Empowerment of Group Employees
The Group employs over 10 800 employees out of which approximately 4 400 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 provide the Trust, at the discretion of the Innscor Board, up 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 2023 financial year, the Trust received a total of USD 913 588 in dividend from Innscor and out of this, qualifying employees received USD 862 600 in dividends during F2023. In September 2023, the Innscor Board declared a total dividend of USD 305 000 to Innscor Africa Employee Share Trust Company (Private) Limited and it is expected that qualifying employees will receive a final dividend, before the end of the calendar year.
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.
Testimonials of some of the Innscor Africa Employee Share Trust Dividend (IAL EST) recipients
(Click on an image to open full size)
IAL Employee Share Trust (EST) Outlook
The thrust of retirement planning is to ensure that our employees have somewhere to stay after retirement that is affordable for them. IAL EST will endeavor to assist qualifying employees to construct their retirement homes in their rural areas where employees are not subjected to costs such as rates and enjoy with a peaceful mind, a lower required cost of living. IAL EST will also proactively assist our employees gain skills these retired employees can apply post-retirement to sustain themselves for day-to-day living, economically as best as possible.
Looking into the future, the IAL EST is so excited about the new initiatives coming up as our employee empowerment thrust looks to further secure employee wellness by improving access to reliable and affordable ambulance services, medical insurance, and medical specialist services.