sixth annual esop u august 15-16, 2013 pinehurst, nc basics of an esop committee jennifer weitzel,...
TRANSCRIPT
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Sixth Annual ESOP UAugust 15-16, 2013Pinehurst, NC
Basics of an ESOP Committee
Jennifer Weitzel, Salem Distributing CompanyDennis Lofe, Wilson Senior CareLonnie Peppler-Moyer, Monroe PublishingCaryn McNeill, Smith Anderson
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Different Goals …
• Oversee administration of the ESOP• Provide fiduciary direction to the ESOP Trustee• Serve as ESOP advocates• Make recommendations to management
about ESOP-related issues• Provide two-way communication between
employee owners and management• Help the company achieve its strategic goals
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Lead to Different FunctionsFiduciary Functions Non-Fiduciary Functions
Serving as “plan administrator” of the ESOP
Communicating the ESOP and championing employee ownership
Making decisions affecting the ESOP Making recommendations to management about ESOP issues
Advising the ESOP trustee about ESOP issues
Conducting ownership and/or business trainingConducting new employee orientation
Publishing newsletters
Soliciting employee input on policy issues
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And Yield Different Committees
ESOP Fiduciary Committeesvs.
ESOP Communication Committees
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Introduction
• What type of committee is your committee?• What are its goals and functions?
Wilson Senior Care"WSC Ambassadors"
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Introduction
• What type of committee is your committee?• What are its goals and functions?
Salem Distributing Company“ESOP Committee”
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Introduction
• What types of committees have you got?• What are their goals and functions?
Monroe Publishing“ESOP Advisory Council”
“Administrative Committee”
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Governance
• Does your committee have a charter or other governing document?
• If so, what kinds of things does it address?• Does it clearly spell out the roles and
responsibilities of committee members?
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Committee Membership
• How many members does your committee have?
• Who is eligible to serve?• How are they selected?• Is there a limit to how long they can serve?• How do you replace committee members who
leave the company or resign from the committee?
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Committee Membership, Cont’d
• What sort of time commitment is involved in being a committee member?
• Are committee members compensated?• Do committee members receive training?• Do you have difficulty recruiting committee
members?• Do you have any employee-owners on your
board of directors?
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Committee Leadership
• Does your committee have its own leaders?• What are their titles?• How are they selected?
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Meeting Logistics
• How often does your committee meet?• Who provides the administrative support for
your committee?• Do you route a meeting notice and agenda
before the meeting?• Do you take minutes?
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Structure Generally
• Are there any aspects of how your committee is structured that you are considering changing?
• Do you evaluate the effectiveness of your committee or monitor its impact?
• What one aspect of how an ESOP committee is structured is most important to its ultimate success?
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Education
• How do you educate employees about the ESOP?– New employee orientation?– ESOP 101?– Other?
• How important is employee education in the activities of your committee? Do all your activities have an educational component?
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Communication
• Do you do any other communication about the ESOP?– Newsletters?– Other?
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Celebration
• Do you hold events that celebrate your ESOP and your company’s ownership culture?
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Engagement
• How do you keep employee owners engaged so that they have an “I’m an owner” mindset?
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Adding It All Up
• Does your ESOP Committee make a difference in the life of your ESOP company?
• What’s the single most effective thing you do?• What advice would you give to a new ESOP
company just establishing an ESOP committee?
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Questions & Answers
Lonnie Peppler-MoyerMonroe Publishing Co.20 W. First StreetMonroe, MI 48161Phone: 734-242-1100 x221Email: [email protected]
Jennifer WeitzelSalem Distributing Company5901 Gun Club RoadWinston Salem, NC 27103Phone: 336-201-5398Email: [email protected]
Dennis LofeWilson Senior Care116 Cashua StreetDarlington, South Carolina 29532Phone: 843-395-8977Email: [email protected]
Caryn McNeillSmith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P.150 Fayetteville Street, Suite 2300Raleigh, NC 27601Phone: 919-821-6746Email: [email protected]