Shaw 2009 Annual Report Download - page 95

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provided cable system distribution access and affiliate broadcasting services to Corus Custom
Networks, the advertising division of Corus, for $1,514 (2008 – $262; 2007 – $258),
administrative and other services to Corus for $1,934 (2008 – $1,721; 2007 – $1,589), uplink
of television signals to Corus for $5,112 (2008 – $4,837; 2007 – $4,845) and Internet services
and lease of circuits for $1,167 (2008 – $1,082; 2007 – $1,041).
The Company provided Corus with television advertising spots in return for radio and television
advertising. No monetary consideration was exchanged for these transactions and no amounts were
recorded in the accounts.
Burrard Landing Lot 2 Holdings Partnership
During the year, the Company paid $9,886 (2008 – $9,372; 2007 – $9,907) to the Partnership
for lease of office space in Shaw Tower. Shaw Tower, located in Vancouver, BC, is the Company’s
headquarters for its Lower Mainland operations.
Other
The Company has entered into certain transactions with companies that are affiliated with Directors
of the Company as follows:
The Company paid $3,555 (2008 – $2,820; 2007 – $511) for direct sales agent, marketing,
installation and maintenance services to a company controlled by a Director of the Company.
During the year, the Company paid $6,094 (2008 – $3,208; 2007 – $2,249) for remote control
units to a supplier where a Director of the Company holds a position on the supplier’s board of
directors.
Other transactions
The Company has entered into certain transactions with Directors and senior officers of the
Company as follows:
During 2007, the Company realized a gain of $2,680 on the sale of certain corporate assets to a
company controlled by a Director of the Company. The transaction was recorded at the exchange
amount, supported by independent evidence, which the parties have agreed represents the fair
value of the assets.
Loans, interest and non-interest bearing, have in the past been granted to executive officers in
connection with their employment for periods ranging up to 10 years. The effective interest rate on
the interest bearing loan for 2009 was 1.9% (2008 – 4.2%; 2007 – 4.9%). Executive officers
voluntarily repaid approximately 17% and 10% of their original loan balances in 2008 and 2007,
respectively. At August 31, 2009, the remaining amount outstanding on an executive officer loan
was $3,600 (2008 – $3,600) and is repayable on or before July 26, 2012.
91
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2009, 2008 and 2007
[all amounts in thousands of Canadian dollars except share and per share amounts]