The director representing the employees on the Board of Directors has finally been elected by the employee shareholders!

In 2020, your vote will help to consolidate employee share ownership at Orange.

The Director representing you as an employee shareholder, will be there thanks to your direct vote. This is a good step forward in shareholder democracy at Orange, and one to which AASGO has contributed significantly.

The Director representing you as an employee shareholder, will be there thanks to your direct vote. This is a good step forward in shareholder democracy at Orange, and one to which AASGO has contributed significantly.

For several years, AASGO has been campaigning for more direct democracy and the end of the trade union monopoly over employee shareholder representation. In 2015, we had already achieved an initial result by allowing the members of the Supervisory Board of employee holders Orange shares to be elected directly by the shareholders. In 2018, we were finally given a direct election to appoint the director who will sit on the Orange Board of Directors. This is precisely what is in play for the election in January 2020.

We are there to defend the interests of employee shareholders and former employees by requesting:

  • Share sales operations reserved for employees and former employees with price discounts and matching contributions, as well as payment facilities.
  • Dividends increased by 10% for employee shareholders.
  • An increase in payments (matching contributions) for employee investments in the Orange Actions and Orange Ambition International employee shareholder funds.
  • The reinstatement of voting rights for former employees who have holdings in the Orange Actions and Orange Ambition International employee shareholder funds.

Employees, the second largest shareholders after the government

The Group’s employee shareholders hold 5.5% of the capital and nearly 10% of the voting rights. The Engage2025 strategic plan must promote the growth of employee shareholding by up to 10%, as well as the gradual increase of dividends, or even the share price.

AASGO supports employee shareholders and former employees, whom it represents and has been defending for almost 25 years: it has a unique body of experience. AASGO is the only association open to staff from all countries in which the Orange group is present. Above all, it is independent of all partisan and political influence.

We are voting for the next 4 years 2020/2024. This is therefore an important election for employee representation within the highest governance body of the Orange group.

Choose your representatives, Marc Maouche and Saida Mérini, holder and successor, who have long been involved in the representation of employee shareholders.

Orange’s management have excluded former employees and retirees from voting. A total of 51,000 people, including 33,000 retirees, who hold 42% of the shares under employee share ownership. Without the holdings of these former colleagues, the level of employee shareholdings would be less than 3%. This threshold triggers the obligation to elect a dedicated director to represent employee shareholders and former employees. This runs contrary to the French Commercial Code and Article 13 of Orange’s Articles of Association. AASGO has taken legal action against this electoral ruling. The commercial court should be able to hand down its verdict soon, which could change the course of this election.

AASGO, legitimate and experienced

AASGO has already taken on responsibilities.

The position of salaried Director on the Orange Board of Directors, and the chairmanship of the supervisory boards of Orange’s “fonds commun de placement d’entreprises” (employee shareholder fund) are held by AASGO.

AASGO was founded when the shares of the company were first traded in 1997. We have supported all changes to employee share ownership at Orange for nearly 25 years. Experience and legitimacy that makes AASGO an essential partner of the Management at Orange.

10% of the share capital is owned by employee shareholders

Our goal is to strengthen the weight of employee share ownership at Orange.

We urge the Management to pursue a proactive policy to exceed the 10% mark using all possible means: Offers reserved for staff, tax relief, bonuses for loyal shareholders, free shares…

Shareholder-employees will be empowered: this can help defend the company against potential stock market predators, influence the group’s strategic choices and allow employees and former employees to benefit from some form of recognition

Independent from political and trade union organizations

As a 1901 law association, AASGO represents the 130,000 employee shareholders and former employees of Orange who, together with the employee savings and employee shareholding schemes, hold a portfolio of company shares.

AASGO provides information and defends your collective interests in two ways: as holders of savings based on Orange shares, which aim to supplement income, and as the main minority shareholder at Orange.

Why they support us

In conjunction with AASGO, we are taking decisive action to promote employee ownership with the public authorities. President of the French Federation of Employee and Salaried Shareholder Associations, the voice of 3.5 million French employee shareholders, founder of the European Federation of Employee Shareholders

AASGO has all necessary means to defend the interests of employee shareholders. Director currently representing employee shareholders on the Orange Board of Directors.

ASSGO candidates

Marc Maouche

President of AASGO since 2015, Vice President in 2011, founding member of AASGO in 1997. Former Chairman of the Supervisory Board of the Orange employee shareholder fund and elected member with 57% of the votes of Orange employee shareholders. Former Director of Orange SA. Director of Orange Participations. Diplômé de l’Institut Français des Administrateurs, SciencesPo Paris. Currently, Regional Director of Orange in Normandy.

Saïda Merini

Member of AASGO, and treasurer since 2012. In 2000, she joined the Group, where she held various positions mainly in international activities, most recently in the Mobile Financial Services division. Holder of a double master’s degree in Economic administration and social science, and a DESS in Management. Currently, head of the bank’s international development in Africa.


Election calendar: 1st round: January 20 to January 24, 2020.2nd round from February 4 to February 7.1 share/stock = 1 vote

The Orange Board of Directors makes all decisions relating to the Group’s major directions and ensures that they are implemented. It is composed of 15 members:7 independent directors, 3 representatives of the State, 3 staff representatives and 1 director representing the shareholder staff.