NEDBANK GROUP EYETHU EMPLOYEE SCHEMESThe Eyethu Employee Schemes that form part of Nedbank Group’s overall Eyethu Ownership Plan were formally announced on 19 April 2005 and the shares officially granted on 8 August 2005. The Eyethu Employee Schemes embrace the empowerment of our people at all levels. There are four different schemes, namely:
- the Eyethu Black Executive Trust – a combination of shares and share options are awarded;
- the Eyethu Black Management Scheme – a combination of shares and share options are awarded;
- the Eyethu Broad-based Scheme – a once-off grant of shares; and
- the Eyethu Evergreen Trust – allocation of grants and/or benefits.
Financial Sector Charter (FSC) bands are used as qualifying criteria for the different schemes.At 31 December 2006 the numbers of allocated shares in the trusts were as follows:
- Black Executive Trust – 2 056 712
- Black Management Scheme – 5 253 064
- Broad-based Scheme – 1 471 700.
NEDBANK NAMIBIA – OMUFIMA EMPLOYEE SHARE SCHEMEOn 7 December 2006 approval was granted by Nedbank shareholders at an extraordinary general meeting for qualifying permanent employees of Nedbank Namibia to become participants in a share scheme based on the principles of the Nedbank Group Eyethu Employee Schemes.
An Eyethu Broad-based Scheme and Eyethu Black Management Scheme were established.
The Eyethu Employee Schemes embrace the empowerment of our people at all levels.