TORONTO – The late Ted Rogers has left voting control of Rogers Communications Inc. (RCI) to a private trust called the Rogers Control Trust, and members of the Rogers family are the beneficiaries, the company made official in a press release today.
According to the statement, the Rogers family holding companies controlled by the Rogers Control Trust together own approximately 90.9% of the Class A voting shares of RCI and 7.5% of the Class B non voting shares. The trust holds voting control of the Rogers group of companies for “the benefit of successive generations of the Rogers family”.
The Rogers Control Trust consists of a Control Trust Chair, currently Edward Rogers, a Control Trust Vice-Chair, currently Melinda Rogers, a corporate trustee which is an unnamed Canadian chartered bank, and an advisory committee made up of other members of the Rogers family, trustees of a Rogers family trust, and “other individuals”, the press release continued.
The Control Trust Chair will act as the representative of the controlling shareholder in dealing with RCI on the company’s long-term strategy and direction, and vote the Class A voting shares of RCI held by the private Rogers family holding companies in accordance with the estate arrangements. The Control Trust Vice-Chair assists the Control Trust Chair in the performance of their duties, and both are accountable to the advisory committee.
