Chartwell Retirement Residences

Last updated
Chartwell Retirement Residences
Company type Public
TSX:  CSH.UN
Industry Seniors' housing
Founded2003
Headquarters
Mississauga, Ontario
,
Canada
Number of locations
160+
Number of employees
11,000+
Website chartwell.com

Chartwell Retirement Residences is the largest provider of seniors' housing in Canada, serving over 25,000 residents across Quebec, Ontario, Alberta, and British Columbia. [1] Chartwell offers a range of seniors housing communities, from independent living to assisted living. [2]

Contents

In 2022, Chartwell’s revenues were CAD $661 million, with a net income of CAD $49.5 million. [3] The market capitalization of Chartwell was CAD $1.46 billion and had more than CAD $280 million in assets. [4]  

History

Chartwell was founded in 1998 through the merger of JBG Management Inc., Alert Care Corporation, and Chartwell Care Corporation – forming a new entity named Chartwell Seniors Housing Real Estate Investment Trust. It was rebranded as Chartwell Retirement Residences in 2012. Chartwell is an unincorporated, open-ended trust that is governed by the laws of Ontario. [5] Chartwell head office is based in Mississauga, Ontario, as well as one corporate office in Montreal, Quebec. Chartwell’s portfolio consists of over 160 owned and managed residences. As of the end of December 2020, Chartwell employed over 16,000 staff members across the country. Chartwell is the largest seniors housing provider in Canada. [6]

Leadership team

Chartwell's senior executive committee is made up of four individuals. [7] Vlad Volodarski is the chief executive officer, Karen Sullivan is the president and chief operating officer, Jonathan Boulakia is the chief legal officer, chief investment officer, and Jeffery Brown is the chief financial officer.

From 2009-2019, Brent Binions served as President and CEO of Chartwell Retirement Residences. Under his leadership, the company became the largest seniors’ housing company in Canada across four provinces. Mr. Binions is a past President of the Ontario Long term Care Association, past Vice President of the Ontario Residential Care Association and past Vice President for Ontario Retirement Communities Association. He is currently retired, but still sits on Chartwell’s Board of Directors. [8]

Huw J. Thomas is the current chair of the board and has been in this position since May 2022. Mr. Thomas is a Corporate Director. He is the former President and Chief Executive Officer, former Trustee and former Audit Committee Chair of SmartCentres Real Estate Investment Trust. Mr. Thomas holds a B.Sc., Economics from the University of London and became a Chartered Accountant in 1984. Mr. Thomas is a Fellow of the Chartered Professional Accountants of Ontario. [9]

The Chartwell Foundation and Corporate giving

In 2020, The Chartwell Foundation (Charity #714784931 RR 0001) was established as a national charity to carry on helping seniors continue to live a life of purpose, connectedness, and engagement through wish granting. The Chartwell Foundation is on a mission to grant the wishes of all Canadian seniors and to contribute to meaningful charities with a shared purpose of making people’s lives better. [10] [11]

In 2015, Chartwell assisted in the creation and became the main sponsor of Wish of a Lifetime Canada, a charitable organization focused on granting wishes to seniors in Canada. Chartwell also continues to grant resident wishes through its Moments that Matter program, part of their recreation team’s activity programming in their retirement homes. [12] Wish of a Lifetime Canada ceased its operations in 2020.

In 2010, Chartwell created and published a book entitled Honour to commemorate Canada’s Second World War veterans. [13]

COVID-19 response

During the COVID-19 pandemic of 2020–2021, Chartwell was in the "spotlight" [14] as an operator of for-profit care, which had disproportionately high COVID-19 resident deaths compared to not-for-profit or municipal retirement residences in Ontario. [15] It also sparked controversy by paying its shareholders and board members tens of millions in dividends while at the same time receiving tens of millions in emergency funding from the Province of Ontario. [16] The announcement that former Ontario Premier and former Chartwell chairman of the board Mike Harris would be receiving the Order of Ontario consequently sparked controversy. [15]

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References

  1. ↑ "Company Profile". Chartwell Retirement Residences. Archived from the original on 2020-11-02. Retrieved 2020-11-02.
  2. ↑ Company Overview | = http://investors.chartwell.com/QuarterlyResults.aspx?iid=4100072 Archived 2020-11-02 at the Wayback Machine
  3. ↑ 2022 ANNUAL REPORT | https://investors.chartwell.com/English/financial-reports/quarterly-and-annual-reports/default.aspx Archived 2023-08-15 at the Wayback Machine
  4. ↑ 2022 Q4 MD&A | https://s23.q4cdn.com/371771841/files/doc_financials/2022/q4/q4-2022-chartwell-mda-march-1-2023-aoda.pdf Archived 2023-08-15 at the Wayback Machine
  5. ↑ "Chartwell Retirement Residences". Ontario Securities Commission. 31 January 2020. Archived from the original on 2023-11-09. Retrieved 2020-11-02.
  6. ↑ "Management's Discussion and Analysis" (PDF). Chartwell Retirement Residences. Archived (PDF) from the original on 2023-11-09. Retrieved 2020-11-05.
  7. ↑ "Chartwell's Leadership Team". Chartwell Retirement Residences. Archived from the original on 2020-10-29. Retrieved 2020-11-02.
  8. ↑ "ORCA Leadership Series - Brent Binions - ORCA - Ontario Retirement Communities Association". ORCA. 26 August 2019. Archived from the original on 2021-02-27. Retrieved 2020-11-02.
  9. ↑ "Chartwell's Management & Directors". Archived from the original on 2023-07-19. Retrieved 2023-07-19.
  10. ↑ "Archived copy". Archived from the original on 2023-07-19. Retrieved 2023-07-19.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ↑ "T3010 Registered Charity Information Return". Archived from the original on 2023-11-09. Retrieved 2023-07-19.
  12. ↑ "Wish of a Lifetime: Charity offers life-changing experiences for seniors". CTVNews. 8 March 2016. Archived from the original on 2019-01-24. Retrieved 2018-03-08.
  13. ↑ "Chartwell Retirement Residences Helps Makes The Lives of Canadian Veterans Better By Supporting the Legion National Foundation". Newswire. Archived from the original on 2021-02-13. Retrieved 2020-11-09.
  14. ↑ Milstead, David (January 20, 2021). "Golden years, golden boards: Mike Harris's post-politics career". The Globe and Mail . Archived from the original on 2021-01-28. Retrieved 2021-02-08.
  15. 1 2 "Appointment of Mike Harris to Order of Ontario sparks anger". Welland Tribune. Archived from the original on 2021-01-01. Retrieved 2020-01-03.
  16. ↑ "Big for-profit long-term-care companies paid out more than $170 million to investors through Ontario's deadly first wave". Toronto Star. Archived from the original on 2020-12-26. Retrieved 2020-01-03.
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