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Tullis Russell
The Tullis Russell Group manufactures high quality printing grades and specialist papers. Group sales in 2006 amounted to £138m. Our two companies, TR Papermakers and TR Coaters, operate from two manufacturing sites in the UK and one in South Korea. The group headquarters is in Markinch, Fife.
Founded in 1809, the company was family-owned for 176 years. The first employee share scheme was introduced in 1985 and in June 1994 there was a management-led employee buyout. Most of the third generation Russell family had their own business interests and were keen to sell their shares, but they wanted the company to stay independent.
We offer shares to all employees after a short qualifying period. These are free of charge, allocated once a year through the Share Incentive Plan and paid for out of the company's profits. Normally 7.5% of group profits for the year will be used to allocate free shares. There's also a cash dividend and a Partnership and Matching share scheme, where employees can receive one share free for every share bought.
Our Share Council, a mainly elected group, represents 800 employees as shareholders. Trade unions, works councils and staff associations represent employees for pay negotiations, health and safety, etc.
Over the years, we have co-ordinated a number of 'involvement and participation' initiatives. To be successful, this has to be a never-ending process and the current project, called The People Plan, has one main objective: 'How do we maximise on the benefits derived from being employee-owned?' This retains the right focus within such a large organisation and keeps all the staff involved.