Employee Share Acquisition Plan

In 1996, we introduced an Employee Share Acquisition Plan (ESAP) to recognise and reward our people for their contribution to the organisation’s success.

Under ESAP, eligible employees are provided the opportunity to receive free grants of up to $1,000 in CBA shares subject to a performance target being met. The target agreed by shareholders at the October 2000 Annual General Meeting is "the greater of five per cent growth in annual profit or CPI plus 2 per cent growth in annual profit. Whenever annual profit exceeds CPI change, the Board may use its discretion in determining whether a grant of shares will be made."

In 2000, the eligibility requirement for employees to participate in ESAP was reduced from two years to 12 months’ service to allow more of our people to benefit and receive free shares.

ESAP is designed to provide our people with the opportunity to build a shareholding in the Commonwealth Bank and share in its future growth and success. To encourage long-term ownership of shares, employees may not transfer or dispose of the shares within a three-year period from the date the shares are issued whilst employed by us.

Since 1996, our people have received a grant of free shares every year except one (when the performance target was not met). Currently, more than 75 per cent of employees are shareholders.

For more information about a career with the Commonwealth Bank, refer to the Careers section.