Holding and loyalty

Enhanced dividends and loyalty premiums: how do they work?

Registered shares, holding periods, caps and the difference from a shareholder club: a practical guide to loyalty dividends.

Updated 12 août 2026

By Bastien Coulonnier · Sources are listed in the guide

Short answer

An enhanced dividend is a premium provided by a company’s articles of association for certain shareholders, often after a period of registered-share ownership. The conditions, cap and first eligible year depend on the issuer: this mechanism is neither a guaranteed return nor automatic membership of a shareholder club.

Enhanced dividends, loyalty premiums, double voting rights and club benefits are often mixed together. This guide separates them and gives you a method for checking official terms before changing how your shares are held.

What is an enhanced dividend?

An enhanced dividend is an increase to the ordinary dividend granted to shares that meet a loyalty condition set by the issuer. It therefore does not apply automatically to every share or every company.

The mechanism should be distinguished from a special dividend, an annual dividend increase or a commercial offer reserved for club members. The company’s official source and articles of association define the applicable rule.

Conditions that commonly apply

A recent conversion to registered form may only become effective after a reference period. Check cut-off dates and how the holding period is calculated on the company’s shareholder page.

register the shares as pure registered or administered registered shares, depending on the issuer’s rules;
keep the shares for two full calendar years or the period specified by the company;
remain the holder until the dividend payment date or the relevant corporate action;
respect any cap on eligible shares and the procedures required by the financial intermediary.

A few official examples to read separately

These examples illustrate published rules; they are not a universal list of companies that pay a loyalty premium. A company may offer a club without an enhanced dividend, or an enhanced dividend without a formal club.

Company	Documented mechanism	What to check
Air Liquide	+10% on the dividend and on certain free-share allocations after two full calendar years in registered form.	The holding date and the terms of the relevant operation.
ENGIE	+10% on the dividend for pure or administered registered shares held for at least two consecutive financial years.	Keeping the shares through payment and the applicable cap.
L’Oréal	A +10% loyalty premium after two full calendar years in registered form, with a company-specific timetable and cap.	The registration deadline and first eligible year.

Do not confuse a loyalty premium, double voting rights and a club

Registered shares can be useful for several reasons, but they do not by themselves guarantee a premium, double voting rights or club enrolment. Each right must be confirmed separately.

an enhanced dividend increases, subject to conditions, the amount distributed to eligible shares;
double voting rights increase the number of votes in certain meetings without increasing the dividend;
a shareholder club creates a company relationship or benefits and may use different eligibility criteria.

Checklist before changing your holding method

This guide is informational and is not financial or tax advice. Dividends are not guaranteed, and the choice of holding method should take your circumstances and intermediary terms into account.

read the company’s current dividend page and articles of association;
check pure or administered registered form, holding period, deadline and cap;
ask your intermediary about transfer fees, timing and practical consequences;
check the eligibility of the account used, especially if the shares are held in a French PEA;
return to the official source before each financial year because terms can change.

Sources and limits

Company terms can change. Always check the official source before enrolment or a financial decision.