MAONGA

You are here: Home Esop Trustee Services

Esop Trustee Services

Our key responsibilities include:-
Having all the powers and rights conferred upon Trustees by the Trustees Act, Chapter 167 of the Laws of Kenya as amended from time to time, subject to the specific provisions of the Trust Deed.
Holding shares and the trust fund in trust for the eligible employees.
Issuing to every employee entitled to the units under the ESOP a certificate of entitlement representing the number of units owned by the employee in the ESOP.
Keep a record of all allocations of shares/ units to Employees.
Keep a record of undertakings from employees purchasing shares that they shall resell such shares in the Scheme on the occurrence of certain events.
On termination of employment, hold all certificates representing the units held by the terminated employees in the ESOP Unit Trust as prescribed by the ESOP rules.
Keep records of acknowledgements of debt in respect of employees who are assisted to acquire shares.
Operating and ensuring regular reconciliation of a bank account in the name of the Trust.
Repaying to the Company any monies loaned to the Trust and not immediately required for the purposes of the Scheme and the Trust.
Participating in any rights/ bonus issue of the Company with respect to the shares/ units held on behalf of the employees.
Investing any undistributed income remaining after all payments have been made to Shareholders in accordance with the powers of investment contained in the Trust Deed.
Ensuring an Audit of the ESOP is carried out annually by qualified persons and submitting a copy of the Report to the unit holders and the Capital Markets Authority (CMA) as the case may be.
Do all such other things as are incidental or conducive to achieving the objects of the Scheme and the Trust.

Ask For This Service

Our Services

Read More...

Quickly get in touch with us |

Email
Subject
Message