Seven new trusts registered by PC

Stock option scheme gives employees of state-run units 12% of govt shares.

ISLAMABAD: After the registration of seven new Benazir Employees Stock Option Scheme (BESOS) trusts in power distribution and generation companies, a total of 49 trusts have been registered in state-owned enterprises (SOEs).

The trusts will disburse 12 per cent government shares free  of charge to employees of SOEs under the scheme. The employees will also be eligible to claim dividends against their certificates. The registration was carried out by the Privatisation Commission (PC).

The newly registered trusts have been established in Faisalabad Electric Supply Company, Quetta Electric Supply Company, Hyderabad Electric Supply Company, Peshawar Electric Supply Company, Multan Electric Supply Company, Central Power Generation Company and Lakhra Power Generation Company.

An amount of Rs1.61 billion has so far been disbursed among 16,044 employees of seven enterprises while the PC has received Rs1.45 billion in its revolving fund. The trusts now cover more than 200,000 employees.

This scheme was launched to empower the employees of SOEs and to ensure their participation in the decision-making process by having one of their nominees on the board of directors.

Published in The Express Tribune, November 11^th, 2010.