Board Games 2010: Compensation rankings for income trusts with internal management

Globe and Mail Update

Published Sunday, Nov. 21, 2010 8:47PM EST

Last updated Monday, Nov. 29, 2010 1:16PM EST

These are the results for The Globe and Mail’s ninth annual review of corporate governance practices in Canada. (Scroll down to see the compensation rankings for income trusts with internal management table.)

Scores for each category are calculated using a series of questions (represented by numbers at the top of each table). See the questions:

You can download a csv table of these rankings at the bottom of this page, or download an excel version here:

xls Document

Board Games 2010 results for income trusts with internal management (excel)

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Detailed results for corporations

Detailed results for income trusts with internal management

Detailed results for income trusts with external management

Editor's Note: Potash Corp. of Saskatchewan Inc. received a score of 95 out of 100 in the Board Games ranking of corporate governance practices this year. Potash Corp. was in first place over all in the ranking of corporations. Franco-Nevada Corp. received a mark of 77 in the rankings and tied for 38th place, while Imperial Oil Ltd. received a mark of 72 and tied for 57th in the rankings. Incorrect information was originally published in these charts. These charts (and the downloadable excel sheet) have been corrected.

To see the questions represented by the numbers on top of this table, see our methodology page

RANK	COMPANY NAME	12 (a) (4)	12 (b) (4)	12 (c) (1)	13(a) (2)	13(b) (3)	14(a) (1)	14(b) (2)	14(c) (1)	15(a) (1)	15(b) (1)	15 (c) (1)	16 (1)	17 (2)	18 (2)	19 (1)	COMPENSATION (27)
1	Canadian REIT	4	3	1	2	3	0	2	1	1	1	1	0	2	2	0	23
1	Keyera Facilities Income Fund	4	4	1	2	3	1	2	1	1	0	0	1	2	2	0	24
3	ARC Energy Trust	2	4	0	2	3	0	1	0	1	1	1	1	2	2	1	21
4	Chartwell Seniors Housing REIT	4	4	0	2	3	1	1	1	1	1	1	0	2	2	1	24
4	Davis + Henderson Income Fund	4	4	0	2	3	1	1	1	0	0	0	1	2	2	0	21
6	Boardwalk REIT	4	4	0	0	3	1	2	1	1	1	1	1	2	2	0	23
7	Canadian Apartment Properties REIT	2	4	1	2	3	1	2	1	0	0	0	0	2	2	1	21
7	North West Co. Fund	4	4	0	2	3	1	2	1	0	0	0	1	2	2	0	22
9	Enerplus Resources Fund	2	0	0	2	3	0	2	1	1	1	0	0	2	0	1	15
10	H&R REIT	2	3	0	2	3	1	2	1	0	0	0	0	2	0	1	17
10	Pengrowth Energy Trust	4	2	0	2	3	1	2	1	1	0	0	1	2	0	0	19
10	Primaris Retail REIT	4	4	0	1	3	1	2	1	0	0	0	0	2	0	0	18
13	Riocan REIT	2	3	0	1	3	1	2	1	0	0	0	0	2	0	1	16
14	Bell Aliant Regional Communications Income Fund	2	2	0	2	3	1	2	1	0	0	0	1	2	2	0	18
15	Just Energy Income Fund	4	2	0	2	2	0	1	0	0	0	0	0	2	0	0	13
16	Peyto Energy Trust	4	4	0	0	3	1	1	0	0	0	0	0	2	2	0	17
17	Canadian Oil Sands Trust	4	3	0	2	3	1	2	1	1	1	0	1	0	0	0	19
17	Extendicare REIT	4	4	0	0	3	0	2	1	0	0	0	0	2	2	0	18
19	Provident Energy Trust	2	0	0	2	3	1	2	1	1	1	1	1	2	0	0	17
20	Bonavista Energy Trust	4	4	0	1	3	1	2	1	1	1	1	0	2	0	0	21
21	Fort Chicago Energy Partners LP	0	0	0	0	2	1	2	1	1	1	1	1	0	2	0	12
22	Cineplex Galaxy Income Fund	0	1	0	0	3	1	2	0	0	0	0	0	2	0	0	9
23	Calloway REIT	2	3	0	2	1	1	1	1	0	0	0	0	2	2	1	16
24	Jazz Air Income Fund	0	0	0	0	1	1	2	1	0	0	0	1	0	2	0	8
24	Penn West Energy Trust	2	0	0	0	3	0	2	1	0	0	0	0	2	0	0	10
26	Baytex Energy Trust	2	4	0	2	3	0	1	1	1	1	1	0	2	0	0	18
27	CML Healthcare Income Fund	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	2
28	Cominar REIT	4	3	0	0	3	0	0	0	0	0	0	1	0	0	0	11

