The board of India’s leading hospitality company OYO has approved the new ‘ESOP Plan 2018’, a new employee stock ownership plan, it was passed by the company’s extraordinary general meeting last month. This plan is an amended version of the plan approved by the shareholders back in 2013, it has a few additional benefits for the employees.
According to a resolution passed by the EGM on July 10, The ESOP will be administered by the compensation committee formed by the company’s board of directors. The compensation committee is also authorised to decide the number of options to be granted to employees from time to time.
This move is aimed at motivating its employees to continuously create value for the company and to enjoy the benefits of the phenomenal growth of OYO.
“At OYO, we have a young workforce which is committed to achieving OYO’s mission of creating beautiful living spaces. All our efforts are directed towards doing what is relevant for OYOpreneur and our ESOP plan is one such example. OYO functions in a systemized setup which has been the vision of management and we have a strong governance framework to oversee our compensation including stock plans,” an OYO spokesperson said.
With over 8,500 hotels under its brand across 230 cities, OYO has more than 2,900 employees. The new plan will be beneficial for the employees in the coming years as the company grows.
OYO has been expanding an venturing into new domains in order to further its outreach. The company recently acquired a wedding planning startup Weddingz. It will be looking to strengthen its wedding vertical after launching its new venture ‘Auto Party’ when it first ventured into the wedding industry.