2012 Financial Statements - Workers' Compensation Board

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Investment management expense ($ thousands) 2012 2011 Fund management fees Custody fees Investment administration $ 26,425 371 2,629 $ 29,425 $ $20,217 419 2,384 $ 23,020 17. RELATED PARTY TRANSACTIONS Included in these financial statements are transactions with various Alberta Crown corporations, departments, agencies, boards, educational institutions and commissions related to WCB by virtue of common influence by the Government of Alberta. Routine operating transactions in the ordinary course of business are settled at terms equivalent to those for arm’s length entities. Included in related-party transactions are certain funding obligations relating to Occupational Health and Safety, the Appeals Commission and the Medical Panel Office that are in accordance with the applicable legislation and/or regulations. The amounts outstanding at December 31 and transactions throughout the year related to these funding obligations are disclosed in this note. Key management personnel of WCB, comprised of the Board of Directors and the senior executive and their close family members, are also related parties in accordance with IAS 24 Related Party Disclosures. As at the reporting date, there were no business relationships, outstanding amounts or transactions other than compensation between WCB and its key management personnel requiring disclosure in these financial statements. The amounts outstanding at December 31 and transactions throughout the year with the related parties described above, excluding key management personnel, are as follows: ($ thousands) 2012 2011 Receivables Payables and accruals Expenses $ 3 $2,297 $39,083 $ 5 $2,884 $38,192 2012 FINANCIAL STATEMENTS and notes 73
Key management compensation The tables below present total compensation of the directors and senior management of WCB in accordance with the requirements of the Salary and Benefits Disclosure Directive issued by the Treasury Board of Alberta. ($) 2012 Base Salary 1 Other Cash Benefits 2 Non-Cash Benefits 3 SERP 4 Total Chair, Board of Directors 5 Board Members 5 President and Chief Executive Officer Vice-president, Disability and Information Management Chief Financial Officer Vice-president, Customer Service and Risk Management Vice-president, Employee and Corporate Services Secretary and General Counsel $- - 408,000 329,000 304,000 289,000 248,000 243,000 $ 1,821,000 $ 55,494 135,916 216,000 121,500 112,400 107,150 80,400 78,900 $907,760 $ 4,478 8,201 39,724 34,068 36,406 36,166 35,404 36,936 $231,383 $ - - 75,200 57,200 44,600 48,600 30,600 34,600 $290,800 $ 59,972 144,117 738,924 541,768 497,406 480,916 394,404 393,436 $3,250,943 2011 Chair, Board of Directors 5 Board Members 5 President and Chief Executive Officer Vice-president, Disability and Information Management Chief Financial Officer Vice-president, Customer Service and Risk Management Vice-president, Employee and Corporate Services Secretary and General Counsel $- - 375,000 307,000 275,000 275,000 236,000 231,000 $1,699,000 $ 83,480 105,108 199,500 113,450 102,250 102,250 76,800 75,300 $858,138 $ 3,912 8,710 38,459 32,917 35,076 35,041 33,998 36,214 $224,327 $ - - 63,400 45,900 34,200 42,200 26,500 28,500 $240,700 $ 87,392 113,818 676,359 499,267 446,526 454,491 373,298 371,014 $3,022,165 1 Base salary is pensionable base pay. 2 Other cash benefits include performance awards, car allowances and honoraria. 3 Non-cash benefits include employer's share of all employee short-term benefits and payments made to or on behalf of employees including statutory contributions, health care, dental and vision coverage, out-of-country medical benefits, group life and accident insurance, educational costs and professional memberships. 4 SERP represents employer's current service cost for benefits accrued under a supplemental executive retirement plan. See Note 10 Employee Benefits for details of the plan, and the following table for the costs and obligations related to each named key management position. 5 The Chair of the Board of Directors and the nine Board Members are part-time positions. There were a number of vacancies throughout 2011 and 2012. 74 WCB-Alberta 2012 Annual Report
Page 1 and 2: WCB-Alberta 2012 Financial Statemen
Page 3 and 4: Independent Auditor’s Report To t
Page 5 and 6: Workers’ Compensation Board - Alb
Page 7 and 8: Workers’ Compensation Board - Alb
Page 9 and 10: Notes to the Financial Statements F
Page 11 and 12: 3. ACCOUNTING POLICY CHANGES Standa
Page 13 and 14: 5. INVESTMENTS ACCOUNTING POLICY WC
Page 15 and 16: Reconciliation of Level 3 activity
Page 17 and 18: Interest rate risk Interest rate ri
Page 19 and 20: Securities lending risk WCB partici
Page 21 and 22: 8. INTANGIBLE ASSETS ACCOUNTING POL
Page 23 and 24: 10. EMPLOYEE BENEFITS ACCOUNTING PO
Page 25 and 26: Defined benefit plan liabilities ($
Page 27 and 28: Actuarial methodology and basis of
Page 29 and 30: Claims development The table that f
Page 31 and 32: 14. CLAIMS AND CLAIMS MANAGEMENT EX
Page 33: 16. INVESTMENT INCOME AND EXPENSE A
Page 37 and 38: 19. SUPPLEMENTAL INFORMATION (a) Ca
Page 39 and 40: Appendix: Glossary Asset-liability

2012 Financial Statements - Workers' Compensation Board

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