Yes, the company and the board can amend or change the participation plan. Who need to agree to the change depends on what rules were set in place at the start. The changes always immediately go into effect for all new participants. A change of the participation plan will not always automatically apply to those who were already participating. The Trust Conditions and the Participation Plan are contracts entered into between the participant and the company/employer. These contracts can normally only be adjusted with written approval from both parties in the contract. If one party doesn’t approve of the changes, they will not automatically apply to you. Furthermore, if the Articles of Association are changed, which are not contracts you are a party to, they can change rights for Share- and Depositary Receipt Holders. These changes normally will only apply to new Share- and Depositary Receipt Holders coming in after the changes were excecuted. A current participant normally gets to keep their rights. But if you acquire new Depositary Receipts or Shares after the changes have been made, the new rules regulate those Shares/Depositary Receipts.
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