Kampala, Uganda | NEWSLEX POINT | 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 will benefit.
This represents 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’.
This is their 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.
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.
Furthermore, as of March 31, 2023, more than 65% of the employees were shareholders. They also held together 7.4% of the Company’s share capital, amounting to 10 billion euros.
This also makes 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 is welcome, 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 heavens.
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