 –
Accounts payable and accrued
liabilities 30 15
2015 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 135