Staff own over 70%

In 1949, FJ called on his solicitor, Neil Symons and told him reorganise the firms shareholding so that staff would own 51% of the stock.  Staff shareholding grew as the firm grew.  By 1972, Fletcher Jones staff owned over 70% of the company.  In the same year, there were 950 staff employed at Pleasant Hill FJ factory in Warrnambool. 

"All shares in FJ organisations are owned by the staff and Mr. and Mrs. Fletcher Jones and children - Ralph, Lois and David.....  As these shares are strictly limited to FJ Staff, you will be obliged to sell same if and whenever you leave the firm.  The Directors guarantee to immediately find you a buyer from amongst the staff at the valuation fixed at the year you sell.  Besides participating in profit-sharing, each shareholder is entitled to attend the Annual Meeting and receive the full report of the stewardship of Directors.  Shareholders elect Directors at each Annual Meeting."  FJ Staff Booklet loaned by Lawson Ryan.    

 

A very interesting read on FJs profit sharing philosophy from a longer article 'The Maker of Heavenly Trousers' written by Dick Merryweather in 1952.
950 staff at Pleasant Hill factory in 1972.  Photo: Jones Family Collection
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