Renaissance Services has appointed Investec Trust Jersey to set up an independent trust to administer its ongoing company Senior Management Incentive Plan (SMIP).

Under the plan, a part of the senior managers’ bonus earnings will be paid into the independent trust and will then be invested by the trustees into the company’s own shares on the Muscat Securities Market.

The shares are directly released to the employees by the trustees proportionately over a period of 3 years. The SMIP programme complements an Employee Incentive Plan that provides bonuses in a profit share scheme for all employees outside the SMIP.

“It is a logical development to hand over the administration to an independent trustee,” said Renaissance CEO, Stephen Thomas. “The structure and the operation mechanism ensure independency and transparency so that the employees are fully aware of the management and liquidity of their long term employment benefits.”

Christopher Rebindaine, General Manager of Investec Trust’s representative office in Oman added, “We believe our appointment enhances Renaissance’s employer/employee relationship and we expect other businesses to follow the Renaissance example.”