TotalEnergies offers 8 million shares to employees in 94 countries 

Global multi-energy company, TotalEnergies SE this month offered shares to its current and former employees in at least 94 countries.

The French company whose subsidiary is developing the Tilenga project in the Albertine and the East African Crude Oil Pipeline (EACOP) said over 52,602 employees in 94 countries would benefit from the latest employee benefit plan.

Uganda is among the countries with TotalEnergies employees working for its subsidiary companies. A recent statement from TotalEnergies SE said the 52,602 employees representing 45.8 per cent of the eligible employees and former employees, subscribed to this capital increase for an amount of €353.9 million.

Patrick Pouyanné, chairman and CEO of TotalEnergies said the development of employee share ownership is at the heart of TotalEnergies’ 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.

“Once again this year, TotalEnergies’ employees have confirmed their attachment to the company and fully supported the strategy of transforming TotalEnergies into a multi-energy company, by subscribing largely to the capital increase reserved for them,” declared Pouyanné

8,002,155 new shares were issued on June 7, carrying immediate dividend rights and fully assimilated with TotalEnergies shares already listed on Euronext. A board of directors of TotalEnergies SE, meeting on April 26, 2023, confirmed the launch of the capital increase reserved for employees and former employees of the company for 2023.

As of March 31, 2023, more than 65 per cent of the employees were shareholders and held together 7.4 per cent of the company’s share capital, amounting to €10 billion, making them TotalEnergies’ largest group of shareholders. They received as such about €700 million in dividends in 2022.

While the news of employees owing shares in such a big company may be welcomed, 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 havens.