A reform plan of state-owned Bank of Communications (3328.HKG, 601328.SHA) that introduces the possibility of introducing private shareholders and an employee stock ownership plan has been approved by China’s State Council, The Financial Times reported, citing a filing by the company. However, the plan does not include any measures to fundamentally alter the bank’s structure through large-scale privatization, meaning the Chinese government will remain its controlling shareholder. The bank will also explore incentives for employees through stock options, potentially allowing it to raise senior executives’ pay to counteract large salary cuts made on orders from the central government.