Does CANTV have an employee stock ownership plan? How about stock options?
In 1991 and 1998, the Venezuelan Government through the Venezuelan Investment Fund, today known as Banco de Desarrollo Economico y Social de Venezuela (BANDES) provided for the transfer of up to 11% and 9% respectively of the equity share capital of Cantv to the Employee Trusts as new Class C shares for subscription by elegible employees and retirees of Cantv pursuant to the Stock Purchase Program established by the above mentioned Bank. Under this program eligible employees were offered a non-interest bearing installment payment plan to purchase the New Class C shares through salary deductions over a period of up to 12 years (11%) and 9 years (9%). In 1991, the Company bought, as part of its obligations in the Privatization process, 1% of its Capital stock in Class C shares for grants of stock to eligible employees through the existing Excellence Award program. In 2001, the Board of Directors decided on the creation of a new benefit plan denominated, Value Fund. This benefit will allo
