Executive Summary
For this assignment, Rogers Communications Inc., a Canadian company operating primarily in the field of media and wireless communication, was chosen. As of 2018, the company’s annual revenue had amounted to CAD$15.1 billion (Statista, 2018). According to the 2013 data, the company employed 26,000 people both in Canada and across the world (Rogers Communications, 2018). The primary objective of the present analysis is to examine the work of the compensation committee at Rogers Inc. and contrast its policies against the national human resources and compensation guidelines.
For instance, Governance Professionals of Canada (2017) highlight the importance of clear compensation communication. This recommendation is particularly sound since the need to disclose documents holds a company accountable for the impact that its policies may have. This paper provides executive compensation and director compensation reviews as well as a full pay-for-performance analysis. In addition, observations of Rogers Inc.’s governance strategies and recommendations are given. The investigation of both the company of interest and 15 other companies has shown the benefits of the say on pay approach, which is also discussed in detail.
Director Compensation Review
Director Compensation Philosophy and Components
According to the company’s policies, the compensation of the Board member is subject to an annual review conducted by the Corporate Governance Committee. In 2017, the Corporate Government Committee organized an extensive external evaluation of the director’s compensation program, which included gathering evidence from Rogers Communications Inc..’s peer group, contrast, and comparison (Rogers Communications, 2019). The Committee concluded that the former program which had been in effect since the last quarter of 2016 was not entirely up to date with the current market conditions. Rogers Communications Inc. used the services and feedback from Meridian Compensation Partners, a Canadian company specializing in compensation consulting and corporate governance (Rogers Communications, 2019).
The following guidelines were outlined for the new director compensation program:
- Attracting and retaining talent to serve on the Board by offering competitive pay;
- Aligning the interests of Directors with the interests of Shareholders to meet common objectives;
- Acknowledging risks and responsibilities associated with the role of Director and reflecting this awareness in the compensation package (Rogers Communications, 2019).
The Corporate Governance Committee settled on the pay structure that entails an annual retainer, an extra annual retainer in case the director serves as a chair of a committee or Lead Director, and an annual grant of equity (Rogers Communications, 2019). The latter is possible to obtain through the issuance of DSUs and/or by purchasing class B non-voting shares. Regardless of their membership, all directors are free to choose to receive their retainer and fees in DSUs or through the purchase of class B non-voting shares (Rogers Communications, 2019).
Rogers Communications Inc. uses the practice of benchmarking: every year, it compiles a peer group list that can include companies in the field of telecommunications as well as in other industries. For instance, as of 2019, the following businesses have been singled out:
- Bank of Montreal (banking);
- Nutrien (crop solutions);
- Barrick Gold (gold mining);
- BCE Inc. (media & communication);
- Bombardier Inc. (airline manufacturer);
- Cenovus Energy (oil & petrol);
- CGI Group (IT & consulting);
- Encana Inc. (energy);
- Husky Energy (energy);
- Sun Life Financial (financial services & planning);
- Telus (telecommunications);
- Teck Resources (resource development);
- Enbridge (energy transportation);
- Canadian Pacific Railway (transportation services);
- Canadian National Railway (transportation services) (Rogers Communications, 2019).
Rogers Communications Inc. analyzes median retainer fees across the market and makes sure that its directors are paid the same or rather more than that.
Board Chair
Formally, the current board chair of Rogers Communications Inc., Edward S. Rogers, is entitled to a retainer fee of $80,000. This amount of money puts him somewhat below the median of the peer group ($110,000). However, the meeting fee of $1,500 adds him to the 75th percentile of the sample ($1,425). The director compensation review shows some major discrepancies between board chair retainer fees across Canadian markets.
For instance, the Bank of Montreal awards its board chair a quite generous retainer of $425,000 per year. Nevertheless, as Rogers Communications Inc. states in its proxy filing, the compensation system is not rigid and is often tied to market tendencies and individual performance. As per the 2019 report, in 2018, Edward S. Rogers has paid a total of $1,000,000 instead of all retainers and attendance fees (Rogers Communications, 2019).
