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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">As filed
with the Securities and Exchange Commission on August&nbsp;1, 2007<BR>
333-
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 6pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 6pt"><B>BUSINESS OBJECTS S.A.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
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    <TD align="center" valign="top"><B>Republic of France</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0355777</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>157-159 rue Anatole France<BR>
92300 Levallois-Perret<BR>
France</B><BR>
(Address, including zip code, of Registrant&#146;s principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>STOCK SUBSCRIPTION WARRANTS<BR>
FRENCH EMPLOYEE SAVINGS PLAN, as amended<BR>
2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, as amended<BR>
2006 STOCK PLAN, as amended</B></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(Full titles of the Plans)

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>James R. Tolonen<BR>
Chief Financial Officer<BR>
Business Objects S.A.<BR>
c/o Business Objects Americas<BR>
3030 Orchard Parkway<BR>
San Jose, California 95134<BR>
(408)&nbsp;953-6000</B><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Copies to:

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="40%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>David D. Kennedy, Esq. <BR>
Senior Vice President, General <BR>
Counsel and Secretary <BR>
Business Objects S.A. <BR>
c/o Business Objects Americas <BR>
3030 Orchard Parkway <BR>
San Jose, California 95134<BR>
(408)&nbsp;953-6000</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>John T. Sheridan, Esq.<BR>
Julia Reigel, Esq.<BR>
Wilson Sonsini Goodrich &#038; Rosati<BR>
Professional Corporation<BR>
650 Page Mill Road<BR>
Palo Alto, CA 94304-1050<BR>
(650)&nbsp;493-9300</B></TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Per Share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Ordinary Shares, nominal value &#128;0.10 per share (1):</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Stock Subscription Warrants</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">210,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$40.45 (3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$8,494,607.52&nbsp;&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$260.78</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">French Employee Savings Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">300,000 (4)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$37.65 (5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$11,293,950.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$346.72</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">2004 International Employee Stock Purchase Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">700,000 (6)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$37.65 (5)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$26,352,550.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$809.02</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">2006 Stock Plan</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">300,000 (8)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$44.29 (9)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$13,287,000.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$407.91</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:30px; text-indent:-15px"><B>Total Amount of Registration Fee</B></DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;&nbsp;&nbsp;$1,824.44</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>American depositary shares evidenced by American depositary receipts that are issuable
upon deposit of the Ordinary Shares with The Bank of New York as Depositary registered hereby
have been registered pursuant to a separate Registration Statement on Form F-6, filed on
October&nbsp;15, 2003 (File No.&nbsp;333-109712).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
this Registration Statement shall also cover any additional Ordinary Shares which become
issuable under the French Employee Savings Plan, the 2004 International Employee Stock
Purchase Plan, the 2006 Stock Plan or the Stock Subscription Warrants by reason of any stock
dividend, stock split, capitalization of reserves, profits or premiums or other similar
transaction effected without the Registrant&#146;s receipt of consideration which results in an
increase in the number of the Registrant&#146;s issued and outstanding Ordinary Shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of
calculating the registration fee, based on the actual price at which the Ordinary Shares
issuable pursuant to the Stock Subscription Warrants may be
subscribed (&#128;29.99 per share),
as converted into U.S. dollars using the Noon Buying Rate on June&nbsp;4, 2007 of $1.3488.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 under the Securities Act, the prospectuses relating to the French
Employee Savings Plan and this Registration Statement also relate to the registration
statements on Form S-8 with the following file numbers: 333-136418, 333-127373, 333-116870,
333-111089, 333-109275, 333-101105, 333-69376, 333-42670, 333-84341 and 333-42063.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of
