Britam employees to get stake in firm

Business Daily Kenya:  Britam Holdings has approved the establishment of the Employee Share Option Plan (ESOP) that will allow the company ...

Business Daily Kenya: 

Britam headquarters. Photo/File

Britam Holdings has approved the establishment of the Employee Share Option Plan (ESOP) that will allow the company to reward staff.

Hardworking employees whose results are seen will be allowed to acquire two per cent of the total share capital of the company under ESOP.

Chief Executive Officer Benson Wairegi said the move is aimed at encouraging employees to have a claim of ownership in the company.

Only those who work hard during the year will be given an opportunity to acquire shares in the company,” Wairegi said.

He said at least two per cent of the total share capital will now be reserved for employees who are results-oriented,” Wairegi told shareholders during the Annual General Meeting held in Nairobi Friday.

Wairegi said the offer will enable the company to retain the best skills in the market.

Through the plan, employees can buy stock directly or be given as a bonus, can receive stock options or obtain stock through a profit sharing plan.

Wairegi said the group reported an after tax profit of Sh2.4 billion last year – which was a 455 per cent rise compared to a loss Sh1 billion in the previous year.

He said the change in accounting practice applied net premium valuation (NPV) methodology to the gross premium valuation (GPV) methodology contributed to the rise in the growth to the profit.

The group has valued its long-term insurance business liabilities using the gross premium valuation (GPV) methodology which is a change from the previously applied net premium valuation (NPV) methodology,” Wairegi said.

During the meeting shareholders approved a dividend of Sh 581.5 million or 30 cents per share. The dividend will be paid to shareholders at the close of business on May 9.

The post Britam employees to get stake in firm appeared first on Mediamax Network Limited.

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