Veolia launches Sip for UK firms

Veolia Environnement has launched a share incentive plan (Sip) for its five UK companies to bring them into line with its other businesses worldwide.

The scheme, which is offered to the company’s 12,000 full and part-time UK employees with more than three months’ service, is open for staff to register between 14 September and 20 October.

Neil Butcher, HR director of Veolia Environmental Services, said: "The group has a plan that goes to virtually all the countries in the world, but it is based on a French plan. [The Sip] is [a way of] making sure there is a plan that is recognised in the UK."

Employees can save up to GBP1,500 between 1 November and 31 March 2007. At the end of the savings period, they will have 30 days in which to purchase shares and will be offered up to 11 matching shares, depending on the number they choose to purchase. Any shares bought or received then have to be held for five years.

At the time of going to press, the company’s share price stood at just over GBP 64;45 (approximately GBP31).

Butcher added he hoped employees would be keen to join the Sip, which is administered by Lloyds TSB Registrars. "It engages [staff] in how the share price is doing. It can [also] bond together staff in the UK, [ who all are in] quite different industries."