Benazir Employees Stock Option Scheme Certificates Distribution Ceremony at PSO  
Under Benazir Employees Stock Option Scheme (BESOS) Syed Naveed Qamar, Federal Minister for Petroleum, Natural Resources distributed Shares Certificates among the employees of Pakistan State Oil on December 4, 2009.Through this scheme 12% GoP shares were transferred free of cost amongst all employees of the state owned companies.

The ceremony was held at Keamari Terminal, Karachi.  Ch. Manzoor, President, Peoples Labour Bureau; Members of Privatization Commission, including Mr Shahzad Iqbal, Director General, Mr Muhammad Asghar, Senior Financial Consultant also attended the ceremony.

Speaking on the occasion, Syed Naveed Qamar said that the main purpose of the scheme was to fulfill the vision of late Zulfiqar Ali Bhutto and late Benazir Bhutto through empowering the workers.

It was the philosophy of Shaheed Zulfikar Ali Bhutto that unless, employees will be the owners of the organization, it cannot become profitable. Distribution of shares among its workers would enhance motivation and they will work hard for their personal interests, which would result in more discovery, and prosperity for the company and country. Both workers as well as the government will benefit from such initiatives.

Ch. Manzoor, President, Peoples Labour Bureau said in his speech that present government is continuously working for the welfare of workers. The institution from now on will be of workers and this step of the government will have positive effects on the national economy and will end the sense of deprivation on the working classes, he added.

Irfan Qureshi, Managing Director, PSO, shed light on scheme’s feature and details. He told that the shares would be distributed free of cost and all employees of PSO who ever on the company’s payroll on 14th August 2009 would benefit from this scheme.

The shares will be transferred to a Trust, which will assign units to employees based on length of service and will entitle the shareholder to receive dividends, if any, from the date of applicability of the BESOS i.e. 14th August, 2009.

The distribution of dividends will be:
  • 50 percent of dividend received in cash or in kind by Trust will be distributed by the trustees to the employees;

  • Balance 50 percent of the dividend received in cash or in kind by Trust will be transferred to the Privatization Commission, which will maintain central revolving fund for buy-back of units.
He expressed the hope that after becoming shareholders, workers will work hard and utilize their best abilities to make their units more effective, productive and profitable.A large number of PSO employees with senior officials and CBA representatives were present on the occasion.