stc continues to support its employees and strengthen loyalty amongst outstanding talent

23/11/2024

KUWAIT CITY, Nov 23: Kuwait Telecommunications Company – stc, a world-class digital leader providing innovative services and platforms to customers, enabling the digital transformation in Kuwait, approved an amendment to its Articles of Association during its Extraordinary General Meeting as part of its sustainable strategy to foster a thriving work environment. The amendment to Article No. 17 allows the Company to utilize its treasury shares as stock options that can be exercised by employees. The action aims to empower employees and encourage them to excel further within their roles, while also serving as an additional benefit that can attract top talent from the local market.

Introducing the employee stock option plan aligns with stc’s strategic approach to strengthening its workforce and building loyalty amongst its employees. The program will be implemented once approved by the Board of Directors, followed by obtaining the approval during the Company’s Annual General Meeting.

stc indicated in a statement that the Board of Directors aims to strengthen the relationship between the Company and its employees, inspiring them to continue innovating and progressing within their respective fields. Considering that employees will become shareholders in the Company through the stock option program, stc believes that employees will be more driven to achieve new milestones. Aside from its existing employees, the stock option program is set to attract new talents through this additional benefit that will be provided by the Company. The amendment to the Article of Association comes under stc’s ongoing commitment to enhance its human resources policies by adopting global best practices in enhancing workplace environments.

stc expects the stock option program to foster a stronger sense of ownership among employees, creating a deeper alignment between their individual goals and the Company’s overarching objectives. By providing employees with the opportunity to become shareholders, the program will further reinforce their commitment to stc’s success and drive long-term value creation for all stakeholders, including employees, shareholders, and customers.

The announcement of the stock option program came in a disclosure released by stc on Boursa Kuwait, confirming the approval of the use of treasury shares as well as the introduction of the program during the EGM. The amendment stated that the Company will be permitted to sell or grant its employees all or part of its shares through the stock option program in accordance with the regulating rules approved by the general meeting of shareholders.

It is worth mentioning that stc was ranked the number one ideal employer of choice for engineers and IT professionals in Kuwait according to Universum’s custom research in comparison with 19 of the strongest brands in Kuwait. The recognition serves as a testament to stc’s progressive approach to fostering a dynamic and innovative work environment.