Board Member
When it came to boarding member retainers, the director compensation review demonstrated much less variation safe for Nutrien that pays $240,000 annually. With its $40,000, the board members of Rogers Communications Inc. are well above the median of their peer group of $32,000. The retainer fee awarded by the company puts directors in the said position in the 75th percentile. So far, there is only one company among the peer group that provides a higher retainer fee ($41,000) – Sun Life Financial. In this case, we can observe the effect of benchmarking and Rogers Communications Inc.’s efforts to keep up with the market trends.
Audit Chair
In its annual notice, Rogers Communications Inc. acknowledges broad responsibilities associated with the role of Audit Committee Chair. The company’s current audit committee chair, John Henry Clappison, is entitled to a retainer of $30,000 per year. This reward puts him at 120% of the median of the peer group ($25,000) and in the 75 percentile of the sample. Overall, as shown in the review, only 30% of the companies (namely, Bank of Montreal, BCE Inc., Bombardier Inc., and Enbridge) in the peer group pay their audit committee chairs as much as Rogers Communications Inc. or more.
Human Resources & Compensation Chair
From the reading, it has become apparent that some companies in the peer group such as Barrick Gold single out the position of the human resources & compensation committee chair and establish a unique retainer. Other companies, however, put directors in the said position under the “other committee chair” category. The data was gathered and analyzed about these particularities. As the review has demonstrated, as of 2019, Rogers Communication Inc. is keeping up with its peers. The human resources & compensation committee chair is entitled to $20,000 in annual retainer fees which is coincidentally the median of the peer group. The largest retailer is ensured for the human resources & compensation committee chair of Bank of Montreal and equals 250% of the median, or $50,000.
Audit Committee, Human Resource & Compensation Committee, and Other Members
The companies analyzed do not exactly specify how much is to be paid in retainer fees for being a member of the audit, HR&C, and other committees. Instead, they mention the general retainer amounts for any committee membership – these data were used in the review as it applies to the membership of any committee. As the analysis has clearly shown, the audit committee member retainer ensured by Rogers Communications Inc. is on par with these across the Canadian market and equals the median of its peer group ($5,000). The absolute majority of the companies investigated (15 out of 16) established their retainers within the range of $3,000 and $10,000. The only apparent deviation is Bank of Montreal that awards a member of any committee with up to $140,000 in annual retainer fees.
Other Chair
The majority of the companies examined for this paper do not single out “other chair” as an independent category in their proxy filing. Instead of that, they specify the committees other than those handling audit, human resources, and compensation.
Almost all businesses analyzed for this paper have risk review, sustainability, and corporate governance committees. For the sake of simplicity and objectivity, if a company does not specify a reward for “other chair,” an average of all chairs’ retainers was calculated. The review has demonstrated that in the case of Rogers Communications Inc., both retainer fees and total cash were somewhat subpar compared to its counterparts. The “other chair” retainer of $15,000 established by the company falls below the median of the peer group of $20,000. The mode of the sample, or the most common retainer amount, equals $20,000. As in several other cases, Bank of Montreal stands out among its peers with the “other chair” retainer fee of $50,000.
Observations, Conclusions, and Recommendations
The 2018 proxy filing contains a few recommendations for the future that Rogers Communications Inc. is committed to following. The company plans on enforcing a strong pay-for-performance culture further and supporting directors in integrating managers’ and shareholders’ interests (Rogers Communications, 2019). The goals for the years to come include finding new, better ways to not only attract talent but also retain it long-term and decide on its application.
Rogers Communications Inc. argues that its compensation programs ensure that the pay remains competitive with the external market (Rogers Communications, 2019). Our review was consistent with the company’s claims; however, some possible growth areas have been revealed. For instance, as seen from the director compensation review, Rogers Communications could consider increasing the retainer for “other members” to make it up to the standard of the peer group. As for the rest of the analyzed positions, their retainers either equal the median of the sample or surpass it by 10-30%.
As for the other forms of payment, the directors’ DSU plan has been in effect since 2000. Its main objective was and remains to encourage directors to align their interests with shareholders. In 2017, some adjustments to the original plan were made, and from then on, directors have been able to choose to receive some or all of their fees in DSUs. Rogers Communications Inc. established the value of each DSU is equal to the market price of a class B non-voting share at the end of the fiscal quarter. In 2018, every director, apart from the lead director, the deputy chair, the chair, and the vice-chair was given a grand of equity for $120,000.
