Share ownership structure

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Percentage of shares owned by institutional investors and individual shareholders and geographic breakdown. - Find out more about Total's ownership structure.

Shareholding structure

Estimates below are as of December 31, 2019, excluding treasury shares, based on the survey of identifiable holders of bearer shares conducted on that date.

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Actionnaires par géographie

Changes in major shareholders’ holdings

TOTAL S.A.’s major shareholders(1) as of December 31, 2019, 2018 and 2017 were as follows:

As of December 31 2019 2018 2017
% of share capital  % of voting rights % of theorical voting rights (a) % of share capital % of voting rights % of share capital % of voting rights
BlackRock, Inc. (b) 6.3 5.4 5.3 6.1 5.3 6.3 5.5
Group employees (c) 5.3 9.0 9.0 4.8 8.4 5.0 8.8
of which FCPE "TOTAL ACTIONNARIAT FRANCE"
3.5 6.4 6.4 3.4 6.2 3.5 6.4
Other shareholders 88.4 85.6 85.7 89.1 86.3 88.7 85.7
of which holders of ADRs (d) 8.2 7.8 7.7 8.1 7.7 7.9 7.4

(a) Pursuant to Article 223-11 of the AMF General Regulation, the number of theoretical voting rights is calculated on the basis of all outstanding shares to which voting rights are attached, including
treasury shares that are deprived of voting rights.
(b) Information taken from Schedule 13G/A filed by BlackRock, Inc. (“BlackRock”) with the SEC on February 6, 2020, in which BlackRock declared a holding of 163,907,117 shares of the Company
as of December 31, 2019 (i.e., 6.3% of the Company’s share capital). BlackRock stated that it has the exclusive right to dispose of its holding and of 147,171,194 voting rights (i.e., 5.4% of the
Company’s voting rights). In addition, BlackRock stated that it does not have any joint voting rights or joint right to dispose of these shares.
(c) On the basis of the definition of employee shareholding set forth in Article L. 225-102 of the French Commercial Code. Amundi, the Holding company of Amundi Asset Management, which in
turn manages the Total Actionnariat France collective investment fund (see below), filed a Schedule 13G/A with the SEC on February 14, 2020, declaring a holding of 208,434,156 shares of the
Company as of December 31, 2019 (i.e., 8.0% of the Company’s share capital). Amundi stated that it does not have any exclusive voting rights or exclusive right to dispose of these shares and
that it has joint voting rights on 38,359,547 of these shares (i.e., 1.4% of the Company’s voting rights) and a joint right to dispose of all of these shares.
(d) Including all of the American Depositary Shares represented by ADR admitted to trading on the NYSE.

(1) Major shareholders are defined herein as shareholders whose interest exceeds 5% of the share capital or voting rights.

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