Instead of investing in the health and care of their residents, Extendicare is lining the pockets of shareholders with dividends. That, from Official Opposition Critic Matt Love who says despite the loss of 43 lives at Extendicare Parkside in Regina, Extendicare Inc. continues to pay out dividends to shareholders. On November 2nd, the company’s shares were trading for $5.09 and as of Thursday they were trading for $6.17.
Love says short staffing, ventilation and infrastructure failures, overcrowding and rooms with four beds have been identified by staff, the Saskatchewan Health Authority and experts in the field since 2013.
He notes that Extendicare paid dividends to its shareholders even though the company received more than $82-million under the Canada Emergency Wage Subsidy. Love suggests the Ombudsman’s investigation into the outbreak should include a look at Extendicare’s financial statements, or the Provincial Auditor should be brought in to investigate.
The NDP also urges the SHA to maintain management of the facility until the Ombudsman’s investigation is complete. At this point, SHA’s management continues only until January 30th.
Response from Extendicare
CJWW received a written statement from Extendicare, indicating that Extendicare publishes its financial statements each quarter, providing a detailed summary of all operational costs, including their efforts to combat COVID-19. Financial reports can be found here.
Extendicare also states the wage subsidy referenced by Matt Love was provided for ParaMed Inc., their homecare subsidiary, not to Extendicare’s long-term care homes. The subsidy received is based on wages paid to ParaMed staff during the qualifying time period in compliance with policy established by the federal government for eligible recipients.
Extendicare says it has taken decisive steps throughout the pandemic and their ongoing investments to protect residents and teams. To date, they report spending $42.5 million on pandemic measures and received approximately $22.7 million in government funding that partially offsets these costs.
Older facilities, Extendicare says, with cramped quarters and shared rooms have experienced the most severe outbreaks of the pandemic. In the statement they commit to work with government to fix the long-standing but urgent need for new homes built to modern infection prevention and control standards.
