China national nuclear construction corporation (CNNC) has announced that its first restricted stock incentive plan has been approved by the state-owned assets supervision and administration commission (sasac) of the state council. The company's draft restricted stock incentive plan was announced on September 25, 2019. According to the draft, 26.23 million restricted stock units will be granted to no more than 394 incentive subjects at a price of 4.38 yuan per share. Directors, senior executives, middle managers and core technical personnel accounted for 1.3 per cent of the workforce.
Upon approval by sasac, the company shall also convene the board of directors, the board of supervisors and the general meeting of shareholders to examine and approve the revised restricted stock incentive plan. After deliberation and approval by the general meeting of shareholders, the board of directors shall go through the formalities of granting registration according to the authorization of the general meeting of shareholders.
The approved restricted stock incentive plan is the first equity incentive plan launched by CNNC. It is an important measure to improve the incentive system and support the realization of business strategic objectives. Through the highly binding incentive method, the company is guiding employees to focus on value improvement and helping the company become a globally competitive first-class nuclear power engineering service provider.
