Dáil Éireann Debate, Wednesday - 12 May 2004
41 Mr. Boyle asked the Minister for Communications, Marine and Natural Resources if the proposed ESOT for workers within ESB will be equally available to workers in the national grid company and the supply, generation and consultancy parts of the business; if negotiations have been completed on the remuneration package that will be available to senior management as part of such a share offering; and the details of such agreements. [13686/04]
Amharc ar fhreagraAs I explained in response to Question No. 13 on this issue on 1 April 2004, 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, 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 a matter for the ESB board and the group of unions and 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.
I understand that all permanent employees of ESB in the year ended April 1998 are participants in the scheme, and this includes national grid and the staff of fully owned Irish subsidiary companies.
Participation of senior management in the ESOT is on the same basis as all other eligible employees and the question of a special remuneration package does not arise.
