Business
EY powered rapid transformation at English Tea Shop Organic using a comprehensive ESOP model
‘English Tea Shop Organic’ (ETS) brand of Amazon Trading Ltd., established in 2010, has been on a truly transformative journey since implementing a company-wide open book management program in 2015. This was followed by a unique Employee Share Option Plan (ESOP) embarked in 2019 to help build a ‘significantly employee-owned organization’.
The ESOP’s Phase 1 in 2019 saw the company granting 15% of the equity stake to employees. ETS just announced the launch of the second phase of the ESOP, increasing the shares allocated to employees up to 30%, thus accelerating the journey of making the company a significantly employee-owned business. Moving towards this model is already paying rich dividends along with an array of benefits for its eligible employees, with the company successfully withstanding the impact of Covid-19, showing solid resilience and rapid growth.
ETS’s aspirations of doing things differently by putting purpose and wellbeing for people at the core of its strategy further flourished with a solid partnership with Employee Share Ownership Plan (ESOP) specialists of Ernst & Young as advisors. The company’s mantra of “Love & Prosperity through Community” has acted as a blueprint on its road to success in specialty and natural food markets in over 50 countries. ETS has won leading international awards for its sustainability approach, including the 2020 Queen’s Award for Sustainability (UK) and the Great Game of Business (USA) All-Star International Champion in 2020.
The ETS ESOP was a custom-made effort by EY to build an inclusive culture and to express good faith through recognizing and rewarding employee efforts by allocating equity ownership in the company considering their good standing tenure of service, individual performance and level of significance in contributing to the organization’s wealth creation. The initiative also opened doors for the voice of the staff to be represented at the board level. This will further enable the company to take difficult decisions such as foregoing short-term benefits to achieve longer-term objectives, with wider support.
At a recent fireside chat announcing the second phase of the ESOP, Ernst & Young Senior Partner and Consulting Head for Sri Lanka and Maldives Arjuna Herath commented: “Where majority of the companies allocate around 5% – 10% of their total issued share capital towards share-based incentive plans, ETS has taken the initiative of allocating a generous 30% of the total issued share capital of the company to a Trust, of which beneficiaries are employees, at zero cost, upholding its commitment to its founding purpose. It’s even more remarkable that even their shop-floor level employees qualify for this scheme after completing just one year of service!”.
Participating in the fireside chat, ETS’s Director Strategy, Niluza Badurdeen, argued that “One of the planet’s most pressing challenges is the rising levels of social inequalities; this is probably the biggest emergency for countries in the Global South. The core purpose of ETS is to be a catalyst in solving this very problem in our industry. The ESOP has helped us get closer to our wealth-sharing endgame of becoming an employee-owned business. By empowering our employees with knowledge and making them business people through our ‘Big Game’, we believe it will truly uplift their passion and commitment in extending great value within our value chain and creating a net positive impact on society and the environment at large.”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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