It was accomplished either through the issuance of DSUs or the purchase of class B non-voting shares. The Chair received the shares for $500,000, which was well above the median of the peer group ($175,000). As for the amount of DSUs established for other positions, directors at Rogers Communications Inc. also seem to enjoy a competitive advantage. With the median of the peer group being $80,000, annual DSUs of $120,000 is more than a decent award. In summation, Rogers Communications Inc. seems to keep up with the major players in its field as well as with the leaders in other industries.
Say on Pay Vote
Today, Canadian markets are moving on Say on Pay, a strategy characterized by the right to vote on the remuneration of executives within a company. The practice has generated some controversy in its early; however, in the case of Rogers Communications Inc., Say on Pay might be highly beneficial. First, the said strategy fosters a critical accountability mechanism for the shareholders involved. They are allowed to express their concerns with the company’s approach toward executive compensation practices. At that, shareholders can address issues in a focused and appropriate manner.
Second, adopting Say on Pay promotes communication between different boards, clarifies ambiguity, resolves conflicts, and ensures that managers and executives in various departments are on the same page. Annual meetings of shareholders start an open dialogue and help to make compensation policies more transparent. Lastly, Say on Pay implies a continuous assessment of a company’s overall health and success, especially if the meetings are held every year as opposed to biennial and triennial (Segal Marco Advisors, 2017).
References
Bank of Montreal. (2019). Notice of annual meeting of shareholders and management proxy circular. Web.
Barrick Gold Corporation. (2019). Notice of annual meeting of shareholders. Web.
BCE Inc. (2019). Notice of annual meeting of shareholders and management proxy circular. Web.
Bombardier Inc. (2019). Notice of annual meeting of shareholders and management proxy circular. Web.
Canadian National Railway Company. (2019). Management information circular and notice of annual meeting of shareholders. Web.
Canadian Pacific Railway Limited. (2019). Notice of annual meeting proxy circular. Web.
Cenovus Energy. (2019). Notice of annual meeting of shareholders and management proxy circular.Web.
CGI Inc. (2019). Notice of annual meeting of shareholders and management proxy circular.Web.
Enbridge Inc. (2019). Notice of 2019 annual meeting of shareholders and proxy statement. Web.
Encana Inc. (2019). Notice of annual meeting of shareholders and 2019 proxy statement. Web.
Governance Professionals of Canada. (2017). 2017 corporate governance best practices report. Web.
Husky Energy. (2019). Management information circular. Web.
Nutrien. (2019). Notice of annual meeting of shareholders and management proxy circular. Web.
Rogers Communications. (2018). Company overview. Web.
Rogers Communications Inc. (2019). Management information circular – english. Web.
Segal Marco Advisors. (2017). 146 companies move from triennial to annual say-on-pay votes in 2017. Web.
Statista. (2018). Annual revenue of Rogers Communications Inc. from 2010 to 2018 (in billion Canadian dollars). Web.
Sun Life Financial. (2019). Notice of annual meeting of common shareholders. Web.
Teck Resources Limited. (2019). Notice of meeting and management proxy circular. Web.
Telus. (2019). 2019 information circular. Web.
Pressure Ulcers And Recommended Care Techniques
Introduction to the Problem
- Bedsores are frequent in long-term care
- Continuous pressure on the skin
- Problems related to proper blood circulation
- Sepsis and bacterial infections (cellulitis)
- A review of PU aversion methods
- PU protocols to be improved
Pressure ulcers (PU) belong to the most common wounds associated with long-term hospital treatment. As is clear from the term, they develop due to continuous pressure on some body parts and obstructions of proper blood flow. Since this problem leads to dangerous complications, approaches to PU aversion should be reviewed thoroughly to facilitate the development of more effective prevention protocols.
Analytical Perspectives
- Level 1 and 2 scientific inquiries
- Current achievements in hospital PU prevention
- PU prevention and treatment: financial burden
- PU and the analysis of epidemics
- Different groups’ vulnerability to PU
- Organized by the levels of request
This paper explores the multifaceted issue with reference to both level one and two research questions. The problem is studied with attention to research findings peculiar to PU prevalence, treatment, and financial considerations linked to this type of wounds. Also, attention is paid to the risks of bedsores in different social/demographic groups, and presentation is structured based on the levels of request.