$37.65&nbsp;per share (85% of $44.29,
which was the average of the high and low prices of the Registrant&#146;s American depositary
shares as reported on the Nasdaq Global Select Market on July&nbsp;27, 2007).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 under the Securities Act, the
prospectuses relating to the 2004
International Employee Stock Purchase Plan and this Registration Statement also relate to the
registration statements on Form S-8 with the following file numbers: 333-136418, 333-127373
and 333-116870.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of
$37.65&nbsp;per share (85% of $44.29,
which was the average of the high and low prices of the Registrant&#146;s American depositary
shares as reported on the Nasdaq Global Select Market on July&nbsp;27, 2007).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 under the Securities Act, the
prospectuses relating to the 2006 Stock Plan
and this Registration Statement also relate to the registration statements on Form S-8 with
the following file numbers: 333-138526.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of $44.29&nbsp;per share, which was
average of the high and low prices of the Registrant&#146;s American depositary shares as reported
on the Nasdaq Global Select Market on July&nbsp;27, 2007.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>TABLE OF CONTENTS</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">SIGNATURES</A></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">POWER OF ATTORNEY</A></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Index to Exhibits</A></DIV></TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f31529exv5w1.htm">EXHIBIT 5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f31529exv10w24.htm">EXHIBIT 10.24</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f31529exv10w52.htm">EXHIBIT 10.52</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f31529exv10w74.htm">EXHIBIT 10.74</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f31529exv10w84.htm">EXHIBIT 10.84</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="f31529exv23w1.htm">EXHIBIT 23.1</A></FONT></TD></TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS OBJECTS S.A.<BR>
REGISTRATION STATEMENT ON FORM S-8</B>

</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PART II

</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</U>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Explanatory Note</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 (the &#147;Registration Statement&#148;) is being filed for the
purpose of registering the Registrant&#146;s Ordinary Shares as set forth below.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stock Subscription Warrants</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Registration Statement will register (i)&nbsp;an aggregate of 45,000 of the Registrant&#146;s
Ordinary Shares to be issued to each of Messrs.&nbsp;Arnold Silverman, Bernard Charl&#232;s, Kurt Lauk
and David Peterschmidt and (ii)&nbsp;an aggregate of 30,000 of the Registrant&#146;s Ordinary Shares to
be issued to Mr.&nbsp;Carl Pascarella, each a non-employee director, pursuant to the exercise of
stock subscription warrants (collectively, the &#147;Warrant Shares&#148;). Each of these warrant
recipients is entitled to subscribe to the Warrant Shares following his exercise of his stock
subscription warrants. Each stock subscription warrant is exercisable at a per share price of
&#128;29.99. The issuance of the stock subscription warrants was authorized by the Registrant&#146;s
shareholders pursuant to the twentieth, twenty-first, twenty-second, twenty-third and
twenty-fourth resolutions of the Registrant&#146;s ordinary and extraordinary meeting of
shareholders on June&nbsp;5, 2007. The stock subscription warrants were issued by the Registrant&#146;s
board of directors (the &#147;Board&#148;), on June&nbsp;5, 2007 in favor of each of Messrs.&nbsp;Silverman,
Charl&#232;s, Lauk, Pascarella and Peterschmidt.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>French Employee Savings Plan</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Registration Statement will register an additional 300,000 of the Registrant&#146;s Ordinary
Shares that may be issued in favor of employees eligible to participate in the Registrant&#146;s
French Employee Savings Plan, as amended, as authorized by the Registrant&#146;s shareholders
pursuant to the thirteenth resolution of the Registrant&#146;s ordinary and extraordinary meeting
of shareholders on June&nbsp;5, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>2004 International Employee Stock Purchase Plan</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Registration Statement will register an additional 700,000 of the Registrant&#146;s Ordinary
Shares that may be issued to the 2004 Business Objects S.A. Employee Benefits Trust under the
Registrant&#146;s 2004 International Employee Stock Purchase Plan, as amended, as authorized by the
Registrant&#146;s shareholders pursuant to the fourteenth resolution of the Registrant&#146;s ordinary
and extraordinary meeting of shareholders on June&nbsp;5, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>2006 Stock Plan</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Registration Statement will register an additional 300,000 of the Registrant&#146;s Ordinary
