Shaw 2012 Annual Report Download - page 118

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2012 and 2011
[all amounts in millions of Canadian dollars except share and per share amounts]
Compensation
The compensation expense of key management personnel is as follows:
2012 2011
$$
Short-term employee benefits 32 35
Post-employment pension benefits (23) 21
Retirement benefits –26
Share-based compensation 35
12 87
Transactions
The Company paid $3 (2011 – $4) 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 $9 (2011 – $6) for remote control units to a supplier where
Directors of the Company hold positions on the supplier’s board of directors.
Loans have in the past been granted to executive officers in connection with their employment
for periods ranging up to ten years. In 2011, the remaining amount outstanding of $4 was
repaid. The effective interest rate on the interest bearing loan for 2011 was 1.0%.
Other related parties
The Company has entered into certain transactions and agreements in the normal course of
business with certain of its related parties. These transactions are measured at the exchange
amount, which is the amount of consideration established and agreed to by the related parties.
Corus Entertainment Inc. (“Corus”)
The Company and Corus are subject to common voting control. During the year, network fees of
$132 (2011 – $136), advertising fees of $2 (2011 – $1) and programming fees of $1 (2011 –
$1) were paid to various Corus subsidiaries and entities subject to significant influence. In
addition, the Company provided administrative and other services for $1 (2011 – $1), uplink of
television signals for $5 (2011 – $5) and Internet services and lease of circuits for $1 (2011 –
$1).
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 $10 (2011 – $10) 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.
114