French cosmetics organisation L’Oreal has launched its second employee share ownership scheme.
Following on from the success of its first share scheme in 2018, 88,000 global employees in 57 locations, including France and the UK, will be able to opt in to buy shares in its latest share ownership plan.
Employees are collectively able to purchase up to 500,000 shares across the organisation, based on an average share price on the Euronext Paris exchange, from the twenty trading days prior to 14 September 2020, minus an employee 20% discount. Staff will also benefit from an employer contribution, subject to the terms and conditions outlined by the organisation.
Shares purchased in registered form, as well as employee shareholding fund units, will be need to be owned for a period of five years before they are eligible for resale, subject to early release exceptions on a country-by-country basis.
Jean-Paul Agon, chairman and CEO at L’Oreal, said: “This year, after the success of the first plan in 2018, we want to once again involve our employees in the prosperity of our group. This second employee share ownership plan is a new opportunity to allow those who wish to do so to support the development of the company and participate in its strategic project. This new plan reaffirms our ambition to unite our employees even more closely with L'Oreal's future.”
