Empowerment of Group Employees
The Group employs over 10 600 employees of which 4 100 are fulltime employees who are eligible beneficiaries of the Innscor Africa Employee Share Trust (“the Trust).
The Trust was set-up to empower employees and to develop a sense of belonging amongst them.
In 2014, the Trust was issued with 1 000 Non-Voting Class ‘A’ ordinary shares in Innscor Africa Limited. These shares entitle the Trust to close to 5% of any dividend declared and paid to ordinary Shareholders of Innscor Africa Limited.
The Trust also holds an option to subscribe for 30 million Innscor Africa Limited shares at the volume weighted average price of Innscor Africa Limited Shares over a 60 trading day period, which expires in December 2024.
During the 2022 financial year, the Trust received a total ZW$268.22mn in dividend from Innscor and out of this, qualifying employees received ZW$131 053 000 dividend during 2022 (ZW$53 828 500 in 2021.) In September 2022, the Board declared a total of US$453 588 to Innscor Africa Employee Share Trust Company (Private) Limited and it is expected that qualifying employees will receive US$100 each towards the 2022 final dividend.
The table below shows dividend earned by qualifying employees during the financial year.
In addition to dividends paid above to qualifying employees, the Trust also provides short-term and long-term loans to employees towards the personal needs of these employees.