Vodafone 1997 Annual Report Download - page 53

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Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997 - Report of the Directors
Company's success by assistance with share ownership. Two schemes approved by the Inland Revenue
have been established which allow employees with more than one year's service to acquire Vodafone
Group Plc shares on an advantageous basis. These schemes are highly regarded by staff and over 50% of
eligible staff currently participate in one or both of them.
● Vodafone Group Profit Sharing Scheme - This enables staff to contribute up to 5% of their basic salary
each
month to buy shares in the Company. Subject to agreeing that the purchased shares are held for at least
two
years by the Trustees or in a PEP, for each share the employee buys the Company buys a matching share
for
the employee. The shares paid for by the Company are not subject to income tax on their value, provided
the
employee leaves them with the Trustees for three years.
● Savings Related Share Option Scheme - This enables staff to purchase shares in the Company from
monthly
savings of up to £250 over a three or five year period, at the end of which they also receive a tax free
bonus.
The savings and bonus may then be used to purchase shares at the option price, which is set at the
beginning
of the savings contract and usually at a discount to the then prevailing market price of the Company's
shares.
Invitations to participate in this scheme are normally made annually.
Employee education, training and development
Continuing education, training and development are important to ensure the future success of the Group.
Policies have been adopted to assist all employees to reach their full potential and a wide variety of
schemes and programmes are offered aimed at ensuring that relevant education, training and development
opportunities are available. Many courses are provided by the Group's Training Services department,
which has well equipped technical and development training facilities and a broad range of expertise.
The Group, as a Charter Member of the Duke of Edinburgh's Award Scheme, has established a sponsored
scheme for all employees of Award Scheme age to encourage young employees to develop their
confidence and important skills such as communication, planning and working in teams. A programme of
business related further education is also sponsored by the Group and programmes exist to help
employees meet the training and qualification requirements of their chosen professional institution,
thereby continuing to raise the existing professionalism of the Group.
http://www.vodafone.com/download/investor/reports/annual97/5/2.htm (7 of 9)29/03/2007 22:44:39