Flight Centre Travel Group to reward employees with shares

8th July 2021 By: Tasneem Bulbulia - Senior Contributing Editor Online

ASX-listed Flight Centre Travel Group has unveiled a global retention programme which will see it give 1.9-million company shares to sales and support staff who continue their careers with the group during its expected recovery phase.

The new Global Recovery Rights (GRR) programme will be offered to sales and support staff globally, including those in South Africa – where the group has been operating for more than 27 years – but will exclude board members and senior executives.

Company leaders expect that about 7 500 workers across the globe will take up the offer.

These shares would be worth about A$30-million, based on the recent share price.

“We’re incredibly excited to be in a position to offer this type of reward and recognition to our people.

“We will offer share rights to all South African employees for their loyalty and hard work over the most testing 16 months in our long and proud history in South Africa. This means we will have 100% of our employees as shareholders for the first time, automatically buying into the recovery phase of the travel industry,” says group MD Andrew Stark.

“We certainly expect to enter a ‘travel boom’ in the coming months and all our employees will share in the company’s success,” he adds.

Most participants will receive a one-off GRR grant of share rights, which will vest in February 2023, when the company will release its results for the six months ended December 31, 2022.

GRR participants who meet the programme’s continuous employment conditions will then be able to exercise their rights and receive an equivalent number of ordinary shares.

“This global retention programme is another way we can take care of our people, and encourage and thank them for their incredible loyalty during these challenging times. It allows us to provide tangible rewards and give our teams a stronger degree of ownership of the company.

“Our vision is still to become Africa's greatest and most trusted travel and technology experience company,” says Stark.