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| BESOS Certificate Distribution Ceremony for PSO Employees |
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Under the Benazir Employees Stock Option Scheme (BESOS) two ceremonies of certificates distribution were held at Sihala Installation, Islamabad on February 11, 2010 and other at MehmoodKot, Muzzafargarh on February 25, 2010.
Federal Minister for Water & Power, Mr Raja Pervez Ashraf and MNA (Ex) Mr Jamshed Dasti were chief guests at Sihala and MehmoodKot respectively. Other dignitaries including Mr. Kamran Lashari, Secretary Ministry of Petroleum, Natural Resources and Mr. Shahab Khawaja, Secretary Ministry of Privatization Commission and PSO officials attended the ceremonies.
The Govt. of Pakistan (GoP) has introduced Benazir Employees Stock Option Scheme (BESOS) whereby 12% of the GoP shareholding in State Owned Entities (SOE) has been transferred to the employees of that SOE through the Trust. Following are the salient features of the scheme: |
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The eligibility criteria of the employees is as follows: |
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All permanent employees who were on payroll on Aug 14, 2009,
All contractual employees (direct contract with the company) with minimum service of five years as of above date.
PSOCL Employees Empowerment Trust (The Trust) has been created to manage the affairs of the scheme comprising of three members from Ministry of Petroleum and Natural Resources and three members from the PSO employees.
The GOP has transferred twelve (12) percent of its direct share holding to the Trust which is equivalent to 5,250,759 shares.
The Trust has assigned units to all eligible employees in proportion to their entitlement on the basis of their length of service as per the following formula:
12% GoP shares ˜ Total no. of units for all eligible employees = no. of shares per unit:
5,250,759 ˜ 27,148 = 193 |
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One unit is allocated for each completed year of service subject to minimum one (1) and maximum of twenty (20) units. |
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GoP guarantees buyback of units. Employees will surrender the Units Certificate to the Trust on retirement or otherwise ceasing to be an employee (subject to certain conditions given below). |
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In case of ceasing to be an employee due to early exit, the employee shall surrender the Units Certificate to the Trust but he/she shall not be entitled to get compensation of surrendered units unless he /she has served five more years in the company from the date of enforcement of the scheme i.e. August 14, 2009; however, this condition will not apply in the
following cases: |
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Superannuation |
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Retrenchment |
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Medical Grounds |
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Death/ Disability |
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Further, the employees shall not be entitled to the benefits in case of dismissal, removal or termination for any disciplinary reasons.
The Trust will verify the claims and send it to the Privatization Commission for settlement on quarterly basis.
The Privatization Commission will make payment of surrendered units on the basis of their market value which will be paid to the employee through the Trust.
The Unit Certificates are not transferable/ saleable however can be pledged or hypothecated.
Following are the three members of PSOCL Employees Empowerment Trust from the company who can be contacted for any query/clarification.
Mr. Babar Hamid Chaudhary General Manager (HR)
Mr. Tariq Hussain
Dy. General Manager (GA/FP)
Mr. Shafiquddin Moinee General Secretary CBA
We believe that this scheme would bring the desired benefits to the company and employees will work together to increase the productivity and the profitability of the company. |
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