An employee owned business
What does it really mean?
Every employee automatically becomes a co-owner in the business and remains a co-owner until they leave. There is no need for employees to purchase shares and every employee is regarded as having an equal share in the business.
Every effort has been made to put a structure in place which is transparent and just, having due regard for the employees. One that provides good corporate governance and which ensures that Company Directors, Managers and the Trustees are all accountable for the success and sustainable future of the business.
The employees’ shares are held in Trust for them by a Trust Board. There are five Trustees, two are elected by the employees, a further two are appointed by the Eagle Plant Trading Board, and the fifth is an independent Chairman who oversees the operation of the Trust Board.
Employees are encouraged to play their part in the running of their business and suggestions as to how improvements can be made are positively encouraged. The extent of employee involvement is down to individual employees.
The Eagle Plant Board of Directors manages the business on behalf of the employees, with an obligation to ensure it is being run as well and as profitably as possible and they report to the Trust on a regular basis.
Twice a year the Directors will propose a profit share bonus pool to the Trustees. From this pool, a payment is paid to the employees. However, the bonus pool must first be approved by a Remuneration Committee made up of an employee elected Trustee, the Independent Trust Chairman and a representative of Michael. This Committee also sets the salary levels of all the Directors.
Each year the Directors must prepare a comprehensive Business Plan and submit it for approval by the Trustees, who then hold the Board of Directors to account for achieving the Plan.
Each Eagle Plant Branch elects a representative, known as a Councillor, to the Council. The Council meets regularly and acts as a two way conduit of communication and debate, which in turn informs the Directors and Trustee Board of the co-owners views and opinions which can then be reflected in decision making. Councillors are able to ask questions of the Directors at Council meetings and are free to speak on any relevant business matter without fear of adverse consequences.
What benefits does employee ownership bring...
Co-owners are at the heart of everything that is Eagle Plant. They jointly share the rewards of being a business owner but are expected to be more committed and responsible than just a regular employee. Strategies are put in place to ensure that everyone is valued as an individual and that co-owners ideas and views are reflected in decision making.
Profits, other than those used for reinvestment, are shared amongst the co-owners twice a year as a bonus, distributed as a percentage of annual salary.
As co-owners we are interested in helping everybody make a full contribution to the performance of the company, and so increasingly we are seeking ways to train, develop and up-skill individuals. Also, as co-owners we work at looking out for each other but equally do not entertain colleagues who do not pull their weight.
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