Post on 18-Jan-2016
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Federation of Associations of staff Shareholders of Thales
Fédération des Associations des actionnaires Salariés de Thales
Presentation to FEAS/EFES by Robert Scallon
June 16th 2005
To facilitate participation in Thales employee share schemes and thus greater involvement in the life of the company.
This means helping employees and management before, during and after investment in a scheme.
To act as the link between the company and the national associations and to create where possible synergies.
FAST MISSION
1 Presentation to FEAS/EFES – June 16th 2005
HEAD OFFICE – Brussels
Federation of Associations of staff Shareholders of Thales
Fédération des Associations des actionnaires Salariés de Thales
FAST is a member of the European Federation of Employee Share Ownership
(EFES/FEAS).
Chairman – Robert Scallon
2 Presentation to FEAS/EFES – June 16th 2005
EUROPEEUROPE
France
United Kingdom
Holland
Germany
Switzerland
Belgium
Italy
Spain
Norway
Greece
PARTICIPATING COUNTRIES IN 2002 SCHEME
3
AFRICAAFRICA
South Africa
ASIAASIA
Singapore
Japan
Korea
Australia
AMERICASAMERICAS
Canada
United States
Presentation to FEAS/EFES – June 16th 2005
Promote employee share-ownership (without acting as financial or tax advisers)
Create a second line of communication to employee shareholders, complementing the first line (their direct reporting line)
Allow issues to be raised informally
Provide feed-back to management at any level, according to importance of issue (right up to main board, where there is a representative)
Enhance the common identity across the group
OBJECTIVES OF ASSOCIATIONS
4 Presentation to FEAS/EFES – June 16th 2005
Employer tends to treat shareholders as employees rather than shareholders (but employees have risked their own money and therefore expect personal treatment)
Trustee/registrar provides a service to employees under a contract with the company (trustee has split loyalties)
Falling share price can be demotivating
French withholding tax depresses investment returns, and partial recovery of that tax takes time and effort
For investors outside the Eurozone the investment is subject to fluctuations of exchange rate as well as of share price (and indeed different and less advantageous tax regimes)
PROBLEMS WITH SCHEMES
5 Presentation to FEAS/EFES – June 16th 2005
In 2005 the chairman organized a FAST video-conference in which 30 Thales sites participated from all over the world.
He meets every year the chairmen of the national associations, a good opportunity to meet representatives of the employee shareholders outside the management structure and in a geographic rather than sector-based context.
The employee-ownership shareholding (5-6%of total) is a unifying force for Thales employees, many of them far from France.
The 2002 offer was carried out in the framework of a global fund, FCPE (based on French rules), a novelty which binds together all the Thales countries (the 1998 and 2000 schemes had separate arrangements for each country).
The motivations of the employee shareholders vary, but in the “Anglo-Saxon” countries the return on investment carries weight.
POINTS TO NOTE
6 Presentation to FEAS/EFES – June 16th 2005
There were elections in March 2005 to select representatives of the employee shareholders for the supervisory board of the FCPE. One elected person will represent the investors of nine countries outside France
Nevertheless the non-French employee investors under the 1998 and 2000 schemes retain their rights of a direct vote and a presence in Thales general assemblies.
The statutes of associations vary from country to country. In certain countries, the members pay a subscription, but it is not always the case.
In certain countries, every employee shareholder is automatically a member of the association but in other countries not.
POINTS TO NOTE
7 Presentation to FEAS/EFES – June 16th 2005
An association established in 1998
Largest Thales employee shareholder group outside France (4200)
Committee of 14 representatives from various Thales UK companies
Meets quarterly near London
Chairman - Robert Scallon
Website and e-mail used as main communications channels
TUES -THALES UK EMPLOYEE SHAREHOLDERS
8 Presentation to FEAS/EFES – June 16th 2005
Daily stock market share price
Graphs of share performance (over last 5 years)
Forms and guidelines for selling shares
Guidelines for completing tax-forms
Change of Circumstances forms (for the trustee)
Calendar of events effecting share schemes
Reference material from all share schemes
Contact details for the TUES committee members and 18 more correspondents
TUES WEBSITE – www.tues.org.uk
9 Presentation to FEAS/EFES – June 16th 2005
Hereafter slides from our associations in the following countries:
SingaporeSwitzerland
BelgiumCanadaNorway
AustraliaS Africa
Japan
OTHER THALES ASSOCIATIONS
10 Presentation to FEAS/EFES – June 16th 2005