80% of Siemens Canada employees become company shareholders

More than 80 per cent of eligible Siemens Canada employees are now shareholders in the company.

The global industrial manufacturing firm recently distributed a total of 400 million euros from a profit-sharing pool to employees in 102 countries. In total, about 300,000 of the company’s 377,000 staff worldwide now hold Siemens’ shares.

Read: How Canadian Tire connects retirement to profits

“Siemens Canada strongly believes in having our employees participate in their company’s achievements, and to see so many benefitting from almost $7 million in profit sharing allocated in Canada is proof of our commitment,” said Faisal Kazi, chief executive officer of Siemens Canada, in a press release.

“This ownership culture at Siemens has always been an integral part of our organization and is one of our biggest strengths around the world and here at home.”

Established in 2015, the company’s profit-sharing program enables all eligible employees below the management level to receive shares at no cost following particularly successful fiscal years and with no personal investment on the part of the employees. In addition to the program, Siemens also offers a global share-matching program, which has been implemented in annual tranches since 2008.

Read: The pros and cons of employee share purchase plans