Equity employees to miss out on Sh8 billion share plan as shareholders vote on a special resolution to pay Munga Sh50 million

A last minute scramble was done to scrap a plan to reward equity employees with a Sh8.4 billion share plan.

Equity Bank dropped a resolution to allow employee share ownership plan (Esop) in yesterday’s annual general meeting.

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The Company outgoing chair Peter Munga skipped the agenda which was set out in the company annual report and was scheduled for a vote.

Equity bank had stated that subject to the regulatory approval the establishment of the Esop of 205.7 shares amounting to 5 per cent of the issued share capital of the company at Sh40 .9 a share as at Tuesday trading close.

Instead Equity shareholders voted on a special resolution to pay Munga Sh50 million for long service to the bank.

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