President Ramaphosa to address Worker Share Ownership Conference

President Cyril Ramaphosa is expected to address the inaugural Worker Share Ownership Conference to be held in Johannesburg on Tuesday. In a statement on Thursday, the Presidency said the conference will serve as a platform for 'advocacy for Employee Share Ownership Plans' (ESOPs). 'ESOPs gained prominence in South Africa in the late 1980s, notably with schemes introduced by Anglo-American and De Beers. This initiative was fueled by the Broad-Based Black Economic Empowerment Act (B-BBEE Act) of 2003 and subsequent amendments, which mandated companies to adopt broad-based ownership schemes, including ESOPs. 'The event will evaluate the regulatory environment and discuss strategies to advance it further. Additionally, it will examine the impact, challenges, and opportunities associated with worker ownership. 'The inaugural conference will facilitate dialogue among trustees, CEOs, labour and business representatives, and company chairs. It aims to foster collaboration and integrate ESOPs into South Africa's economic landscape,' the statement read. Source: South African Government News Agency