FORTIS HOLDINGS, INC. will invest in and hold ownership/control of capital in its nonprofit shareholders (SCFFI & its eligible employees) and serve to be the issuer of qualified employer securities also known as common stock being issued by a controlled group of corporations. FORTIS’s purpose is to also hold interest in for-profit subsidiaries & has the authority to issue 50,000 shares of common stock.
FORTIS’s business purpose is an outgrowth of SCFFI’s sponsorship of an ESOP (Employee Stock Ownership Program), a defined contribution retirement program that invests primarily in employer securities. FORTIS is owned and controlled by SCFFI and therefore owns more than 50% of its shares of stock. The Board of FORTIS consists of the ESOP Trustee holding 49% voting rights and SCFF’s President/CEO holding 51% of the voting rights. The ESOP is an approved ERISA (Employee Retirement & Income Security Act of 1974) retirement plan.
FORTIS’s revenue are primarily derived from returns on its investments of its subsidiaries; these include a real estate acquisition entity that owns and leases commercial and residential real estate.