Head of Dubai Office
Employees are important stakeholders in all businesses and high-calibre, talented staff are amongst a business’ most prized assets. The qualities possessed by the best performing people are also qualities which make them very attractive to competitors.
Employees, particular senior and upwardly mobile staff, are increasingly seeking new job opportunities and experiences, so their careers with any one company are much shorter than in the past. This trend is global, shows no sign of reversing and presents problems for businesses who want to attract, retain, motivate and reward talent. On their own, traditional pay and bonus structures are no longer enough.
Businesses are addressing these problems by providing additional employee benefits and whilst this is generally just sound management, in some countries, such as the GCC States, it is becoming a mandatory requirement to pay end of service gratuities. Either way, it is accepted best practice to separate employee funds from business assets and the use of a trustee independent of the business is the most secure way of ensuring employee assets are ring-fenced. This also satisfies regulatory requirements where these apply.
Minerva acts as independent trustee to a number of different legal structures used to provide employee benefits, which are generally collectively referred to as Employee Benefit Trusts (EBTs).
EBTs might also take the legal form of Employee Share Option Plans (ESOPs) or Employer Funded Retirement Benefit Schemes (EFRBS) or more bespoke arrangements, however generally all are designed to provide combinations of the following:
These arrangements can encourage longevity, deepening the relationship between employer and employee and help align the interests of the employee with those of the business.
Employee benefit services are available through Minerva’s offices in Jersey, Mauritius, Kenya and Dubai.
“This shows the professionalism of Minerva.”Family Office, Bahrain