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.
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.