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To see the questions represented by the numbers on top of this table, see our methodology page

RANK	COMPANY NAME	INDUSTRY GROUP	12 (a) (4)	12 (b) (4)	12 (c) (1)	13(a) (2)	13(b) (3)	14(a) (1)	14(b) (2)	14(c) (1)	15(a) (1)	15(b) (1)	15 (c) (1)	16 (1)	17 (2)	18 (2)	19 (1)	COMPENSATION (27)	TOTAL (100)	5-YEAR % RETURN
1	Canadian REIT	Financials	4	3	1	2	3	0	2	1	1	1	1	0	2	2	0	23	84	85.3
1	Keyera Facilities Income Fund	Energy	4	4	1	2	3	1	2	1	1	0	0	1	2	2	0	24	84	155.8
3	ARC Energy Trust	Energy	2	4	0	2	3	0	1	0	1	1	1	1	2	2	1	21	83	36
4	Chartwell Seniors Housing REIT	Financials	4	4	0	2	3	1	1	1	1	1	1	0	2	2	1	24	82	-7.6
4	Davis + Henderson Income Fund	Financials	4	4	0	2	3	1	1	1	0	0	0	1	2	2	0	21	82	50.7
6	Boardwalk REIT	Financials	4	4	0	0	3	1	2	1	1	1	1	1	2	2	0	23	80	176.5
7	Canadian Apartment Properties REIT	Financials	2	4	1	2	3	1	2	1	0	0	0	0	2	2	1	21	78	68
7	North West Co. Fund	Consumer Discretionary	4	4	0	2	3	1	2	1	0	0	0	1	2	2	0	22	78	165.2
9	Enerplus Resources Fund	Energy	2	0	0	2	3	0	2	1	1	1	0	0	2	0	1	15	73	-18.6
10	H&R REIT	Financials	2	3	0	2	3	1	2	1	0	0	0	0	2	0	1	17	72	34
10	Pengrowth Energy Trust	Energy	4	2	0	2	3	1	2	1	1	0	0	1	2	0	0	19	72	7.4
10	Primaris Retail REIT	Financials	4	4	0	1	3	1	2	1	0	0	0	0	2	0	0	18	72	76.3
13	Riocan REIT	Financials	2	3	0	1	3	1	2	1	0	0	0	0	2	0	1	16	69	41.2
14	Bell Aliant Regional Communications Income Fund	Telecom	2	2	0	2	3	1	2	1	0	0	0	1	2	2	0	18	68
15	Just Energy Income Fund	Utilities	4	2	0	2	2	0	1	0	0	0	0	0	2	0	0	13	67	25.9
16	Peyto Energy Trust	Energy	4	4	0	0	3	1	1	0	0	0	0	0	2	2	0	17	66	-13
17	Canadian Oil Sands Trust	Energy	4	3	0	2	3	1	2	1	1	1	0	1	0	0	0	19	65	35.3
17	Extendicare REIT	Financials	4	4	0	0	3	0	2	1	0	0	0	0	2	2	0	18	65	35.2
19	Provident Energy Trust	Energy	2	0	0	2	3	1	2	1	1	1	1	1	2	0	0	17	64	11.2
20	Bonavista Energy Trust	Energy	4	4	0	1	3	1	2	1	1	1	1	0	2	0	0	21	62	15.9
21	Fort Chicago Energy Partners LP	Energy	0	0	0	0	2	1	2	1	1	1	1	1	0	2	0	12	61	53.4
22	Cineplex Galaxy Income Fund	Consumer Discretionary	0	1	0	0	3	1	2	0	0	0	0	0	2	0	0	9	58	96.4
23	Calloway REIT	Financials	2	3	0	2	1	1	1	1	0	0	0	0	2	2	1	16	57	38.4
24	Jazz Air Income Fund	Industrials	0	0	0	0	1	1	2	1	0	0	0	1	0	2	0	8	56
24	Penn West Energy Trust	Energy	2	0	0	0	3	0	2	1	0	0	0	0	2	0	0	10	56	4.7
26	Baytex Energy Trust	Energy	2	4	0	2	3	0	1	1	1	1	1	0	2	0	0	18	53	229.2
27	CML Healthcare Income Fund	Health Care	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	2	49	14.3
28	Cominar REIT	Financials	4	3	0	0	3	0	0	0	0	0	0	1	0	0	0	11	47	57.9

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