Effective 11 April, the Michelin Group will give 100,000 of its employees worldwide the opportunity to become Michelin shareholders under preferential conditions.
By setting up a worldwide Employee Shareholding Plan, Michelin plans to strengthen the existing relationship between its employees and the company and to associate them more closely with the development of the Group.
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The subscription period will take place between 11 and 30 April 2002.
The purchase conditions allow all employees to become shareholders if they so wish. Michelin says the offer is designed to be within everyone’s reach irrespective of the prevailing economic conditions in the countries concerned.
The plan provides for direct shareholding rather than a mutual fund. Each employee who chooses to subscribe will therefore be entitled to all of the rights of a shareholder, including direct access to economic and financial information sent by Michelin to its existing shareholders.
It is hoped that the direct relationship thus created with each employee shareholder will allow them to better understand the objectives and the constraints of the company, its economic context and its results.
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By GlobalDataMichelin says that information within the company has been distributed through 1,200 relays, all of whom are Michelin employees and that this represents a unique deployment of information, guaranteeing that each employee has the opportunity to make a free and personal choice.
