Energy and telecom systems organisation Prysmian Group is to launch a global share scheme for around 16,000 employees in 27 countries.
The scheme, which is called YES (Your Employee Shares), offers staff the opportunity to buy shares in the organisation at a discount of up to 25% on market price, or at a 1% discount in the case of senior management. It also includes an entry bonus of six initial free shares.
The shares may not be sold for three years following the date of purchase. By the end of the plan, Prysmian Group hopes that 1% of its share capital will be held by employees.
The scheme will be rolled out in 27 of the countries where the organisation is based. However, some, including Argentina and China, will be excluded due to local legislation.
To develop the structure of the share plan, Prysmian Group was aided by BNP Paribas, Ernst and Young, Hay Group and Interbrand.
Valerio Battista, chief executive officer at Prysmain Group, said: “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.
“For a public company like Prysmian Group, it is crucial to align the interests of all stakeholders, from shareholders to employees.”
