The Financial Post reported on December 7th that “at least 68 Canadian companies have continued to pay out billions in dividends to their shareholders” while receiving the Canada Emergency Wage Subsidy (CEWS). 1/n https://financialpost.com/investing/fp-investigation-as-cews-flowed-in-dividends-flowed-out
#abpoli @thestaredmonton @RachelNotley

The CEWS was intended to ensure that workers would continue to have income even if the business employing them was not operating or was operating with reduced staff. Dividends were not eligible wage remuneration. 2/n

However, it looks like some corporations used the CEWS to free up funds for share buybacks, dividend payments, and even increased dividend payments. 3/n

A corporate governance expert interviewed by FP, said: “Think about what’s happening: Taxpayers are indirectly subsidizing payments to shareholders. That is completely unacceptable.” 4/n

Which corporation tops the list for taking the CEWS subsidy from the federal government? Imperial Oil, which took $120 million from Canadian taxpayers while paying its shareholders $324 million in dividends. 5/n https://financialpost.com/investing/canadian-companies-that-received-cews-and-kept-paying-a-dividend

And who sits on the board of directors of Imperial Oil? None other than economist Jack Mintz, who is also the Chair of Jason Kenney’s Economic Recovery Council. 6/n https://www.alberta.ca/economic-recovery-council.aspx

This is the Premier’s inner circle of CEOs and neoliberal ideologues who are imposing austerity policies on the rest of us. Supply side economics has two sides: trickle down, and suck it up. 7/7