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Kampala, Uganda | THE INDEPENDENT | The global multi-energy company, TotalEnergies is to offer shares to its current and former employees in 94 countries.
The French Company whose subsidiary is developing the Tilenga project in the Albertine and the East African Crude Oil Pipeline said over fifty-two thousand employees (52,602) in 94 countries will benefit from the latest employee benefit plan.
Uganda is among the 92 countries with TotalEnergies employees working for its subsidiary companies.
A statement from TotalEnergies SE on Thursday said the 52,602 employees in 94 countries, representing 45.8 % of the eligible employees and former employees, subscribed to this capital increase for an amount of 353.9 million euros.
Patrick Pouyanné, Chairman and CEO of TotalEnergies said the development of employee share ownership is at the heart of TotalEnergies’ value share policy as it represents the best way to closely associate employees with its economic performance, strengthen their sense of belonging and align the interests of employees and shareholders.
“Once again this year, TotalEnergies’ employees have confirmed their attachment to the Company and fully supported the strategy of transforming TotalEnergies into a multi-energy company, by subscribing largely to the capital increase reserved for them”, declared Patrick Pouyanné
As a result, 8,002,155 new shares will be issued on June 7, 2023. They will carry immediate dividend rights and will be fully assimilated with TotalEnergies shares already listed on Euronext.
The Board of Directors of TotalEnergies SE, meeting on April 26, 2023, under the chairmanship of Patrick Pouyanné, Chairman and Chief Executive Officer, confirmed the launch of the capital increase reserved for employees and former employees of the Company for 2023.
TotalEnergies SE and its French and foreign subsidiaries in which the Company holds directly or indirectly more than 50% (in terms of capital or voting rights), that are members of the PEG-A Group savings plan, in France and abroad, under the conditions set by the twenty-second resolution at the Shareholders’ Meeting of May 25, 2022.
As of March 31, 2023, more than 65% of the employees were shareholders and held together 7.4% of the Company’s share capital, amounting to 10 billion euros, making them TotalEnergies’ largest group of shareholders. They received as such about 700 million euros in dividends in 2022.
While the news of employees owing shares in such a big company may be welcomed, some tax experts argue that benefits to employees may be minimal. This is most especially in countries like Uganda which has double taxation agreements with firms located in tax havens.
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