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ESB ESOP.

Dáil Éireann Debate, Thursday - 1 April 2004

Thursday, 1 April 2004

Ceisteanna (16)

Dan Boyle

Ceist:

13 Mr. Boyle asked the Minister for Communications, Marine and Natural Resources if the Government intends to provide for a worker shareholding in the ESB; if workers in all the divisions of the company will be able to avail of such an ESOP; and the likely stake that would be offered. [10302/04]

Amharc ar fhreagra

Freagraí scríofa

The Government has already provided for an employee shareholding in ESB. A 5% employee share ownership plan, ESOP, was a feature of the cost and competitiveness review, the CCR, agreed between the Government and ESB management and ESB group of unions in 1996. The legislative delay in converting ESB to a public limited company with a share structure hampered the delivery of this commitment.

In 2001, an Electricity Act was passed which allowed ESB create capital stock for ESOP purposes thus enabling the 5% ESOP to be rolled out. Eligibility for participation in the ESOP is established in accordance with the terms of the ESB ESOP trust deeds, the terms of which meet the requirements of the Taxes Consolidation Act 1997.

More recently, the ESB group of unions has indicated an interest in increasing the existing employee shareholding. At the request of the group of unions, bilateral discussions with my Department were held on 30 January and 3 March of this year. During these discussions my Department has clearly reiterated the current Government policy on employee share option plans. My Department remains available at all times to continue these discussions.

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