Business Issues -> Compliance
Released: 8th October 2013
Publisher: Prysmian Group
CEO Battista:"We didn't want a stock option plan reserved for the few, but a programme that involved all of the employees".
"The aim is to align the interests of all stakeholders, both employees and shareholders, in a vitally important step for a public company".
Milan, 8 October 2013, Prysmian Group, world leader in the energy and telecom cables and systems industry, announced the launch of a long-term stock ownership plan for approx. 16,000 Group employees around the world (excluding just a few countries, amongst which China and Argentina, due to their respective local legislation).
This morning, Prysmian Group CEO Valerio Battista, along with Chief Financial Officer Pier Francesco Facchini and Human Resources and Organization Director Fabrizio Rutschmann, presented the Plan to employees in Milan, which was launched at the same time in as many as 27 countries around the world.
YES (Your Employee Shares) is the name given to the Plan, which offers employees the opportunity to buy Prysmian shares at a discount of up to 25% on market price (or a 1% discount in the case of top management). The Plan is structured in three annual tranches, with a total of 500,000 treasury shares earmarked to serve the discounted purchases as well as the entry bonus of 6 initial free shares.
The shares may not be sold in the 36 months* following the date of purchase and by the end of the Plan, it is hoped that 1% of share capital will be held by employees.
"We didn't want a stock option plan reserved for the few, but a programme that involved almost all the employees at every level. By involving employees in the purchase of shares, the aim of the Plan is to further strengthen the engagement and loyalty of the entire workforce by all sharing the same commitment to creating value and achieving the business goals,” explains CEO Valerio Battista. “For a public company like Prysmian, it is crucial to align the interests of all stakeholders, from shareholders to employees."
To develop and structure the Plan Prysmian has used the services of the specialist consulting firms Hay Group, Ernst&Young and Interbrand for the communication aspects, and of the bank BNP Paribas.
[*] These figures could vary for specific adaptations when implementing the Plan locally.
Published by: electronicdawn Ltd.