Commercial Bank okays ESOP plan
An Employee Share Ownership Plan (ESOP) to grant a 5% stake in four
separate trenches of 1.25% each in the Commercial Bank was passed at the
Extraordinary General Meeting (EGM) recently.
“Before passing the resolution on this ESOP it was sent to all
shareholders for their approval and through a poll we were able to pass
it”, Commercial Bank Chief Operating Officer Ravi Dias told the Daily
Deputy Chairman B.R.L Fernando chaired the meeting in the absence of
Chairman Mahendra Amarasuriya.
According to banking sources the scheme was benefiting some 120
members of the top management.
It is said the trade unions have opposed it saying that the method of
distribution was not equitable while the bank staff is of the view it as
an ill considered move on the part of the management, its sources said.
The three trade unions representing the staff- Ceylon Bank Employees
Union, the Association of Commercial Bank Executives and Staff
Association of Commercial Bank have been acting in harmony particularly
in the face of attempts to oust the bank’s chairman Mahendra Amarasuriya.
Ken Balendra resigned from the bank’s director board soon after the
EGM citing personal reasons.
However, his resignation is believed to be a pre-planned one and had
nothing to do with the developments at the EGM.