Monday, 18 October 2021 10:22
SMN sustainability update: SMN Group launches implementation Management & Employee Stock Ownership Program (“MESOP”)
SMN Group, including Protelindo, iForte and subsidiaries, announces the launch and implementation of company-wide MESOP thru an internal town-hall virtual meeting with employees on October 11, 2021. “We want to reward our long-standing employees and we think MESOP is one the best methods to do this. Because we are at the same time aligning interest of employees and management across different legal entities within SMN Group to be in sync with that of SMN shareholders’ interest,” said Aming Santoso President Director and CEO of SMN.
“The shares under the implementation are the 310 million TOWR shares that management asked for shareholders’ blessing during the May 2021 GMS to disseminate as MESOP shares,” explained Adam Gifari SMN VP Director. “The shares are from SMN treasury that company obtained from share buybacks programs approved by GMS in Nov 2019 and May 2020 so governance of share allocation is a management decision. Generally, employees with tenure of 2 years or more will have right to purchase SMN shares at Rp 1000 per share during their good working contribution to SMN Group for the next three years with vesting periods at end of year 3 and year 4. Cost to SMN to do this is fixed with substantial upside from an improved working morale within SMN Group of companies.”
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