TH U RS DAY , APRI L 2, 2020 | T HE GLO BE AND MAIL G R EPORT ON BUSINESS | B3

Insurer Aviva says it will pay Manulife’s executives see

dentists’ pandemic claims
Company says it will
‘stand by’ its coverage
for those forced to close
their practices, but one
Toronto specialist says
many unanswered
questions remain
CLARE O’HARA
WEALTH MANAGEMENT REPORTER
Aviva Canada CEO Jason Storah
says the insurance company will
“stand by” its pandemic cover-
age for dentists who followed
provincial orders to close down
their practices because of the
outbreak of COVID-19.
The reassurance to the dental
community comes two weeks af-
ter provincial dental associations
“strongly recommended” that
thousands of dentists immedi-
ately suspend all non-essential
and elective or routine services
for patients.
But after submitting claims
with Aviva for business interrup-
tion insurance – which includes
pandemic coverage – many den-
tists were left in the dark about
whether their policies would be
honoured, with several dentists
told it was highly unlikely be-
cause they shut their offices
down voluntarily.
Andrea Johnstone, a peri-
odontist in Toronto, along with
her colleague Sue Chincholi, be-
gan an online petition to fight
the delay in getting a decision on
their insurance policy, and more
than 18,500 dentists had signed
by Tuesday morning.
Mr. Storah said late Tuesday
the company received “unprece-
dented COVID-19 related pan-
demic coverage insurance
claims” from dentists and that
the delay was due to a “number
of complex legal, regulatory and
operational hurdles” related to
the dentists’ claims. However, he
said, the hurdles have been re-
solved by the provincial govern-
ments’ shutdown orders for non-
essential services.
“I can confirm today that Avi-
va Canada will of course stand by
this pandemic coverage provid-
ed to the dentists in respect to
those provincial orders closing
down all non-emergency dental
treatment,” Mr. Storah said. “We
will be issuing guidance and next
Michael Duchnay, an oral medicine specialist seen in his Toronto office on
Monday, says he is concerned the processing of individual claims may be
‘potentially rife for abuse.’ CHRISTOPHER KATSAROV/THE GLOBE AND MAIL
steps shortly for the dentists so
that they can each submit claims
that will be individually evaluat-
ed and settled.”
For Michael Duchnay, an oral
medicine specialist in Toronto
who shut down his practice on
March 15, Aviva’s commitment
still leaves a lot of unanswered
questions.
One of his principal concerns
is whether the practice interrup-
tion claims will be honoured and
retroactive to the time he first
closed his office after the direc-
tive of the Royal College of Den-
tal Surgeons of Ontario. He said
he’s also worried that the proc-
essing of individual claims could
be “potentially rife for abuse.”
“Although this written com-
mitment appears to be a positive
development … it remains un-
certain the extent of coverage
they intend to provide, how they
intend to deal with the valida-
tion of individual claims and de-
termine specific losses and
payouts, and how long the proc-
ess will take to complete before
payment is received,” Dr. Duch-
nay said.
“Much of the substance of this
preliminary statement by Aviva
will be borne out by the means
and speed of its implementa-
tion,” he added. “There remains
a great urgency to expedite mat-
ters, so that dentists are able to
have confidence in returning to
viable practices following the
end of this crisis.”
The industry-wide policy –
sold to dentists and dental spe-
cialists by CDSPI Advisory Servic-
es Inc. and underwritten by Avi-
va Canada – is called Triple-
GuardTM Insurance and covers
policyholders for fire, theft, lia-
bility and practice interruption,
including special circumstances
such as earthquakes and pan-
demics.
The insurance policy says it is
intended “to help offset” income
loss during a pandemic out-
break. Automatically, policyhol-
ders have practice interruption
coverage up to $1,000 a day after
the first 24 hours (up to a
$20,000 annual limit) when they
are prohibited from entering
their office by an order from a
civil authority or public-health
official.
For an extra premium, policy-
holders can increase pandemic
outbreak coverage up to $2,500 a
day (up to an annual limit of
$50,000) or up to $5,000 a day
(up to an annual limit of
$100,000).
CDSPI, a financial-service pro-
vider for dental professionals,
told The Globe and Mail on Mon-
day it was working closely with
Aviva to ensure the company
had the information it needed
regarding the various provincial
government and regulatory an-
nouncements and recommenda-
tions issued over the past few
weeks.
“We are pleased that dentists
who have purchased the policy
will get the financial relief they
have been seeking all along,”
said Ed Dermit, president of
CDSPI, in response to Aviva’s up-
date. “It is the outcome we have
been advocating with Aviva, on
behalf of dentists.”
compensation rise in 2019,
while Sun Life’s pay falls
DAVID MILSTEAD
INSTITUTIONAL INVESTMENT REPORTER
Top executives at Manulife Financial Corp. saw big bumps
in their compensation in 2019 thanks to increased incentive
pay, while payouts declined at Sun Life Financial Inc. as
bonuses fell.
Manulife paid chief executive officer Roy Gori $14.7-mil-
lion last year, up from $12.99-million the year before. His
cash bonus of $4.9-million was up from $4.1-million in 2018,
and he received share and option awards totalling just less
than $7.4-million, about $800,000 more than the year be-
fore.
At Sun Life, CEO Dean Connor saw his total compensation
slip to $9.65-million in 2019 from $9.71-million in 2018. His
cash bonus fell to $1.8-million from $2.2-million in the prior
year. Sun Life gave him $6.25-million in share and option
awards, up from $6-million the year before.
Both companies have incentive plans that set a “target”
bonus based on a percentage of salary. They evaluate their
business results for the past year, and adjust the target bo-
nus amount up or down. Then, they evaluate individual per-
formance and adjust again. The end result can be business
performance that comes in un-
der the company’s goals but a bo-
nus that ends up above targets Both companies
because of executives’ individual
performance. have incentive plans
Bonuses for Manulife’s top ex- that set a ‘target’
ecutives were up roughly 10 per bonus based on a
cent to 20 per cent compared percentage of salary.
with 2018. Manulife said it ex-
ceeded its annual financial goals They evaluate their
for earnings and the profitability business results for
of the new business it generated. the past year, and
The “company performance
score” it used to award part of the
adjust the target
bonuses was 112 per cent. That bonus amount up or
was down from 117 in the prior down. Then, they
year, which means Manulife felt evaluate individual
it didn’t do as well, compared
with its goals, as it did in 2018.
performance and
Manulife’s board also took in- adjust again.
to account individual perform-
ance, and awarded the five top-paid executives bonuses that
were anywhere from 129 per cent of their target bonus to 168
per cent, in the case of Mr. Gori.
At Sun Life, cash bonuses declined for all six top-paid
executives when compared with 2018. The company missed
its goals for earnings per share and the value of new business
it generated, but made its goal for client satisfaction. It gave
itself a performance factor of 90 per cent for business results,
compared with 108 per cent in 2018. Sun Life then adjusted
the 2019 bonuses upward based on individual performance,
with the six executives getting 115 per cent to 122 per cent of
their target bonuses. Mr. Connor’s payout was 122 per cent.
Manulife stock returned 42 per cent in 2019, while Sun Life
shares returned 35.9 per cent. Net income increased just less
than 13 per cent at Manulife and less than 4 per cent at Sun
Life in 2019. On an adjusted basis, a metric preferred by in-
surers because it strips out volatility, Manulife reported prof-
it growth of 5 per cent, while profit rose 4 per cent at Sun
Life.
MANULIFE (MFC)
CLOSE: $16.81, DOWN 86¢
SUN LIFE (SLF)
CLOSE: $43.31, DOWN $1.96

