Standard Bank General Staff Share Trust
In July 2004 Standard Bank Group announced its black economic empowerment initiative, called “Tutuwa”.
Part of this initiative was the General Staff Share Scheme, whereby everyone employed in Standard Bank Group on 1 October 2004 – and who did not qualify for shares under the Tutuwa Black Managers Trust or the Share Incentive Scheme – received 100 Standard Bank shares.
When ICBC acquired a 20% stake in Standard Bank on 29 February 2008 they all sold 11% of their 100 shares. They were paid out for these 11 shares on 12 May 2008 and are currently holding 89 shares in the trust.
One of the conditions of the Standard Bank General Staff Share Trust initiative was that staff would have to take ownership of the shares at the end of 2009.
Shareholders under this scheme had until 6 November 2009 to notify the scheme of whether they wanted to keep or sell their shares.
If you missed the 6 November 2009 deadline
Anyone who missed the deadline must still notify the scheme of what their choice is. However, the shares will be transferred to them or sold on their behalf in March 2010 due to the trading embargo prescribed by the Johannesburg Stock Exchange (JSE). A form that you will use to give your instruction will be published here in March.