The Government has approved a new Bill to give effect to a 5% employee shareholding scheme in the ESB. A statement from Public Enterprise Minister Mary O'Rourke said the Bill would be enacted as quickly as possible and would clear the way for the next stage of restructuring the company.
The Electricity Supply (Amendment) Bill 2001 will allow the ESB board to issue capital stock representing its net assets, with not more than 5% going to the workers and the rest to the Government.
This would be converted into shares if the ESB were given a share capital structure by future legislation.
A commitment to provide the stake was made as part of the 1996 CCR agreement between the Government, ESB management and unions.