BUSINESS CLASSIFIED Monthly Distributions

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Property Trust www.FirmCapital.com
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(FCD.UN-TSXV) *Asat
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March 2627,th2020
2015

COMMERCIAL REAL ESTATE MEETING NOTICES

NOTICE OF ANNUAL MEETING NOTICE OF ANNUAL MEETING OF

Prime Residential Development Land
LIST PRICE: $34,500,000
OF SHAREHOLDERS AND PARTICIPATING POLICYHOLDERS
Notice is hereby given that the Annual Meeting of the shareholders and
participating policyholders of The Empire Life Insurance Company (Company)
will be held at 165 University Avenue, Toronto, Ontario, on Thursday, April 30,
2020 at 3:30 p.m., Eastern Time, for the following purposes:
1. To receive and consider the consolidated financial statements of the
Company for the year ended December 31, 2019 together with the
report of the auditors thereon;
2. To elect Shareholders’ Directors and Policyholders’ Directors;
3. To reappoint PricewaterhouseCoopers LLP as auditors and to authorize
the directors to fix the auditors’ remuneration; and
MANULIFE FINANCIAL CORPORATION AND
THE MANUFACTURERS LIFE INSURANCE COMPANY
The Annual Meeting o1 CoNNon ShaReholdeRS o1 Manuli1e
Financial CoRpoRation and the Annual Meeting o1 PolicyholdeRS
and the ShaReholdeR o1 The Manu1actuReRS Li1e InSuRance CoNpany
(togetheR the “Meeting”) will be held on ThuRSday, May 7, 2020 at
11:00 a.N. EaSteRn tiNe by electRonic NeanS.
ShaReholdeRS and policyholdeRS will not be able to attend the
Meeting in peRSon but aRe invited to view the live bRoadcaSt on
ouR webSite (Nanuli1e.coN). ShaReholdeRS, policyholdeRS and



