Empowerment of the Group’s Employees
Overview
The Innscor Africa Group has a total workforce of over 10 400 employees, of which 4 350 full-time employees are eligible beneficiaries of the Innscor Africa Employee Share Trust (the Trust).
The Trust was established to promote employee empowerment, encourage a culture of ownership, and enhance employee engagement, thereby aligning the interests of employees with those of the company.
In 2014, the Trust was issued with 1 000 Non-Voting Class ‘A’ ordinary shares in Innscor Africa Limited. These shares provide the Trust, at the discretion of the Innscor Board, up to 5% of any dividend declared and paid to ordinary Shareholders of Innscor Africa Limited.
The Trust also holds an option to subscribe for 30 million Innscor Africa Limited shares at the volume weighted average price of Innscor Africa Limited Shares over a 60-trading day period, which expires in December 2024.
During the 2024 financial year, the Trust received a total of USD 705 000 in dividend from Innscor and out of this, qualifying employees received USD 696 180 in dividends during F2024. In September 2024, the Innscor Board declared a total dividend of USD 765 000 to Innscor Africa Employee Share Trust Company (Private) Limited and it is expected that qualifying employees will receive a final dividend, before the end of the calendar year.
The table below shows dividend earned by qualifying employees during the financial year.
In addition to dividends paid above to qualifying employees, the Trust also provides short-term and long-term loans to employees towards the personal needs of these employees. These loan facilities demonstrate the Trust’s commitment to enhancing employees’ overall well-being and financial stability, recognising that their personal and professional success is deeply intertwined.
IAL Employee Share Trust (EST) Outlook
The thrust of retirement planning is to ensure that our employees have somewhere to stay after retirement that is affordable for them. IAL EST will endeavour to assist qualifying employees to construct their retirement homes in their rural areas where employees are not subjected to costs such as rates and enjoy living with a peaceful mind, a lower required cost of living. IAL EST will also proactively assist our employees gain skills these retired employees can apply post retirement to sustain themselves for day-to-day living, economically as best as possible.
Looking into the future, the IAL EST is so excited about the new initiatives coming up as our employee empowerment thrust looks to further secure employee wellness by improving access to reliable and affordable ambulance services, medical insurance, and medical specialist services.
Testimonials of some of Innscor Africa Employee Share Trust Dividend (“IAL EST” or “EST”) recipients
Darren Mashonganyika
Dispatch and Admin Manager, Colcom
Education/ School Fees
‘’I am happy for the profit sharing in the form of Employee Share Trust dividend I received. It helped me a lot. I managed to complete a Data Analytics course to enhance myself. Thank you Innscor for uplifting us and having your employees at heart. The dividend has gone a long way to cover our educational status.”
Febbie Yotamu
Zimvet Lab, Irvine’s
Medical Bills for a Disabled Child
‘’I am happy for the profit sharing in the form of Employee Share Trust dividend I received. It helped care for my disabled child’s medical bills. She is currently undergoing some more medical processes as she has grown older and Innscor continues to cater for the medical bills through the EST loans I have applied for and received. I am eternally grateful for your assistance.”
Thomas Chibatebate
Trainer, Providence Human Capital
Housing: House Purchase
‘’I am at a loss for words on how to thank Innscor for the EST retiree loan which has enabled me to pay for my house in Budiriro Cabs Employee scheme. I am already staying there with my family and I look forward to retiring and having immensely benefitted from Innscor where I have worked for more than 15 years.”
Lameck Gumbo
Machine Operator, Bread Division
Housing: Completed Construction/Housing Project.
Ndofara ndakavaka imba kubva muvhu kusvika iyezvi yapera ndavakutogaramo nemhuri yangu. EST yakandipa retirees’ loan yokuvaka kuti ndigadzirire retirement, nyangwe dai ndikachaenda kuretirement, zvangu zvakarongeka nekuda kwe IAL EST.
(I got a retiree’s loan to build my four bedroomed house from ground to know that its finished and I have already moved in with my family. Thank you Innscor - my life is in order and when I retire, it will be with much joy and relief.)
Witness Jengura
Shipping Clerk, Natpak
EST Dividend Recipient: Home Improvements
‘’I am so happy about the Employee Share Trust, and I hope that they continue doing what they are doing in assisting employees.’ I have managed to extend my house such that my family is now living in a comfortable space. Innscor indeed has us “its employees at its heart.”
Orpa Hove
Production Clerk, Natpak
Projects: Personal Projects
“With my 18 years working for Innscor, the IAL EST has helped me so much to develop myself and my livelihood. Every aspect of my life has been enhanced as the loan as well as the EST dividend has helped me to work on my personal projects. Thank you Innscor for helping us as employees.”
Gore Murataya
Houseman, Irvine’s
Housing: Rural Home Housing Project
Innscor yakandiratidza kuti kumwe kushanda makomborero-ndakatanga basa muna 2009 pa Irvine’s ndisina tarisiro yokuva nemusha wandava nawo pamusha pangu. EST loan yakandibatsira nhasi ndava munhu pana vamwe ndakutonongedzerawo kuti musha wangu uyo. Ndotenda Innscor, musaneta kuita basa guru irori!
(Innscor showed me working for some employers is a blessing - I started work at Irvine’s in 2009 and never thought I would construct anything but now am a proud owner of a beautifully constructed rural home. Thank you Innscor, don’t tire in doing these good works!)
Phinias Mashoko
Buyer, Natpak
Housing: New House Construction
“I am very grateful to Innscor Africa Employee Share Trust, as the loan I received allowed me to acquire building materials for the construction of a house for me and my family. Few employers manage to look after their employees like this and I am grateful to be one of the beneficiaries of this life changing initiative which is benefiting families in a tangible way.”
Edward Magawa
Driver, Irvine’s
Housing: Building 7 roomed house in Glen View 4
“I am on cloud nine as I have started building my house with the loan I accessed from the IAL EST. Having worked for Irvine’s for 15 years, I am grateful for the path which I am now taking as I will surely be comfortable in my retirement. Thank you ever so much Innscor!”