UAP takes the co-op route with big worker share-out
30th July 2019
Hardware supplier UAP this week announced it has reorganised to become a workers’ co-operative with 20% of its shares allocated to its staff and the promise of more share-outs in years to come.
CEO David Jennings said: “I and the directors are incredibly proud to have set this scheme up and it is humbling to hear comments from our employees; several have said that they’re ‘honoured’ to own a share of UAP.”
He went on to explain: “Those who work hard and make a difference will be offered a higher number of shares. We think it’s right that those employees who contribute the most to the success of the company receive a greater reward.
This isn’t about how much money anyone has. This is about everyone having the same chance to earn more shares.”
Shares have been allocated among the employees based on factors such as length of service and position in the company. As well as the 20% now distributed, the company says that on 30th April each year, more shares from the D share fund will be allocated to staff members.
He added that the UAP board believes that the benefits will be felt right across the supply chain:
“If you are a customer, how can you fail to be impressed that everybody is genuinely working to the same goal. At all levels, no matter who you are, you must gain confidence knowing that you are dealing with a company that cares about its staff, wants its staff to succeed and who go that extra mile to ensure that service is second to none. Every stakeholder in UAP should be interested in this development.”