Trustees seek data on Eircom scheme

Further information on the controversial long-term incentive scheme proposed for Eircom's management is being sought by the trustees managing the 14.9 per cent stake in the firm held by its workers.

The trustees will meet tomorrow before the firm's a.g.m. to decide whether to vote for the scheme, a spokesman said.

"They have been getting information over recent days. There are still a number of issues they require information on," he added.

He declined to reveal what information trustees had sought and what matters remained outstanding. Members of the trust would take advice from its advisers before deciding how to vote.

Chaired by the general secretary of the Communication Workers Union (CWU) Mr Con Scanlon, its members include IMPACT deputy general secretary, Mr Shay Cody, and Mr Cathal Magee, Eircom's director of Ireland market.

Accountants KPMG, Davy stockbrokers and solicitors O'Donnell Sweeney are advising the trust.

Trustees will vote in favour of the other resolutions put to the annual meeting, Eircom's first since its flotation last year, the spokesman said.

The CWU wants to expand the shareholding held by its workers, but the trust has no formal role in this. Such a move would require the agreement of Eircom's board and an amendment to the deeds of trust.