Shares that may be issued under the 2006 Stock Plan, as amended, as authorized by the
Registrant&#146;s shareholders pursuant to the seventeenth resolution of the Registrant&#146;s ordinary
and extraordinary meeting of shareholders on June&nbsp;5, 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of Ordinary Shares to be registered hereunder in connection with the
Stock Subscription Warrants, the French Employee Savings Plan, the 2004 International Employee
Stock Purchase Plan and the 2006 Stock Plan is 1,510,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents and information filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) by the Registrant are incorporated herein by reference:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31,
2006, filed with the Commission on March&nbsp;1, 2007.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31,
2007, filed with the Commission on May&nbsp;10, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K filed with the Commission on each of
January&nbsp;12, 2007, February&nbsp;1, 2007, February&nbsp;28, 2007, March&nbsp;19, 2007, April&nbsp;3, 2007,
April&nbsp;5, 2007, April&nbsp;23, 2007, May&nbsp;3, 2007 (two filings made), May&nbsp;4, 2007, May&nbsp;16, 2007,
May&nbsp;21, 2007, May&nbsp;22, 2007 (two filings made), June&nbsp;7,
2007, June&nbsp;8, 2007 and July&nbsp;6, 2007; provided,
however, that the Registrant does not incorporate by reference any information contained
in, or exhibits submitted with, the Forms 8-K that was expressly furnished and not filed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Ordinary Shares,
nominal value &#128;0.10 per
share, contained in the Registrant&#146;s registration statement on Form 8-A/A filed with the
SEC on August&nbsp;8, 2006 (File No.&nbsp;0-24720).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), prior to the filing
of a post-effective amendment which indicates that all securities offered under this Registration
Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement from the date of filing of such
documents. Any statement contained in a document incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which also is, or is deemed
to be, incorporated by reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute part
of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification and liability of the Registrant&#146;s directors and Officers (as defined
below) are governed by French law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French law generally limits the ability of a French company to indemnify its (i)&nbsp;directors, as
well as (ii)&nbsp;its chief executive officer (<I>Directeur G&#233;n&#233;ral</I>) and (iii)&nbsp;its deputy chief executive
officers (<I>Directeurs G&#233;n&#233;raux D&#233;l&#233;gu&#233;s</I>), (ii)&nbsp;and (iii)&nbsp;collectively or individually named the
&#147;Officer(s)&#148;, against their liabilities. However, if a director or an Officer is sued by a third
party and ultimately prevails in the litigation on all counts, but is nevertheless required to bear
attorneys&#146; fees and costs, the company may in specified circumstances reimburse those fees and
costs, to the extent permitted by the laws and regulations in effect, under an indemnification
arrangement with the director or the Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to French law, any indemnification arrangement between the Registrant and any of its
directors or Officers must be approved by the Registrant&#146;s shareholders. The Registrant has entered
into indemnification agreements with its current directors and Officers pursuant to which the
Registrant is obligated to purchase directors and officers liability insurance for all of its
directors and Officers, each a &#147;Beneficiary&#148;, under which each Beneficiary is indemnified for any
costs, damages or losses related to any litigation, suit, proceeding or claim, each a &#147;Claim&#148;,
(including reasonable expenses, taxes, costs and fees related to the defense of such Claim) against
such Beneficiary by reason of his position as a director or Officer of the Registrant, except in
the case of any costs, damages or losses resulting from any gross or willful misconduct, fraudulent
misrepresentation or breach of criminal laws and regulations by the Beneficiary. The Registrant&#146;s
current form of indemnification agreement was approved by the Registrant&#146;s board of directors on
March&nbsp;31, 2004 and by the Registrant&#146;s shareholders on June&nbsp;10, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The French Commercial Code does not prohibit a company from purchasing directors and officers
insurance for all or part of the members of its management. Under French law, a company is
responsible to third parties for the consequences of the decisions of its directors or Officers,
such as violations of the laws and regulations applicable to French commercial companies, breaches
of a company&#146;s articles of association or mismanagement. If those decisions qualify as
mismanagement for instance, the relevant director or Officer may be required to fully or partly
indemnify the company. In addition, under French law, the directors and Officers are liable
individually or jointly, as the case may be, to the company or to third parties to the same extent.
