What is the name of your state? KS
Our company started an Esop roughly 5 years ago with a 30% ownership sale. Recently, the remaining 70% was sold to the Esop. Originally, 70% of the company was owned by the business creators.
Question:
We are continually told we are owners and should think and act like it. But, the original owners are GM/President and VP. They sit on the Board of directors and also sit on the Esop Board of Trustee's. The Esop board of trustee's is appointed by the Board of Directors.
With the original owners still executive management, as well as sitting on the Board of Directors and being 2 of the three members of the Esop board of trustees, there is no employee voice.
I have read in the Esop literature that some companies have elected esop board of trustee members. Elected members from the employees.
Since management & board of directors do NOT want to have an elected ESOP board of trustees, is there any method by which the employees can force it to be elected ?
At the 100% buyout we also converted from C corp to S corp if that makes a difference.
Our company started an Esop roughly 5 years ago with a 30% ownership sale. Recently, the remaining 70% was sold to the Esop. Originally, 70% of the company was owned by the business creators.
Question:
We are continually told we are owners and should think and act like it. But, the original owners are GM/President and VP. They sit on the Board of directors and also sit on the Esop Board of Trustee's. The Esop board of trustee's is appointed by the Board of Directors.
With the original owners still executive management, as well as sitting on the Board of Directors and being 2 of the three members of the Esop board of trustees, there is no employee voice.
I have read in the Esop literature that some companies have elected esop board of trustee members. Elected members from the employees.
Since management & board of directors do NOT want to have an elected ESOP board of trustees, is there any method by which the employees can force it to be elected ?
At the 100% buyout we also converted from C corp to S corp if that makes a difference.