Michelin has announced the launch of its new employee share ownership plan, open to 127,000 employees in 44 countries1,2.
Since 2002, the Company has regularly offered employee share ownership plans, and confirms its intention to renew the plans each year in order to have its employees rank among the Group’s main shareholders. Yves Chapot, General Manager and Chief Financial Officer of Michelin said: “Strengthening employee share ownership within the Michelin Group is a priority. By increasing the percentage of capital held by employees, we are highlighting the unique and crucial role of each individual in implementing our strategy. By becoming shareholders, employees can participate in the Group’s value creation and enjoy the benefits, both as employees and as shareholders.”
The subscription period will run from September 11 to September 26, 2024 (inclusive). On September 9, 2024, the Managers set the subscription price at € 28.08. The subscription price is equal to 80% of the reference price (corresponding to the average of the opening prices quoted for Michelin shares on Euronext Paris over the 20 trading days preceding the date on which the subscription price is set), i.e., the reference price minus a 20% discount2.
The plan proposed by Michelin is as follows: • Up to the first five shares subscribed, the Group contributes two free shares for every share subscribed. • From six to 15 shares subscribed, the Group contributes one free share for every share subscribed. • From 16 to 65 shares subscribed, the Group contributes one free share for every five shares subscribed. • Beyond the 65th share subscribed, no further free shares are contributed by Michelin but the 20% discount is maintained. Each employee may acquire up to 2,000 Michelin shares under the plan, within the legal limit of a maximum subscription amount pursuant to the local country regulations. Employees who subscribe to the 2024 BIB’Action plan may exercise their voting rights at the Shareholders Meeting to be held in May 2025 and will receive the 2024 dividend as approved by said Meeting.
