Shutterlock starts BEE loyalty trust
It is with great pleasure that Shutterlock Pty Ltd starts a BEE Loyalty Trust in aid of all their BEE employees.
Local company Shutterlock Pty Ltd recently started a BEE Loyalty Trust for their employees.
According to the owner of this well established company, Dean van Zyl, this loyalty trust is now a proud shareholder of 26 per cent of the company’s shares.
“It is a proud moment for us as management to welcome the BEE Loyalty Trust to our board,” says Van Zyl.
The trust, in addition to bringing the company in line with BEE legislation, will see employees benefit as they are the ones who would ultimately be members of the trust.
“Our BEE employees will also benefit from this trust by receiving annual profit shares, among other rights.”
Van Zyl adds that in order for an employee to qualify to become part of the trust, they must be employed by Shutterlock Pty Ltd for a minimum of three years.
Thereafter they will receive all the benefits that accompany the loyalty trust.
“The reason why we decided to develop this trust is to enrich our staff, instead of appointing one BEE partner,” says Van Zyl.
The final trust agreement was signed during its introduction to Shutterlock’s employees on 15 November and will be effective from 1 March 2014.
Van Zyl adds that he worked hand in hand with various lawyers and representatives of the BEE staff committee in order to perfect this trust.
“With this loyalty trust, I believe that our staff will benefit greatly and in turn provide the company with loyalty and motivation.,” says Van Zyl, who also ads that this was likely one of the most complex BEE deals for an unlisted company of this size to date in South Africa.
