GFH creates ‘Benefit Trust’ with Intertrust

Manama : Bahrain-based GFH Financial Group yesterday announced it has created an Employee Benefit Trust for its executive employees in partnership with Intertrust Middle East, which is also the first in the region. 

Announcing the deal, GFH said the Trust was established to hold its executive management and key risk takers’ deferred share awards (Incentives), in line with the CBB’s regulations on sound remuneration practices in the financial institutions sector. 

Commenting on the move, Bashar Bazian, CEO at Intertrust, said, “The Share Incentive Scheme is very attractive to GFH employees as they are able to benefit from the company’s success and expansion, while the company is able to align both their shareholder and employee interests. “

Mohamed Ameen, Chief Administrative Officer of GFH, said, “We are pleased to announce the establishment of “Benefit Trust” as part of our remuneration policies working together with Intertrust, another world-class partner with whom GFH has engaged to insure best-in-class practices across the organisation.”

The Trust, according to GFH, will provide assurance to the employees that their awards are securely held off balance sheet and are ring-fenced from creditors.  

The employees will also benefit from the Chinese wall form in the management of the scheme as Intertrust Middle East will be managing the Trust on behalf of GFH. Employees will be able to access real time information about the value of their GFH shares via Intertrust’s online portal, the statement adds.