Riyadh Seminar Advocates Share Plans to Motivate Employees

March 20, 2010 - PRLog -- Al Tamimi & Company Advocates and Legal Consultants in association with KPMG Al Fozan & Al Sadhan and Mercer Consultancy Company held a seminar on the employee share programmes on the 15th March 2010, at the Four Seasons Hotel, Riyadh.

The seminar emphasised, that the granting of share incentives for employees, is a cost effective alternative to salary increases, to motivate employees.  However it is a concept that has not yet been developed in Saudi Arabia.

The seminar, attended by several senior executives and HR managers in major Saudi companies discussed the concept and procedure for establishing share plans for staff, the mechanisms for granting such incentives, the methods of management, the structures, and the financial and accounting implications.

In the first session, Gary Watts of Al Tamimi & Company presented an overview of the concept followed by Richard Lamptey and Paulo Machado of Mercer commenting on long-term incentive programs for staff, the role of this incentive in the development of business and how to achieve the best results.

The second session was presented by Mr. Marcus Wallman and Mr. Muhammad Arif Saeed of Al Tamimi & Company, who discussed the structure and regulatory procedures.

The third session, presented by Mr. Khalil Ibrahim Al-Sedais and Mr. Kashif Zafar of KPMG Al Fozan & Al Sadhan, considered the accounting treatment for the incentives, and practical steps for registration.    Mr. Khalil Al Sedais, Partner, commented by saying “The seminar was a step in supporting and developing this concept in Saudi Arabia and encouraging the government to consider a regulatory environment to facilitate it”.

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KPMG Al Fozan & Al Sadhan is KPMG’s member firm in the Kingdom of Saudi Arabia and part of the Middle East and South Asia region. KPMG has operated in Saudi Arabia since 1992, having offices in Riyadh, Jeddah and Al Khobar.