A Share Warehousing Trust is created where a company transfers all or some of its shares to the trustee for the benefit of the beneficiaries named in the Trust Deed.
The company and the trustee execute a legally binding Trust Deed which binds them to the terms and conditions of the trust. In other words, the company warehouses various portions of shares by transferring them to a trustee who becomes the registered owner of the shares on behalf of members of staff of the company.
FBNQuest Trustees undertakes the following responsibilities as trustee:
- The collection of all dividends and other distributions accruing in respect of the Trust
- The payment of dividends to the employees’ accounts within a specified timeline from the date of receipt of value of the cheques/drafts issued by the company in favour of the Trustee to cover amount of the dividend payable
- The organisation and maintenance of records in a manner consistent with the standards of accuracy, integrity of data and accessibility
- The provision for distribution to all employees under the Trust, annual individual statement of accounts/reports
- Interface with the Governmental Authority as well as ensuring that the Trust is run in a manner consistent with the general applicable regulations
- The keeping of accounts and records as are necessary to give an accurate view of the state of affairs of and for the proper management of the Trust. The company is also presented with accounts as and when requested on behalf of its employees
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