In the spring, Sienna Senior living needed military support in two of its overwhelmed long-term care homes where COVID-19 was surging, but even though soldiers were marching in, the company still paid out $45 million to its shareholders.
Sienna is a publicly traded company that runs dozens of long-term care homes and retirement residences in Ontario and British Columbia. During the spring, two of its homes required military support; Altamont Care Community where 53 people have died and Woodbridge Vista Care Community where 31 people died.
In a response, the company said the dividends were necessary and it has invested $20.5 million above and beyond any government support to improve the care homes.
“Dividends are similar to interest costs on loans — dividends are paid to shareholders who have provided the capital necessary to invest in the maintenance, upgrading and building of new long-term care residences,” the company wrote in a statement to the National Post. “At no point has the payment of dividends taken away from front-line care.”
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