Employee shareholding is one of Essilor’s core principles, a pillar of its success and key to its sustainability.
A strong cultural
Employee ownership is integral to Essilor’s history and business model. Employees represent the largest shareholding of the Group, which enables an original style of governance and promotes dialogue by involving employees in Essilor’s major decisions. A majority Essilor’s employee shareholders are members of Valoptec Association which contributes to the Group’s long term growth, participates in its governance and supports its values and mission.
At the creation of the Essilor Group in 1972, a company of executive shareholders of the new Group was formed. This civic company – Valoptec – held a 4% stake in the Group. The involvement of employees continued strongly as Essilor expanded its worldwide presence and the number of partnerships grew. Valoptec, now an association, currently represents more than 17,000 members (employees, retirees, partners). Internal shareholders and partners hold 4.3% of the Group’s capital*.
The global footprint of this shareholding reflects the Group’s desire to link the interests of employees with those of the company over the long-term with a shared ambition for a successful business.
* share capital at 31 December 2019
BOOST: AN INTERNATIONAL PLAN TO REACH 35% OF EMPLOYEE SHAREHOLDING BY 2020
The operation launched in 2017, in 14 countries, saw a record subscription rate, with the result that now 71% of Essilor employees are shareholders.
Employees, active stakeholders
in the Group
Valoptec Association is represented by an international Board of Directors in order to ensure the best possible representation of its members throughout the world. Prior to each EssilorLuxottica Board meeting, the Valoptec Board of Directors meets and discusses in the presence of the Group’s General Management and Human Resources Department.
All members of the Valoptec Association meet once a year at a General Meeting. On this occasion, EssilorLuxottica’s General Management presents the Group’s strategy and its social and human resources policy to the members of the association, on which the members express their vote of confidence. During this General Meeting of the Valoptec Association, the resolutions specific to the association and the resolutions that will be presented to the General Meeting of EssilorLuxottica are also voted on.
At the General Meeting of EssilorLuxottica, the President of the association shares the results and expresses the aspirations of its members by voting with a single voice on behalf of Valoptec, which represents the Group’s 2nd largest shareholder.
Valoptec keeps its members informed about the news of the Group in line with its values: transparency of information, rights of employees, commitment and responsibility of its members.
The association is today a truly international community, with members from more than 40 countries. Committed and engaged, it is recognized by the Group's various governing bodies and its voice counts. Valoptec helps to reinforce the ethical will and engagement of employees behind Essilor.