Level 1 Questions
- PU prevention and treatment: mathematical/analytical aspects
- PU rates in emergency clinics: 2.6% (Gardiner, Reed, Bonner, Haggerty, & Hale, 2016)
- Related factors: BMI, age, race, sex
- Reductions in PU rates (2014-2015) (O’Toole et al., 2017)
- Consideration groups in healthcare facilities
- Potential of quality improvement conventions
Level one questions guiding the process of inquiry are focused on scientific facts. Based on modern research, in 2009 and 2010, more than two percent of patients in emergency facilities developed PUs (Gardner et al., 2016). Interestingly, with the development of up-to-date prevention techniques, PU incidence rates tend to decrease, probably due to the implementation of institutionalized group efforts, as well as conventions on quality improvement (O’Toole et al., 2017).
Level 1 Questions
- PU and disease transmission: current situation
- USA: 1.000.000-3.000.000 patients develop PU annually (Lam et al., 2018)
- Crisis care facilities: 2.500.000 cases (Lam et al., 2018)
- 60 thousand people develop PU complications (Lam et al., 2018)
- Disease transmission studies are strongly recommended
- Support surfaces, repositioning techniques, regular examinations (Lam et al., 2018)
In the United States, there are between one and three million cases of this condition every year, the majority of which take place in crisis care (Lam et al., 2018). The long-term effects and complications of PU also affect thousands of people annually. Along with the timely use of evidence-based PU prevention guidelines, the studies of disease transmission can improve the situation.
Level 2 Questions
- Financial aspects of treatment and prevention
- PU care involves significant expenses (Demarré et al., 2015)
- Prevention costs are up to €240.000.000 (Demarré et al., 2015)
- Up to €7.980 per patient (Demarré et al., 2015)
- PUs’ budgetary impact should be reduced
- Both treatment and aversion are costly
Level two questions touch upon the financial impact of PU aversion and treatment. According to Demarré et al. (2015), PU prevention is associated with large expenses varying depending on the country and particular strategies. From modern statistics, it follows that the ways to deal with the risks of bedsores should balance between effectiveness and economic rationalization.
Level 2 Questions
- PU occurrence and related risk factors
- Vulnerability is tied to demographic variables
- Older adults face increased health risks (Coleman et al., 2013)
- Stability of condition should be considered
- Risk factors: portability, mobility, skin condition (Coleman et al., 2013)
- PU improvement: blood analysis, dampness (Coleman et al., 2013)
The next portion of questions is linked to the risks of bedsores related to socio-demographic variables. Patients’ advanced age and instability are among the factors that are positively associated with PU incidence rates (Coleman et al., 2013). Other factors to be taken into account are individuals’ movement ability, portability, and skin issues. The indicators of PU improvement include hematological test results and assessments of skin moisture.
Cultural/Ethical Aspects
- Multifaceted nature of PU prevention/treatment
- Ethical ramifications of PU care decisions
- Applications of moral considerations to PU
- Existing social standards in PU care
- Moral dimension of research on PU
- PU treatment and social relationships
Apart from statistical data, the results of qualitative research may prove effective for the global outcomes of PU management strategies. Healthcare providers should be able to practice different activities, including the analysis of some actions’ cultural and ethical appropriateness. Therefore, the next portion of research is focused on moral theories and socio-cultural characteristics in PU management.
Ethics-Related Inquiries
- Moral theories apply to PU care
- Vanity runs counter to nursing values
- Thoughtful guidance and proper patient education (Beldon, 2014)
- Medical ethics and patients’ individual needs
- Temperance as a patient care value
- Ethics of moral duty and utility
Despite differences between ethical theories, there are some basic recommendations for healthcare specialists, such as the need to avoid vanity in the workplace and keep patients informed about their health. Thus, temperance is seen as the source of service that meets both patients’ expectations and ethical requirements. The notions of utility and moral duty can also inform the selection of care strategies.
