| Stock
Programs |
 |
Churchill is proud of its ability
to attract and retain talented people.
This is partly due to such benefits
as the Employee Share Purchase Plan,
the Executive Share Unit Plan and
the Registered Retirement Savings
Plan.
Less tangible benefits are an effective
and visible leadership; valuing those
people who help create the profit;
showing employees that their contributions
are vital in achieving organizational
goals; creating a sense of pride
in the workplace and the job; and,
having a company culture that accepts
and respects differences.
Share Options
Long-term incentives for executive
officers and middle management
have been provided through stock
options granted under the Employees
and Directors Share Option Plan.
In recommending option grants,
the Committee considers:
- The performance
of the proposed recipient.
- The level
of responsibility of the proposed
recipient within the Corporation
and his or her ability to impact
performance and growth in shareholder
value.
- The number
and vesting status of options
issued to the proposed recipient
in the past.
The Committee also considers the
level of share option grants required
to recruit new senior executives
to the Corporation and its subsidiaries.
Employee
Share Purchase Plan (ESPP)
The ESPP is available to all full
time employees. The Corporation
will match the employee’s
contribution on an individual basis
of up to 5% of that individual’s
salary to purchase Common Shares
of the Corporation. The plan is
designed to provide employees with
an ownership interest.
Registered
Retirement Savings Plan (RRSP)
The RRSP is available to all full
time employees. The Corporation
will match the employee’s
contribution on an individual basis
up to 5% of that individual’s
salary to purchase units in an
independent RRSP account. The account
is directed by the employee and
the trustee has a wide variety
of fund units available ranging
from GIC’s to equity-based
mutual funds. The intention of
this plan is to assist the employees
in providing for their retirement
and to diversify their risk outside
of holdings of the Corporation’s
Common Shares.
Executive
Share Unit Plan (ESU Plan)
The ESU plan is available only
to certain designated senior executive
officers of the Corporation. The
plan includes an annual award of
Common Shares to participants based
upon their position and performance.
Shares are not delivered to the
participant until retirement. The
intention of the ESU Plan is to
assist in aligning the participant’s
interests with that of the Corporation
through an enhanced ownership level.
As well, the plan is intended to
assist in the retention of the
participant in the Corporation
as the accumulated award is significantly
reduced if the participant terminates
employment prior to retirement. |
