For the disbursement of free of cost 12 percent GoP shares and dividend under Benazir Employees Stock Option Scheme (BESOS) the Privatisation Commission (PC) got registered 42 Trust in the State Owned Entities to benefit 96,622 workers.
The newly registered Trusts have been established in Pakistan Telecommunication Company Limited (PTCL), Habib Bank Limited (HBL) and National Transmission and Dispatch Company (NTDC).
Formation of BESOS Trusts in National Bank of Pakistan (NBP), and Industrial Development Bank of Pakistan (IDBP) are near completion. 12 percent GoP shares of 27 SOEs have been distributed free of cost among 69,644 employees.
BESOS has started delivering its fruits as an amount of Rs 1.613 billion have been disbursed among 16044 employees of seven entities while PC has received Rs 1.452 billion in its Revolving Fund. These companies include Oil & Gas Development Corporation Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan state Oil (PSO), Mari Gas (MG), Pakistan National Shipping Corp (PNSC), Lakhra Coal & Development Co (LCDC) and National Insurance Company Limited (NICL).
The 276 employees of entities namely OGDCL, PPL, PNSC, PSO, Mari Gas, LCDCL and NICL are being given the compensation claims, which is under process of verification and audit. The representation of employees on the Board of Directors of the respective entities is also in progress. Under BESOS 500,000 workers of more than 77 entities will receive free of cost shares unit certificates.
The scheme was launched on August 14, 2009 to empower the workers of the respective State Owned Entities (SoEs) through free of cost distribution of Unit Certificates equivalent to 12 percent GoP shares and to ensure their participation in decision making by having one of their nominee on the Board of Directors.
The employees are also eligible to get regular dividend against their unit certificates. The establishment of BESOS Trust in Pakistan Steel Mills Corporation (PSMC) and Pakistan Steel Fabrication (PSF) are near completion while Trusts in the remaining 35 organisations are under process.-PR