Ethics-Related Inquiries
- Examinations must conform to ethical standards
- Patients’ defenselessness requires specific ethical considerations
- Consent to research and treatment
- Reductions in health risks for patients
- Care based on dignity and respect
- Security of sensitive patient data
When caring for patients with bedsores, healthcare specialists are anticipated to align their actions with ethical standards and consider clients’ vulnerable position. Any interventions should be aimed at reducing health risks and providing care with reference to patient dignity. Therefore, it is critical to obtain consent from patients prior to conducting some procedures and exclude any threats to patient privacy.
Culture-Related Inquiries
- Intergenerational differences in attitudes to providers
- Poor compliance with self-care recommendations
- Doctors’ advice and young patients’ individualism
- Role of culture in emotion
- Expression of emotions and PU care
- Reporting of pain and cultural considerations
The question of culture is also critical when it comes to PU management and patients’ compliance with indications. Patients’ attitudes to healthcare specialists are often predicted by their age, with young people being more likely to call doctors’ authority into question. Culture-based perspectives of emotional openness can also affect clients’ willingness to report pain, which should be considered to maximize positive outcomes.
Culture-Related Inquiries
- Models of familial relationships affect treatment
- Women’s decision-making ability in patriarchal cultures
- Guardians and abuse of power
- Culture, family, and healthcare decision-making
- Family’s and individual’s well-being in healthcare (Lin, Pang, & Chen, 2013)
- Study familial relationships in individual cases
The model of ideal relationships in patients’ native cultures should be considered to avoid their limited involvement in decision-making processes and prevent their families from abusing power. With that in mind, the cultural underpinnings of patients’ attitudes to individuality and unity may need to be studied to avert the use of unethical practices.
Conclusion
- Risk assessments based on individual variables
- Institutionalized PU prevention efforts are needed
- Promising measures: examinations, equipment, repositioning
- Patient consent, dignity, and individual needs
- Models of relationships and decision-making power
- Combination of evidence-based strategies improving outcomes
To sum it up, to reduce the number of people suffering from bedsores, recommended care techniques should be combined with the organization of institutionalized efforts and risk identification strategies. All interventions have to follow ethical standards and align with patients’ personal treatment needs. Also, patients’ cultural values need to be analyzed to improve treatment outcomes.
References
Beldon, P. (2014). The role of ethics in the wound care setting. Wounds UK, 10(3), 72-75.
Coleman, S., Gorecki, C., Nelson, E. A., Closs, S. J., Defloor, T., Halfens, R.,… Nixon, J. (2013). Patient risk factors for pressure ulcer development: Systematic review. International Journal of Nursing Studies, 50(7), 974-1003.
Demarré, L., Van Lancker, A., Van Hecke, A., Verhaeghe, S., Grypdonck, M., Lemey, J.,… Beeckman, D. (2015). The cost of prevention and treatment of pressure ulcers: A systematic review. International Journal of Nursing Studies, 52(11), 1754-1774.
Gardiner, J. C., Reed, P. L., Bonner, J. D., Haggerty, D. K., & Hale, D. G. (2016). Incidence of hospital-acquired pressure ulcers – a population-based cohort study. International Wound Journal, 13(5), 809-820.
Lam, C., Elkbuli, A., Benson, B., Young, E., Morejon, O., Boneva, D.,… McKenney, M. (2018). Implementing a novel guideline to prevent hospital-acquired pressure ulcers in a trauma population: A patient-safety approach. Journal of the American College of Surgeons, 226(6), 1122-1127.
Lin, M. L., Pang, M. C. S., & Chen, C. H. (2013). Family as a whole: Elective surgery patients’ perception of the meaning of family involvement in decision making. Journal of Clinical Nursing, 22(1-2), 271-278.
O’Toole, T. R., Jacobs, N., Hondorp, B., Crawford, L., Boudreau, L. R., Jeffe, J.,… LoSavio, P. (2017). Prevention of tracheostomy-related hospital-acquired pressure ulcers. Otolaryngology – Head and Neck Surgery, 156(4), 642-651.
Heart Failure Education: Implementation Phase
Introduction
Initiating an intervention always requires a solid implementation plan in order to successfully achieve the goals and objective of the research. Chronic heart failure (CHF) is one of the major causes of death in the US and the rest of the world, thus deserving the attention and additional studying time by the medical community (Ziaeian & Fonarow, 2016). According to Sharp, Peters, and Howard (2017), the implementation phase for the project will consist of the following steps:
- Flow process description;
- Time frame of the project;
- Estimated personnel and material needs;
- Estimated budgetary needs.
