Distributing Wealth to Working Classes – Benazir Employees Stock Option Scheme

Benazir Employees Stock Option Scheme: PC board decides to offer shares to SOEs’ employees

Daily Times

August 15, 2009

By Sajid Chaudhry

ISLAMABAD: Privatisation Commission (PC) board on Wednesday, which met under the chairmanship of Syed Naveed Qamar, Federal Minister for Privatisation, decided to implement the empowerment of the employees of the State Owned Entities (SOEs) through Benazir Employees Stock Option Scheme (BESOS).

According to a senior official at PC, a total of 86 entities had been identified under the scheme in which workers will be made shareholders. These included 16 listed and 33 unlisted public companies, 23 private companies and 14 entities established under Special Act and Ordinances. Initially the workers would be given 12 percent of the government shares in the entities, which will be increased further in the future. The scheme is expected to benefit around 500,000 employees of 86 entities.

A presentation was made before the board and various options were discussed and it was decided that procedural implications of the scheme should be invited form all respective ministries or departments within a week time, as the government intends to launch this scheme for the benefit of the workers of the SOEs at the earliest.

Commenting on the presentation Syed Naveed Qamar directed to further simplify the scheme to transmit its benefits without any further delay and to make it a success.

The PC Board was apprised regarding the progress of the remaining land issue with the Pakistan Telecommunication Company Limited (PTCL) and it was informed that it is expected that an agreement will be reached soon both with the Punjab and Sindh provincial governments in this regard. The Minister directed to expedite the matter in a week’s time.

According to the official sources, the delay in settlement of land dispute between PTCL and provinces some $350 million sales proceeds of PTCL Privatisation are facing delay in release to Pakistan by Etisalat, the new owner of the PTCL.

The meeting also reviewed the status of the appointment of Technical Advisor for improvement of the financial services of the Pakistan Post and the progress of the Transaction Committee for the SME Bank. Ahmed Jawad Secretary Privatisation, PC board members and senior officials of the respective ministries/ department were present during the meeting.


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