Empowerment of Group Employees
The Group employs over 8 800 employees of which 3 600 are full- time 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 year, the Trust received a total ZW$59 200 000 in dividend from Innscor and out of this, qualifying employees received ZW$53 828 500 dividend during 2021 (ZW$32 077 190 in 2020). It is expected that in November 2021 qualifying employees will receive ZW$12 500 each towards the 2021 final dividend.
The table below shows dividend earned by qualifying employees during the financial year.
In addition to regular dividends paid to qualifying employees, the Trust also provides short-term and long-term loans to employees towards the personal needs of these employees.