theiR duly appointed pRoxyholdeRS will be able to aSk queStionS
4. To transact such further or other business as may properly come before and vote duRing the live bRoadcaSt by 1ollowing the inStRuctionS
the meeting (or any postponement or adjournment thereof). Set out at Nanuli1e.coN.
DATED at Kingston this 10th day of March, 2020. ShaReholdeRS and policyholdeRS aRe encouRaged to vote and SubNit
9999 - 146 Avenue SE,
By Order of the Board of Directors pRoxieS pRioR to the Meeting. FoR NoRe in1oRNation on the Meeting,
Calgary, Alberta
Heather L. Christie, Corporate Secretary including how to vote in advance, pleaSe viSit Nanuli1e.coN.
Located within the planned community
of Hotchkiss. As set forth in the South Considering the directives from public health officials on group settings, PolicyholdeRS o1 The Manu1actuReRS Li1e InSuRance CoNpany who
Shepard Area Structure Plan, it is to Empire Life has organized a live webinar to support public health efforts in would like in1oRNation on how to Receive notice o1 1utuRe Neet-
be developed into a future residential managing COVID-19 and is urging its common shareholders and participating ingS Nay wRite to the CoRpoRate SecRetaRy, The Manu1actuReRS
subdivision consistent in form and policyholders to vote by proxy and asking interested stakeholders and such Li1e InSuRance CoNpany, 200 BlooR StReet EaSt, ToRonto, OntaRio,
density with many of its currently built- shareholders and policyholders to remain at home and not attend the annual Canada, M4W 1E5.
out neighbours. meeting in person. Live coverage of the meeting will be available on the Events
section of our website (www.empire.ca). ApRil 2, 2020
Ken Westhaver* ToRonto
+1 403 456 2209 Participating Policyholders may receive a copy of the management information
Ken.Westhaver@am.jll.com circular by submitting a request to the Secretary at The Empire Life Insurance By ORdeR o1 the BoaRd o1 DiRectoRS
Ryan Murphy Company, 259 King Street East, Kingston, ON K7L 3A8.
Antonella Deo
+1 403 456 5582 CoRpoRate SecRetaRy
RyanJ.Murphy@am.jll.com
JLL Real Estate Services, Inc.
*Sales Representative www.jll.ca NOTICE OF ANNUAL MEETING
OF SHAREHOLDERS
To SuppoRt public health e11oRtS in Nanaging COVID-19, CIBC’S
annual Neeting will be held on WedneSday, ApRil 8, 2020
at 10:30 aN EDT and will be viRtual only. CIBC encouRageS
Have The ShaReholdeRS to vote in advance aS deScRibed in ouR
NATIONAL BANK OF CANADA
ManageNent PRoxy CiRculaR.
Globe and Mail Attend the live webcaSt at www.cibc.coN/en/about-cibc/ Notice of Annual Meeting of the Holders
delivered to inveStoR-RelationS/annual-Neeting.htNl oR by telephone at of Common Shares
your door EngliSh: 1-800-952-5114 (Canada and the US)
The Annual Meeting of the Holders of Common Shares of
paSScode: 4473807
FRench: 1-877-395-0279 (Canada and the US) National Bank of Canada will be held at 10:00 a.m. (EDT) on
paSScode: 1414336 Friday, April 24, 2020, in virtual format only which will be
conducted via webcast.
PleaSe check ouR webSite 1oR additional in1oRNation on
attending and voting at the Neeting. ShaReholdeRS with By order of the Board of Directors,
queStionS Nay contact CIBC’S tRanS1eR agent at the nuNbeR
included in CIBC’S CiRculaR. Dominic Paradis
CALL 1-800-387-5400 Michelle Caturay Senior Vice-President, Legal Affairs and Corporate Secretary
TGAM.CA/SUBSCRIBE Senior Vice-President, Associate General Counsel
Montreal, March 18th, 2020
and Corporate Secretary