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News : Local Last Updated: Feb 7th, 2018 - 19:46:37


Employee share ownership, a path to wealth
By Marston Gordon
Feb 4, 2018, 22:27

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The employees share ownership plan (ESOP) act was enacted in 1995 and was first mooted by Michael Manley in the 1970ís. It is one of the best ways to align the interest of employees and employers, but far too often employees sell their holdings for short term gain. Jamaica Money Market Brokers (JMMB) employees are noted for this myopic behaviour.

In 1977 the Government of Jamaica acquired Barclays Bank and changed its name to National Commercial Bank (NCB). It became the first and most successful company to garner mass public support in 1986 when National Investment Bank of Jamaica (NIBJ) offered 26,683,560 shares to the public at $2.95. AIC Limited acquired 75% of NCB from FINSAC in 2002.

NCB has three billionaire employees:

1. Dennis Cohen
Value of shareholding at Feb 1, 2018- Ja$13,574,210,058
Dividends earned in fiscal 2017- Ja$367,091,017

2. Allison Wynter
Value of shareholding at Feb 1, 2018- Ja$7,293,388,477
Dividends earned in fiscal 2017- Ja$197,237,068

3. Patrick Hylton
Value of shareholding at Feb 1, 2018- Ja$6,538,907,382
Dividends earned in fiscal 2017- Ja$176,833,433

Multi-millionaires

1. Douglas Orane (formerly of Grace Kennedy)
Value of shareholding at Feb 1, 2018- Ja$880,956,695
Dividends earned in fiscal 2016- Ja$20,897,112

2. Richard Byles (formerly of Pan Jam Investment)
Value of shareholding at Feb 1, 2018- Ja$100,798,680
Dividends earned in fiscal 2016- Ja$2,141,972

Richard Byles (formerly of Sagicor Investment)
Value of shareholding at Feb 1, 2018- Ja$773,159,803
Dividends earned in fiscal 2016- Ja$24,443,389

Well earned and deserved, congratulations on your attainment.

____________________________________________________________
Source: Jamaica Stock Exchange

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