The Registrant has purchased
directors and officers liability insurance for all of its directors and Officers, which is
currently in effect. The coverage provided pursuant to such policy complies with the terms of the
indemnification agreement described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1 (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement, as amended and restated on October&nbsp;15, 2003, among Business Objects
S.A. and the Bank of New York, as Depositary, and holder from time to time of American
Depositary Shares issued thereunder (including Exhibit&nbsp;A to Deposit Agreement).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Shearman &#038; Sterling LLP as to the validity of the Ordinary Shares that may be issued.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">French Employee Savings Plan, as amended June&nbsp;28, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.52
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 International Employee Stock Purchase Plan, as amended June&nbsp;5, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.74
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006 Stock Plan, as amended June&nbsp;5, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.84
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Subscription Warrant Agreement for each of Arnold Silverman, Bernard Charl&#232;s,
Kurt Lauk, Carl Pascarella and David Peterschmidt.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP, Independent Registered Public Accounting Firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Shearman &#038; Sterling LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included herein on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;1 to The Bank of New York&#146;s registration statement on
Form F-6 filed with the Commission on October&nbsp;15, 2003 (File No.&nbsp;333-109712).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;to reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to the information in the
Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by Registrant pursuant to Section&nbsp;13
or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;That, for the purpose of determining liability of the Registrant under the Securities Act
to any purchaser in the initial distribution of the securities:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant undertakes that in a primary offering of securities of the
undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered
</div>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or sold to such purchaser by means of any of the following communications, the undersigned
Registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any preliminary prospectus or prospectus of the undersigned
Registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any free writing prospectus relating to the offering prepared by or
on behalf of the undersigned Registrant or used or referred to by the undersigned
Registrant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned Registrant or its
securities provided by or on behalf of the undersigned Registrant; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other communication that is an offer in the offering made by
the undersigned Registrant to the purchaser.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of San Jose,
California, on August&nbsp;1, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BUSINESS OBJECTS S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John G. Schwarz
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John G. Schwarz,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>KNOW ALL PERSONS BY THESE PRESENTS</I>, that each person whose signature appears below constitutes
and appoints John G. Schwarz and James R. Tolonen and each of them, acting individually, as his
attorney-in-fact, with full power of substitution, for him and in any and all capacities, to sign
any and all amendments to this Registration Statement on this Form S-8 (including any
post-effective amendments thereto) and to file the same, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or
cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on
Form S-8 has been signed on the date indicated by the following persons in the capacities indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John G. Schwarz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and Director (Principal
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 1, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John G. Schwarz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Executive
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James R. Tolonen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Chief Financial Officer and Senior Group Vice President
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 1, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James R. Tolonen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;(Principal
Financial and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bernard Liautaud
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 1, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bernard Liautaud
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bernard Charl&#232;s&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 1, 2007&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bernard Charl&#232;s
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jean-Fran&#231;ois Heitz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gerald Held
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 1, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gerald Held
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kurt J. Lauk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Carl S. Pascarella
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 1, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Carl S. Pascarella
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David Peterschmidt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 1, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
David Peterschmidt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Arnold N. Silverman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 1, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Arnold N. Silverman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Index to Exhibits</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Document</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1 (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement, as amended and restated on October&nbsp;15, 2003, among Business Objects
S.A. and the Bank of New York, as Depositary, and holder from time to time of American
Depositary Shares issued thereunder (including Exhibit&nbsp;A to Deposit Agreement).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Shearman &#038; Sterling LLP as to the validity of the Ordinary Shares that may be issued.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">French Employee Savings Plan, as amended June&nbsp;28, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.52
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 International Employee Stock Purchase Plan, as amended June&nbsp;5, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.74
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006 Stock Plan, as amended June&nbsp;5, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.84
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Subscription Warrant Agreement for each of Arnold Silverman, Bernard Charl&#232;s,
Kurt Lauk, Carl Pascarella and David Peterschmidt.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP, Independent Registered Public Accounting Firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Shearman &#038; Sterling LLP (included in Exhibit&nbsp;5.1).</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included herein on signature page).</TD>
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    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;1 to The Bank of New York&#146;s registration statement on
Form F-6 filed with the Commission on October&nbsp;15, 2003 (File No.&nbsp;333-109712).</TD>
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sv8
Table of Contents
As filed
with the Securities and Exchange Commission on August 1, 2007
333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
BUSINESS OBJECTS S.A.
