PDA members who complete the course will be able to:
- Describe what an ESOP is, and outline the various ways this company structure can benefit a company and its employees
- Discuss why ESOPs have been adopted by a growing number of companies in the US
- Describe ESOP oversight by the Department of Labor and the implications of this for ESOP boards and trustees
- Compare the similarities and differences between board oversight of ESOP boards versus public company and private company boards
- Demonstrate awareness of the cultural and relationship skills needed to work effectively with internal and external stakeholders
- Accurately assess whether or not their soft skills are likely to make them a good match for an ESOP board
- Outline the role of an ESOP trustee and clarify how the trustee role differs from the independent director and executive management roles
- Demonstrate awareness of the differences in the fiduciary obligations of the trustee (to the beneficiaries) and the ESOP board (to the company, on behalf of the stockholding trust)
- Discuss the board’s oversight role in the financial management of the ESOP owned company, including review of the valuations of company stock; responding to acquisition offers; capital allocation/sustainability issues; and managing stock repurchase obligations
- Appreciate the level of financial knowledge necessary for any director to contribute usefully to ESOP board business and be capable of assessing their skills against these criteria
- Describe how and why boards of ESOPs retain various independent professional advisors who work with ESOPs
- Describe the reasons why an independent director might find ESOP board work fulfilling and worthwhile; or frustrating and perplexing