WEIR Group has declared it has given its thousands of staff a stake in the future of the business as it unveiled its all-employee share plan, writes Scott Wright.
The Glasgow-based engineering giant said the scheme allows staff to become Weir shareholders and build their ownership over time, with an initial award of £300 of free shares this year and the same again in 2020.
Shareholders in Weir, which will have 200 staff in Scotland when the sale of its Flow Control division to private equity outfit First Reserve is completed later this year, approved the introduction of the scheme at its annual meeting in April last year.
Chief executive Jon Stanton said: “We’re delighted to be able to give our people, in every corner of the world, the chance to become co-owners of our business.
“It reflects our values as a company and acknowledges the essential role our employees play as partners in Weir’s future success.”
Rosemary McGinness, chief people officer at Weir Group, added: “Developing the scheme has been a complex task given the number of countries we operate in and the different approaches to employee ownership.
“However, we are pleased to have been able to invest in our people with what we believe is one of the most comprehensive employee share schemes in the world.”
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