(Exact name of Registrant as specified in its charter)
Republic of France
98-0355777
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
157-159 rue Anatole France
92300 Levallois-Perret
France
(Address, including zip code, of Registrant's principal executive offices)
STOCK SUBSCRIPTION WARRANTS
FRENCH EMPLOYEE SAVINGS PLAN, as amended
2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, as amended
2006 STOCK PLAN, as amended
(Full titles of the Plans)
James R. Tolonen
Chief Financial Officer
Business Objects S.A.
c/o Business Objects Americas
3030 Orchard Parkway
San Jose, California 95134
(408) 953-6000
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
David D. Kennedy, Esq.
Senior Vice President, General
Counsel and Secretary
Business Objects S.A.
c/o Business Objects Americas
3030 Orchard Parkway
San Jose, California 95134
(408) 953-6000
John T. Sheridan, Esq.
Julia Reigel, Esq.
Wilson Sonsini Goodrich & Rosati
Professional Corporation
650 Page Mill Road
Palo Alto, CA 94304-1050
(650) 493-9300
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Amount of
Title of Securities
Amount to be
Offering Price
Aggregate
Registration
to be Registered
Registered (2)
Per Share
Offering Price
Fee
Ordinary Shares, nominal value €0.10 per share (1):
Stock Subscription Warrants
210,000
$40.45 (3)
$8,494,607.52
$260.78
French Employee Savings Plan
300,000 (4)
$37.65 (5)
$11,293,950.00
$346.72
2004 International Employee Stock Purchase Plan
700,000 (6)
$37.65 (5)
$26,352,550.00
$809.02
2006 Stock Plan
300,000 (8)
$44.29 (9)
$13,287,000.00
$407.91
Total Amount of Registration Fee
$1,824.44
(1)
American depositary shares evidenced by American depositary receipts that are issuable
upon deposit of the Ordinary Shares with The Bank of New York as Depositary registered hereby
have been registered pursuant to a separate Registration Statement on Form F-6, filed on
October 15, 2003 (File No. 333-109712).
(2)
Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"),
this Registration Statement shall also cover any additional Ordinary Shares which become
issuable under the French Employee Savings Plan, the 2004 International Employee Stock
Purchase Plan, the 2006 Stock Plan or the Stock Subscription Warrants by reason of any stock
dividend, stock split, capitalization of reserves, profits or premiums or other similar
transaction effected without the Registrant's receipt of consideration which results in an
increase in the number of the Registrant's issued and outstanding Ordinary Shares.
(3)
Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of
calculating the registration fee, based on the actual price at which the Ordinary Shares
issuable pursuant to the Stock Subscription Warrants may be
subscribed (€29.99 per share),
as converted into U.S. dollars using the Noon Buying Rate on June 4, 2007 of $1.3488.
(4)
Pursuant to Rule 429 under the Securities Act, the prospectuses relating to the French
Employee Savings Plan and this Registration Statement also relate to the registration
statements on Form S-8 with the following file numbers: 333-136418, 333-127373, 333-116870,
333-111089, 333-109275, 333-101105, 333-69376, 333-42670, 333-84341 and 333-42063.
(5)
Estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of
$37.65 per share (85% of $44.29,
which was the average of the high and low prices of the Registrant's American depositary
shares as reported on the Nasdaq Global Select Market on July 27, 2007).
(6)
Pursuant to Rule 429 under the Securities Act, the
prospectuses relating to the 2004
International Employee Stock Purchase Plan and this Registration Statement also relate to the
registration statements on Form S-8 with the following file numbers: 333-136418, 333-127373
and 333-116870.
(7)
Estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of
$37.65 per share (85% of $44.29,
which was the average of the high and low prices of the Registrant's American depositary
shares as reported on the Nasdaq Global Select Market on July 27, 2007).
