MORE THAN 400 Gleaner Company employees and associates have been offered a share in the ownership of the company.
A gift of 1,700 shares is being made to each worker to mark the company's 170th anniversary, Deputy Managing Director Christopher Roberts told a staff meeting at the company's North Street offices, central Kingston, yesterday. The Gleaner is the oldest newspaper in the Commonwealth Caribbean and one of the oldest newspapers in the Western Hemisphere.
"Our board of directors (and) the trustees of the Employees Investment Trust wish to mark this milestone in our history by giving each member of staff a gift," Mr. Roberts said. Apart from the 1,700 shares, each participant will have until December 31 to purchase additional shares on concessionary terms.
"We think it is fair that staff should share in the prosperity of their company," Mr. Roberts said. "Where staff have a share in the company, as co-owners, it creates a stronger attachment to the company and its welfare."
PUBLICLY LISTED COMPANY
Founded on September 13, 1834, The Gleaner became a publicly listed company in 1897, noted Anthony O'Gilvie, industrial relations and personnel manager. The articles of association include a safeguard against any one shareholder taking control of the company.
A debenture loan in 1978, which included subscriptions from 300 staff members, was critical in refinancing loans and putting the company in a profitable position, Mr. O'Gilvie said. In 1999, employees were allocated shares in celebration of the company's 165th anniversary.
"We would like to continue that gesture, by offering the additional shares," Mr. O'Gilvie said. "There is always a reciprocal relationship between a company and its employees."
Those who accepted the previous share offer should have been satisfied with their returns, Mr. Roberts said. "Historically, you make more money investing in shares than placing your money in the bank."