- Resources and statistical tools.
These steps would be elaborated on in the following sections of the implementation stage proposal.
Flow Process and Time Frame
According to Sharp et al. (2017), the flow chart for the process would involve the following steps:
- Recruiting and training nurses to participate in the research. Estimated time: Up to 30 days.
- Finding and selecting the individuals to participate in test and control groups for the project. All patients would need to be at least 45 years old and be diagnosed and hospitalized with CHF. Estimated time: Up to 30 days.
- Implementing the intervention, stage 1. During this stage, the test group would be provided with information on the management of CHF, which would include classes, literature, practical education, and other relevant procedures. The control group would undergo standard CHF-related procedures. Estimated time: 30 days.
- Implementing the intervention, stage 2. After the patients have been released from hospitalization, nurses will call them on a bi-weekly basis in order to survey their progress and provide additional instruction material over the phone, if it is required. Estimated time: 60 days.
- Data dissemination and analysis. After the procedures have been completed, all data about rehospitalization rates and potential complications will be analyzed using statistical methods. Estimated time: up to 90 days.
- Results. After the information has been analyzed and conclusions have been made, it will be necessary to share the results with the broader scientific community. All of the necessary information will be put in an article form and shared with all relevant stakeholders, to be later published in a peer-reviewed journal. Estimated time: uncertain, up to a year.
The total estimated time for the project, minus the uncertain amount of time necessary to publish the article, is 240 days.
Personnel and Material Needs
The proposed intervention would require between 3 to 5 nurses, with three being the bare minimum necessary to conduct the procedures. Their responsibilities would include taking care of the patients during their hospitalization, providing them with educational means of managing CHF, and conducting follow-up surveys by phone after discharge. Additional material needs would require educational brochures, a computer with statistical software, and three telephones.
Estimated Budgetary Needs
The proposed budget for the research would cover several positions, including the following (Polonsky & Waller, 2018):
- Researcher and nurse salary. The people conducting the research would have to be compensated for their time spent on the project. Estimated amount: 50,000-100,000 dollars for the whole team.
- Software and hardware. The data would need to be processed and stored using a computer, which would then need to be destroyed to ensure patient data privacy. In addition, it would require statistical software installed in order to perform all of the necessary calculations. Estimated amount: 2,000-3,000 dollars.
- Brochures, information materials, access to electronic libraries, and other expenditures. These would be vital to the educational aspect of the intervention. While brochures are relatively inexpensive to print, access to various digital libraries would cost more. Estimated amount: up to 1,000 dollars.
- Total: 53,000-103,000 USD.
The proposed amount may change during the progress of the intervention, but the initial estimations are as presented above.
Resources and Statistical Tools
In order to conduct the intervention and assemble a brochure with various information to be useful to patients, the researchers would require access to academic literature. The information utilized must be recent and reflect the best practices in managing CHF in adult patients. As such, access to online databases such as CINAHL, Medline, and Cochrane would be required to proceed with the intervention (Sharp et al., 2017).
In addition, specialized software would need to be procured in order to analyze the data. Doing statistical analysis by hand increases the chances of mistakes and misrepresentation, thus making it necessary to procure a digital tool. One of the most popular instruments among researchers is the SPSS statistical software. It enables conducting various types of analysis, significantly streamlining and simplifying the procedure.
Conclusions
The proposed implementation plan covers the flow, time scheduling, budgetary constraints, and materials/personnel necessary for the research. The relative costs of this study are much smaller than those of direct interventions, most of the funding going to compensate the participants for their time and effort. In regards to material needs, the study could be performed using a singular computer, a printer, and several phones. Statistical software and access to digital databases cover most of those expenses.
References
Polonsky, M. J., & Waller, D. S. (2018). Designing and managing a research project: A business student’s guide. New York, NY: Sage.
Sharp, J. A., Peters, J., & Howard, K. (2017). The management of a student research project. New York, NY: Routledge.
Ziaeian, B., & Fonarow, G. C. (2016). The prevention of hospital readmissions in heart failure. Progress in Cardiovascular Diseases, 58(4), 379-385.