The trust which manages the Eircom employee share ownership plan (ESOP) wants more information from the company on the proposed share option plan for up to 400 senior Eircom executives and on other issues.
No decisions were taken at a meeting yesterday to consider how the trust will vote on the seven resolutions that will be put to the annual general meeting on September 13th. The trust controls 14 per cent of the company on behalf of Eircom employees.
Trust chairman Mr Con Scanlon said last night no decisions had been taken.
"When we get the information we need we will then decide whether or not the plan is in the best interests of our members. That is the only factor that we will base our decision on," he said. Mr Scanlon declined to discuss in detail the problems the trust has with the options.
Despite a recent briefing from chief executive Mr Alfie Kane and meetings with director Mr Dick Spring the trust is still unhappy with the information received.
Some sources had expected the trust to approve the share option resolution because Mr Spring is the ESOP representative on the board of Eircom and he is also a member of the executive remuneration committee which drew up the option plan. The seven-member board of the ESOP trust are chairman Mr Scanlon, who is general secretary of the Communications' Workers Union, Mr Joe Maher and Mr Jimmy O'Connor of the Communications Workers Union, Mr Shay Cody a national officer with the IMPACT trade union, Mr Cathal Magee, Mr Tony Flynn who is a former finance director of Telecom Eireann and solicitor Mr David Beattie.
