28. RELATED PARTY TRANSACTIONS
Compensation of key management personnel
Key management personnel comprises members of the Board of Directors and key senior managers of the Corporation and its main subsidiaries. Their compensation is as follows:
|
|
|
2017 |
|
2016 |
|
2015 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Salaries and short-term benefits |
|
$ |
4,445 |
|
$ |
4,410 |
|
$ |
5,100 |
|
|
Post-employment benefits |
|
312 |
|
208 |
|
225 |
|
|||
|
Share-based compensation |
|
3,091 |
|
2,024 |
|
1,226 |
|
|||
|
Other long-term benefits |
|
1,061 |
|
1,534 |
|
1,688 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
$ |
8,909 |
|
$ |
8,176 |
|
$ |
8,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating transactions
During the years ended December 31, 2017, 2016 and 2015, the Corporation and its subsidiaries made purchases and incurred rent charges with the parent corporation and affiliated corporations, which are included in purchase of goods and services. The Corporation and its subsidiaries also made sales to the parent corporation and affiliated corporations. These transactions were accounted for at the consideration agreed between parties:
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|
2017 |
|
2016 |
|
2015 |
|
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|
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Ultimate parent and parent corporation : |
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|
|
|
|
|
|
|||
|
Revenues |
|
$ |
525 |
|
$ |
455 |
|
$ |
696 |
|
|
Purchase of goods and services |
|
8,698 |
|
8,037 |
|
8,584 |
|
|||
|
Operating expenses recovered |
|
(344 |
) |
(752 |
) |
(597 |
) |
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|
|
|
|
|
|
|
|
|||
|
Corporations under common control : |
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|
|
|
|
|
|
|||
|
Revenues |
|
5,481 |
|
5,906 |
|
8,059 |
|
|||
|
Purchase of goods and services |
|
103,519 |
|
104,244 |
|
103,435 |
|
|||
|
Operating expenses recovered |
|
(2,308 |
) |
(1,275 |
) |
(1,395 |
) |
|||
Accounts receivable from affiliated corporations:
|
|
|
2017 |
|
2016 |
|
||
|
|
|
|
|
|
|
||
|
Ultimate parent and parent corporation : |
|
|
|
|
|
||
|
Accounts receivable |
|
$ |
533 |
|
$ |
224 |
|
|
Interest receivable |
|
4,174 |
|
— |
|
||
|
|
|
|
|
|
|
||
|
Corporations under common control: |
|
|
|
|
|
||
|
Accounts receivable |
|
2,314 |
|
2,433 |
|
||
|
|
|
|
|
|
|
||
|
|
|
$ |
7,021 |
|
$ |
2,657 |
|
|
|
|
|
|
|
|
|
|
Accounts payable to affiliated corporations:
|
|
|
2017 |
|
2016 |
|
||
|
|
|
|
|
|
|
||
|
Ultimate parent and parent corporation : |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
36,028 |
|
$ |
51,561 |
|
|
|
|
|
|
|
|
||
|
Corporations under common control: |
|
|
|
|
|
||
|
Accounts payable |
|
18,647 |
|
14,973 |
|
||
|
|
|
|
|
|
|
||
|
|
|
$ |
54,675 |
|
$ |
66,534 |
|
|
|
|
|
|
|
|
|
|
Management arrangements
The Corporation pays annual management fees to the parent corporation for services rendered to the Corporation, including internal audit, legal and corporate, financial planning and treasury, tax, real estate, human resources, risk management, public relations and other services. Management fees amounted to $53.0 million in 2017 ($53.0 million in 2016 and $48.0 million in 2015). The agreement provides for an annual management fee to be agreed upon for the year 2018. In addition, the parent corporation is entitled to the reimbursement of out-of-pocket expenses incurred in connection with the services provided under the agreement.