(8)
Pursuant to Rule 429 under the Securities Act, the
prospectuses relating to the 2006 Stock Plan
and this Registration Statement also relate to the registration statements on Form S-8 with
the following file numbers: 333-138526.
(9)
Estimated in accordance with Rule 457(c) and Rule 457(h) of the Securities Act solely for the
purpose of calculating the registration fee on the basis of $44.29 per share, which was
average of the high and low prices of the Registrant's American depositary shares as reported
on the Nasdaq Global Select Market on July 27, 2007.
Table of Contents
TABLE OF CONTENTS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
SIGNATURES
POWER OF ATTORNEY
Index to Exhibits
EXHIBIT 5.1
EXHIBIT 10.24
EXHIBIT 10.52
EXHIBIT 10.74
EXHIBIT 10.84
EXHIBIT 23.1
Table of Contents
BUSINESS OBJECTS S.A.
REGISTRATION STATEMENT ON FORM S-8
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Explanatory Note
This Registration Statement on Form S-8 (the "Registration Statement") is being filed for the
purpose of registering the Registrant's Ordinary Shares as set forth below.
1.
Stock Subscription Warrants
This Registration Statement will register (i) an aggregate of 45,000 of the Registrant's
Ordinary Shares to be issued to each of Messrs. Arnold Silverman, Bernard Charlès, Kurt Lauk
and David Peterschmidt and (ii) an aggregate of 30,000 of the Registrant's Ordinary Shares to
be issued to Mr. Carl Pascarella, each a non-employee director, pursuant to the exercise of
stock subscription warrants (collectively, the "Warrant Shares"). Each of these warrant
recipients is entitled to subscribe to the Warrant Shares following his exercise of his stock
subscription warrants. Each stock subscription warrant is exercisable at a per share price of
€29.99. The issuance of the stock subscription warrants was authorized by the Registrant's
shareholders pursuant to the twentieth, twenty-first, twenty-second, twenty-third and
twenty-fourth resolutions of the Registrant's ordinary and extraordinary meeting of
shareholders on June 5, 2007. The stock subscription warrants were issued by the Registrant's
board of directors (the "Board"), on June 5, 2007 in favor of each of Messrs. Silverman,
Charlès, Lauk, Pascarella and Peterschmidt.
2.
French Employee Savings Plan
This Registration Statement will register an additional 300,000 of the Registrant's Ordinary
Shares that may be issued in favor of employees eligible to participate in the Registrant's
French Employee Savings Plan, as amended, as authorized by the Registrant's shareholders
pursuant to the thirteenth resolution of the Registrant's ordinary and extraordinary meeting
of shareholders on June 5, 2007.
3.
2004 International Employee Stock Purchase Plan
This Registration Statement will register an additional 700,000 of the Registrant's Ordinary
Shares that may be issued to the 2004 Business Objects S.A. Employee Benefits Trust under the
Registrant's 2004 International Employee Stock Purchase Plan, as amended, as authorized by the
Registrant's shareholders pursuant to the fourteenth resolution of the Registrant's ordinary
and extraordinary meeting of shareholders on June 5, 2007.
4.
2006 Stock Plan
This Registration Statement will register an additional 300,000 of the Registrant's Ordinary
Shares that may be issued under the 2006 Stock Plan, as amended, as authorized by the
Registrant's shareholders pursuant to the seventeenth resolution of the Registrant's ordinary
and extraordinary meeting of shareholders on June 5, 2007.
The aggregate number of Ordinary Shares to be registered hereunder in connection with the
Stock Subscription Warrants, the French Employee Savings Plan, the 2004 International Employee
Stock Purchase Plan and the 2006 Stock Plan is 1,510,000.
Item 3. Incorporation of Documents by Reference.
The following documents and information filed with the Securities and Exchange Commission (the
"Commission") by the Registrant are incorporated herein by reference:
1.
The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31,
2006, filed with the Commission on March 1, 2007.
1
Table of Contents
2.
The Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31,
2007, filed with the Commission on May 10, 2007.
3.
