Further to merger conditions imposed by the South African competition authorities, beer maker Heineken Beverages South Africa has announced the launch of an employee share ownership plan (Esop) that will benefit its almost 5 000 South African employees.
Employees will participate through a workers trust, which will hold a 6% stake in Heineken. The scheme is open to all current and future South African full-time employees, as well as fixed-term contractors of Heineken’s South African operations.
The scheme, named Bokamoso, which is a Sotho word meaning “future”, emphasises the notion of a collective future that recognises employees as vital stakeholders in the company.
“Our people are at the heart of our business, and we consider our employees as partners on our growth journey, geared towards our future together. We are happy that our stakeholders were in full support of our name choice,” Heineken corporate affairs director Millicent Maroga said on July 26.
The company said it had opted for a perpetual Esop model that has no vesting period and provides equal participation to all employees.
“We recognise that our success is dependent on having the very best talent, highly motivated employees who are all guided by a strong sense of purpose.
“Having a scheme with no defined end date or fixed term, allows benefits, in the form of dividends, to flow to both present and future employees indefinitely,” said Heineken human resources director Enid Lizamore.
Heineken envisages paying dividends twice a year, dependent on company performance.