Harmony Gold Workers ‘Share’ In the Companies Success
South Africa’s 3rd-biggest gold producer, Harmony Gold Mining (NYSE:HMY), will be giving over 33,000 workers direct shares of the company. Thanks to its employee share ownership plan (ESOP), announced CEO Graham Briggs today, making them owners in the company.
It consists of 4.29-million ordinary shares, at par value, and 8.58-million share appreciation rights, which could make up around 2.9% of the company.
“[ESOP] is a venture that recognizes the importance of the employees who sustain our business. They are, in essence, our ‘human gold’, said Briggs.
The National Union of Mineworkers (NUM) general secretary, Frans Baleni, added he believed “each and every employee at Harmony to be deserving of a portion of the success to which they contribute”
During 2011, discussions between the unions and Harmony centered on the value inherent in the ESOP for employees, and specifically the need to protect employee shareholders from the vacillations of the open market.
The plan was finally approved in December last year.
Watch CEO Graham Briggs’ announcement:
Short URL: http://woodlawnpost.com/?p=42407
Posted by WoodlawnPost
on Mar 16 2012. Filed under Africa.
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