One of Canada's largest long-term care
operators is owned by a federal Crown corporation. 'We are extremely
saddened by the difficult circumstances,' Treasury Board President Duclos says
John Paul Tasker ~~ CBC News ~~ May 25, 2020
One of the largest operators of seniors' residences and long-term care homes
in Canada is a wholly owned subsidiary of the Public Sector Pension Investment
Board (PSP), a federal Crown corporation charged with investing
funds for the pension plans of the federal public service, the Canadian Forces,
the Royal Canadian Mounted Police and the Reserve Force.
The company, Revera, owns or operates
dozens of properties across Canada; it also has major holdings in the
United States and the U.K., with a portfolio of seniors' apartments, assisted
living and long-term care homes.
Treasury Board President Jean-Yves Duclos
... a $50 million class action lawsuit was launched
against Revera earlier this month on behalf of the families of COVID-19 victims
at the company's long-term care facilities in Ontario. The company is being
sued for negligence and breach of contract.
The plaintiffs allege the facilities lacked
"proper sanitation protocols and adequate testing to prevent the spread of
COVID-19."
... another $25-million class-action lawsuit has
been filed against Revera over its operation of the McKenzie Towne
Continuing Care Centre in Calgary, where COVID-19 killed 21 residents and
infected 63 others as well as 44 employees. The suit, which has not been
certified, alleges the company was negligent and did not follow proper
protocols to prevent the outbreak.
... the company's board of directors is appointed
by Prime Minister Justin Trudeau and his cabinet through orders in council.|
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This revelation left me speechless with anger.
I suspect many others -- who have their pension funds managed by the
Public Sector Pension Investment Board -- are unaware that the Rivera Crown
Corporation exists. Prudent investments in well-managed operations to maximize
return on our jointly held funds is one thing; creating a crown corporation to
own and operate private businesses is not what we expect from the fund
managers.
Why would our government decide to directly compete in the personal care
facility marketplace?
It would appear that Rivera is no better then other slum landlords in
the personal care facility business. The potential liabilities are staggering.
For a view of personal care facility deaths, CLICK HERE (the site is updated
daily). Click on the Canada Summary at the bottom of the page to see the
numbers. At this writing, 82% of all COVID-19 deaths have been in personal care
facilities.
It is not material that Treasury Board President Jean-Yves Duclos is
“saddened”.
Pension fund contributors need to know if their funds are at risk. Who
is going to pay for lawyers defending claims against Rivera? Setting and
maintaining standards for personal care facilities are a provincial
responsibility irrespective of ownership. There are conflicts of interest to
consider.
The abridged excuse for a parliament occasionally in session does not
help. We have no way to secure answers for our many questions. This is the tip
of an exceptionally large iceberg.
The fur and flack tossed about is going to be substantial.
Story of note: Doug Ford says, 'Greedy'
Investors Should Get Out Of Nursing Home Business (Huffington Post)
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