It might be a holiday but we’re still celebrating Employee Ownership Month. Today, we’re featuring a Congressional visit.
Congresswoman Virginia Foxx (R-NC) stopped by Salem Distributing Company located in Winston Salem, NC to meet with employee owners and tour the company’s remodeled facilities. The Mayor of Clemmons, NC, John Bost, was also part of the visit according to a Salem Distributing press release shared with The ESOP Association.
The Congresswoman met with company officials, several members of the company’s ESOP committee, and Mayor Bost for a roundtable discussion that included a brief overview of Salem Distributing and a report on how the company weathered the Great Recession. Salem Distributing, according the release, had the company’s most profitable year to date in 2011. It was also noted that company officials believed that “…the culture of the 100% employee-owned ESOP company attracts talent and motivates employees.” As Gale Marett, assistant controller for Salem Distributing and an active Chapter leader in the Association, stated, “The Company’s ESOP is more than just a benefit; it makes for a cohesive team, working for a common goal.”
During the meeting, it was noted by Salem Distributing that protecting the company’s 100% ESOP was a critical issue. Company representatives asked for Congresswoman Foxx’s support of the pro-ESOP bill H.R. 1244 to promote private company ESOPs. The Department of Labor’s (DOL) proposal to make ESOP appraisers ERISA fiduciaries was also discussed, with the Congresswoman agreeing that the DOL was not a supporter of ESOPs. She asked for more information on H.R. 1244 and said she would review it.
We thank Debbie Hooker of Salem Distributing Company for sharing the above information with The ESOP Association. If you would like to share company news with the Association, please send an email to media AT esopassociation.org.