The Registrant's Current Reports on Form 8-K filed with the Commission on each of
January 12, 2007, February 1, 2007, February 28, 2007, March 19, 2007, April 3, 2007,
April 5, 2007, April 23, 2007, May 3, 2007 (two filings made), May 4, 2007, May 16, 2007,
May 21, 2007, May 22, 2007 (two filings made), June 7,
2007, June 8, 2007 and July 6, 2007; provided,
however, that the Registrant does not incorporate by reference any information contained
in, or exhibits submitted with, the Forms 8-K that was expressly furnished and not filed.
4.
The description of the Registrant's Ordinary Shares,
nominal value €0.10 per
share, contained in the Registrant's registration statement on Form 8-A/A filed with the
SEC on August 8, 2006 (File No. 0-24720).
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing
of a post-effective amendment which indicates that all securities offered under this Registration
Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this Registration Statement from the date of filing of such
documents. Any statement contained in a document incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this Registration Statement to the extent that a
statement contained herein or in any other subsequently filed document which also is, or is deemed
to be, incorporated by reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute part
of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
None.
Item 6. Indemnification of Directors and Officers.
The indemnification and liability of the Registrant's directors and Officers (as defined
below) are governed by French law.
French law generally limits the ability of a French company to indemnify its (i) directors, as
well as (ii) its chief executive officer (
Directeur Général
) and (iii) its deputy chief executive
officers (
Directeurs Généraux Délégués
), (ii) and (iii) collectively or individually named the
"Officer(s)", against their liabilities. However, if a director or an Officer is sued by a third
party and ultimately prevails in the litigation on all counts, but is nevertheless required to bear
attorneys' fees and costs, the company may in specified circumstances reimburse those fees and
costs, to the extent permitted by the laws and regulations in effect, under an indemnification
arrangement with the director or the Officer.
Pursuant to French law, any indemnification arrangement between the Registrant and any of its
directors or Officers must be approved by the Registrant's shareholders. The Registrant has entered
into indemnification agreements with its current directors and Officers pursuant to which the
Registrant is obligated to purchase directors and officers liability insurance for all of its
directors and Officers, each a "Beneficiary", under which each Beneficiary is indemnified for any
costs, damages or losses related to any litigation, suit, proceeding or claim, each a "Claim",
(including reasonable expenses, taxes, costs and fees related to the defense of such Claim) against
such Beneficiary by reason of his position as a director or Officer of the Registrant, except in
the case of any costs, damages or losses resulting from any gross or willful misconduct, fraudulent
misrepresentation or breach of criminal laws and regulations by the Beneficiary. The Registrant's
current form of indemnification agreement was approved by the Registrant's board of directors on
March 31, 2004 and by the Registrant's shareholders on June 10, 2004.
The French Commercial Code does not prohibit a company from purchasing directors and officers
insurance for all or part of the members of its management. Under French law, a company is
responsible to third parties for the consequences of the decisions of its directors or Officers,
such as violations of the laws and regulations applicable to French commercial companies, breaches
of a company's articles of association or mismanagement. If those decisions qualify as
mismanagement for instance, the relevant director or Officer may be required to fully or partly
indemnify the company. In addition, under French law, the directors and Officers are liable
individually or jointly, as the case may be, to the company or to third parties to the same extent.
The Registrant has purchased
directors and officers liability insurance for all of its directors and Officers, which is
currently in effect. The coverage provided pursuant to such policy complies with the terms of the
indemnification agreement described above.
Item 7. Exemption from Registration Claimed.
Not applicable.
2
Table of Contents
Item 8. Exhibits.
Exhibit
Number
Description of Document
4.1 (1)
Form of Deposit Agreement, as amended and restated on October 15, 2003, among Business Objects
S.A. and the Bank of New York, as Depositary, and holder from time to time of American
Depositary Shares issued thereunder (including Exhibit A to Deposit Agreement).
5.1
Opinion of Shearman & Sterling LLP as to the validity of the Ordinary Shares that may be issued.
10.24
French Employee Savings Plan, as amended June 28, 2007.
10.52
2004 International Employee Stock Purchase Plan, as amended June 5, 2007.
10.74
2006 Stock Plan, as amended June 5, 2007.
10.84
Form of Stock Subscription Warrant Agreement for each of Arnold Silverman, Bernard Charlès,
Kurt Lauk, Carl Pascarella and David Peterschmidt.
