In recognition of the valuable contribution of employees in China Bank’s achievements and in celebration of the Bank’s 100th Anniversary, the Board of Directors approved last 05 August 2020 the Centennial Stock Grant Plan wherein regular employees (regardless of rank and position) of the China Bank Group as of 16 August 2020, will be given 100 China Bank shares for each year of service. This was subsequently ratified by the stockholders during the 01 October 2020 virtual Special Stockholders’ Meeting.
Around 8,400 eligible employees and certain other officers and contractual personnel (as specified by the Chairman of the Board) will be granted up to 5.6 million shares worth Php 115.36 million, based on the closing price as of 26 August 2020; and will be distributed upon approval of regulatory agencies. Holding period is set at 2 years and grantees may buy additional shares, subject to relevant laws, rules and internal policies.
As of 30 September 2021, around 5.4 million common shares have been granted. The remaining unissued shares shall be distributed, upon issuance of the Subscription Notices to the respective grantees.
This stock grant aims to foster a culture of ownership – where everyone in the organization share common interests, and the same passion and commitment to ensure the Bank’s continued success.
For more information, please refer to the related disclosures in the Bank’s website:
Stock Grant ReportsSeptember 2021 - https://www.chinabank.ph/pdf/CHIB-Stock-Grant-Report-Secretary-Certification-as-of-September-30-2021.pdf August 2021 - https://www.chinabank.ph/pdf/CHIB-Stock-Grant-Report-for-the-month-ended-August-31-2021.pdf
Centennial Stock Grant Planhttps://www.chinabank.ph/pdf/2020-08-05-CHIBPSEDisclosure-Centennial-Stock-Grant-Plan.pdf
Results of the Special Stockholders’ Meetinghttps://www.chinabank.ph/pdf/2020-10-01-CHIBPSEDisclosure-CHIB-Results-of-the-Special-Stockholders-Meeting-October-01-2020.pdf