Beneficiaries of Pioneer Fishing’s Employee Share Ownership Plan (ESOP) each received an R11 300 distribution on Wednesday 6 July.
This was announced at an ESOP trustee meeting held at the company’s Cape Town offices on Friday 1 July. The plan was established in 1999 and currently has 343 members, who benefited from the distribution paid based on the audited results of the 2021 financial year. All participating beneficiaries received an equal share of the total distribution.
Nosi Kholobile, Quality Control Clerk, said this year’s pay-out would be of great help to her.
“I’m still deciding what to do with the money. It’s a choice between erecting a fence at my house or investing it in my side-hustle.”
Another beneficiary, Anele Sichetcha, who works in the Canning Department, is excited about buying an iPhone. “I did not expect this amount of money; it’s too much for me! I am going to buy an iPhone, for which I’ve waited so long, and a big flat-screen TV.”
ESOP owns 10% shares in Pioneer Fishing West Coast (Pty) Ltd, and all permanent and seasonal employees who have worked for the company for at least one year, and who qualify to be a beneficiary of ESOP, participated in the distribution paid by the plan.
“For me as an employee-elected trustee it is a wonderful feeling to see every beneficiary happy, and that alone is a job well done,” says Henry Ndzwangu, ESOP trustee chairperson and Pioneer Fishing West Coast Director. “When the company does well shareholders are happy. And as indirect shareholders through the ESOP we can also share in its success.”
ESOP motivates and incentivises Pioneer Fishing staff, who gain a greater sense of responsibility and hard work that go hand-in-hand with shared ownership through ESOP membership.
Shawn Swartz, Pioneer Fishing West Coast General Manager says: “It is in every employee’s interest to work hard and ensure maximum profit and growth for the company, so they can share in the benefits at the end of the day.”