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
23.2
Consent of Shearman & Sterling LLP (included in Exhibit 5.1).
24.1
Powers of Attorney (included herein on signature page).
(1)
Incorporated by reference to Exhibit 1 to The Bank of New York's registration statement on
Form F-6 filed with the Commission on October 15, 2003 (File No. 333-109712).
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) to reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement;
(iii) to include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to the information in the
Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Commission by Registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration
Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability of the Registrant under the Securities Act
to any purchaser in the initial distribution of the securities:
The undersigned Registrant undertakes that in a primary offering of securities of the
undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered
3
Table of Contents
or sold to such purchaser by means of any of the following communications, the undersigned
Registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned
Registrant relating to the offering required to be filed pursuant to Rule 424;
(ii)
Any free writing prospectus relating to the offering prepared by or
on behalf of the undersigned Registrant or used or referred to by the undersigned
Registrant;
(iii)
The portion of any other free writing prospectus relating to the
offering containing material information about the undersigned Registrant or its
securities provided by or on behalf of the undersigned Registrant; and
(iv)
Any other communication that is an offer in the offering made by
the undersigned Registrant to the purchaser.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
4
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of San Jose,
California, on August 1, 2007.
BUSINESS OBJECTS S.A.
By:
/s/ John G. Schwarz
John G. Schwarz,
Chief Executive Officer
5
Table of Contents
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each person whose signature appears below constitutes
and appoints John G. Schwarz and James R. Tolonen and each of them, acting individually, as his
attorney-in-fact, with full power of substitution, for him and in any and all capacities, to sign
any and all amendments to this Registration Statement on this Form S-8 (including any
post-effective amendments thereto) and to file the same, with all exhibits thereto and other
documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or
cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on
Form S-8 has been signed on the date indicated by the following persons in the capacities indicated.
Signature
Title
Date
/s/ John G. Schwarz
Chief Executive Officer and Director (Principal
August 1, 2007
John G. Schwarz
Executive
Officer)
/s/ James R. Tolonen
Chief Financial Officer and Senior Group Vice President
August 1, 2007
James R. Tolonen
(Principal
Financial and Accounting Officer)
/s/ Bernard Liautaud
Chairman of the Board of Directors
August 1, 2007
Bernard Liautaud
/s/ Bernard Charlès
Director
August 1, 2007
Bernard Charlès
Director
Jean-François Heitz
/s/ Gerald Held
Director
August 1, 2007
Gerald Held
Director
Kurt J. Lauk
/s/ Carl S. Pascarella
Director
August 1, 2007
Carl S. Pascarella
/s/ David Peterschmidt
Director
August 1, 2007
David Peterschmidt
/s/ Arnold N. Silverman
Director
August 1, 2007
Arnold N. Silverman
6
Table of Contents
Index to Exhibits
Exhibit
Number
Description of Document
4.1 (1)
Form of Deposit Agreement, as amended and restated on October 15, 2003, among Business Objects
S.A. and the Bank of New York, as Depositary, and holder from time to time of American
Depositary Shares issued thereunder (including Exhibit A to Deposit Agreement).
5.1
Opinion of Shearman & Sterling LLP as to the validity of the Ordinary Shares that may be issued.
10.24
French Employee Savings Plan, as amended June 28, 2007.
10.52
2004 International Employee Stock Purchase Plan, as amended June 5, 2007.
10.74
2006 Stock Plan, as amended June 5, 2007.
10.84
Form of Stock Subscription Warrant Agreement for each of Arnold Silverman, Bernard Charlès,
Kurt Lauk, Carl Pascarella and David Peterschmidt.
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
23.2
Consent of Shearman & Sterling LLP (included in Exhibit 5.1).
24.1
Powers of Attorney (included herein on signature page).
(1)
Incorporated by reference to Exhibit 1 to The Bank of New York's registration statement on
Form F-6 filed with the Commission on October 15, 2003 (File No. 333-109712).