KARACHI: United Bank Ltd (UBL) will set up the Employees Benefit Scheme to reward, motivate and retain high performing executive and officers by way of bonus in the form of issued shares of UBL (bonus shares).
According to a communiqué sent to KSE on Monday, UBL said it has signed the trust deed in respect of UBL Employee Motivation and Retention Trust 2010 on 25th of February 2011.
The bonus shares will be transferred to the Selected Officers over a span of four years in equal proportion provided they remain in the employment of UBL.
For the purpose, a trust will be settled by UBL (Trust). UBL will advance, for the benefit of the selected officers, up to a sum of Rs230 million to the Trust.
The Trust will acquire bank's share from open market and keep them in trust to be distributed to the selected officers.
The Trust will be managed by the Board of Trustees in which UBL will have no involvement in the functioning of the Trust.
The Trustees will be independent in running the affairs and the management of the Trust.
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