Prysmian Group launched at the end of 2013 a long-term stock ownership plan for approx. 16,000 Group employees around the world.
YES (Your Employee Shares) is the name given to the long-term stock ownership Plan which offers to our Group’s 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 annual tranches, with the goal that at least 1% of share capital will be held by employees.
In the space of three years over 7,200 employees - more than 44% of the total - have become investors, with a total investment of approximately €17.5 million, €34 million of market value and 1.7 million of market share held by employees.
The fourth year of the Your Employee Shares program is started!
The 2015 YES enrollment campaign opened up the plan to 19,000 Group employees in 28 countries. More than 3,500 people have responded, investing about €4.9 million. A large number of YES subscriptions were also received from the recently-acquired US company, Gulf Coast Downhole Technologies (GCDT), where 68% of employees have become owners of a small part of the business.
Some countries and companies registered, as always, particularly high levels of employee participation, for example, 67% in Romania, 61% in Turkey, 58% in Milan headquarters and around 40% in Estonia.
The high number of YES subscriptions indicates that the opportunity the company wanted to offer all employees to become owners of a part of the business has been very well received also this year.
"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."
According to Fabrizio Rutschmann, HR and Organization SVP, "The Group's employees confirmed a strong sense of engagement and faith in their company's future. What's more, the plan resulted to be appealing for new joiners, who applied in large numbers to the last edition. I believe this is further proof that we definitely succeeded in strengthening the ties between Prysmian and its employees, once again.”
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.
Click on the picture to read the interview with CEO Valerio Battista.