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<H5 align="left" style="page-break-before:always"><A HREF="#toc">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;9, 2005
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt">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: 17pt; margin-top: 8pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 11pt"><B>Washington, D.C. 20549</B></DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 17pt"><B>FORM S-8</B></DIV>



<DIV align="center" style="font-size: 13pt; margin-top: 0pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 17pt"><B>BUSINESS OBJECTS S.A.</B></DIV>


<DIV align="center" style="font-size: 8pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Republic of France</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</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">&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
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 0pt"><B>157-159 rue Anatole France<BR>
92300 Levallois-Perret<BR>
France</B>
</DIV>

<DIV align="center" style="font-size: 8pt">(Address, including zip code, of Registrant&#146;s principal executive offices)</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>FRENCH EMPLOYEE SAVINGS PLAN, as amended<BR>
2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, as amended<BR>
STOCK SUBSCRIPTION WARRANTS</B>
</DIV>

<DIV align="center" style="font-size: 8pt">(Full titles of the Plans)</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 0pt"><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>
</DIV>

<DIV align="center" style="font-size: 8pt">(Name, address, including zip code, and telephone number, including area code, of agent for service)</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 11pt">Copies to:</DIV>


<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Susan J. Wolfe, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>John T. Sheridan, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Senior Vice President, General</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Wilson Sonsini Goodrich &#038; Rosati</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Counsel and Secretary</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Professional Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Business Objects S.A.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>650 Page Mill Road</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>c/o Business Objects Americas</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Palo Alto, CA 94304-1050</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>3030 Orchard Parkway</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(650)&nbsp;493-9300</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>San Jose, California 95134</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(408)&nbsp;953-6000</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%" style="font-size: 1px">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="15"><B>CALCULATION OF REGISTRATION FEE</B></TD>
</TR>


<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" 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: 9pt" 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: 9pt" 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>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">Ordinary Shares, nominal value<BR>
<FONT face="'Times New Roman',times,serif">&#128;</FONT>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:45px; 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">100,000 (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">$27.11 (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">$2,711,000</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">$319.08</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:45px; 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 (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">$27.11 (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">$18,977,000</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">$2,233.59</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:45px; 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">90,000</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">$27.84(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">$2,505,600</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">$294.91</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 solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</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: 9pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&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>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&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 or 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>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 under the Securities Act, the prospectuses relating to this Registration Statement also
relate to the registration statements on Form S-8 with the following file numbers: 333-42063, 333-65571,
333-84341, 333-42670, 333-69376, 333-101105, 333-109275, 333-111089 and 333-116870.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the
registration fee on the basis of $27.11 per share (85% of $31.90, which was the average of the high and
low prices of the Registrant&#146;s American Depositary Shares as reported on the Nasdaq National Market on August 5,
2005).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&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 (<FONT face="'Times New Roman',times,serif">&#128;</FONT>23.13 per share), as converted into U.S. dollars using the
Noon Buying Rate on June&nbsp;13, 2005 of $1.2035.</TD>
</TR>

</TABLE>
</DIV>

<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">&nbsp;
</DIV>

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<P><HR noshade><P>

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

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010"><U>Index to Exhibits</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="f11418exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f11418exv23w1.htm">EXHIBIT 23.1</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>









<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BUSINESS OBJECTS S.A.<BR>
REGISTRATION STATEMENT ON FORM S-8</B>
</DIV>

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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 is being filed for the purpose of registering an
aggregate of 90,000 of the Registrant&#146;s Ordinary Shares to be issued to certain of the
Registrant&#146;s non-employee directors pursuant to the exercise of stock subscription warrants, the
&#147;Warrant Shares&#148;. Each of Gerald Held and Carl S. Pascarella, non-employee directors of the
Registrant, are entitled to subscribe to 45,000 of the Warrant Shares following their exercise of
the stock subscription warrants. Each stock subscription warrant is exercisable at a per share
price of <FONT face="'Times New Roman',times,serif">&#128;</FONT>23.13. The issuance of the stock subscription warrants was authorized by the
Registrant&#146;s shareholders pursuant to the eleventh and twelfth resolutions of the Registrant&#146;s
ordinary and extraordinary meeting of shareholders on June&nbsp;14, 2005, and were issued by the
Registrant&#146;s Board of Directors on July&nbsp;21, 2005 in favor of Gerald Held and Carl S. Pascarella.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is also being filed for the purpose of registering
(i)&nbsp;an additional 100,000 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;14, 2005, and (ii)&nbsp;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;14, 2005.
</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Incorporation of Documents by Reference.</B></TD>
</TR>
</TABLE>
</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" 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, 2004, filed with the Commission on March
16, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" 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, 2005, filed with the Commission on May&nbsp;9, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Report on Form 10-Q for the
quarter ended June&nbsp;30, 2005, filed with the Commission on August&nbsp;9,
2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K filed with
the Commission on each of July&nbsp;25, 2005, July&nbsp;12, 2005, June&nbsp;20, 2005,
April&nbsp;7, 2005, April&nbsp;6, 2005, March&nbsp;16, 2005 (as amended on Form 8-K/A
filed on April&nbsp;27, 2005), March&nbsp;14, 2005, January&nbsp;31, 2005 and January
28, 2005; 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>

</TABLE>
</DIV>

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

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<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of Registrant&#146;s Ordinary Shares, nominal
value <FONT face="'Times New Roman',times,serif">&#128;</FONT>0.10 per share, contained in the Registrant&#146;s Registration
Statement on Form 8-A (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>
<!-- link2 "Item&nbsp;4. Description of Securities." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Description of Securities.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Interests of Named Experts and Counsel.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Indemnification of Directors and Officers.</B></TD>
</TR>
</TABLE>
</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 law 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
</DIV>

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

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;7.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Exemption from Registration Claimed.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Exhibits.</B></TD>
</TR>
</TABLE>
</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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" 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">
    <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">
    <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">
    <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 (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">French Employee Savings Plan, as amended.</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.52 (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 International Employee Stock Purchase Plan, as amended.</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.63 (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Subscription Warrant Agreement for Carl S. Pascarella.</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.64 (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Subscription Warrant Agreement for Gerald Held.</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">&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">
    <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">
    <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 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.
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>Incorporated by reference to Exhibit&nbsp;10.24 of the Registrant&#146;s Quarterly
Report on Form 10-Q filed with the Commission on August&nbsp;9, 2005.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.52 of the Registrant&#146;s Quarterly
Report on Form 10-Q filed with the Commission on August&nbsp;9, 2005.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.63 of the Registrant&#146;s Quarterly
Report on Form 10-Q filed with the Commission on August&nbsp;9, 2005.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.64 of the Registrant&#146;s Quarterly
Report on Form 10-Q filed with the Commission on August&nbsp;9, 2005.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;9. Undertakings. " -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Undertakings.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 to include any material information with respect to the
plan of distribution not previously disclosed in the Registration Statement or any material change
to such 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;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
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;(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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 described in Item&nbsp;6 of Part&nbsp;II of this Form S-8 Registration Statement, or
otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission 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">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></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;9, 2005.
</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/ Bernard Liautaud
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bernard Liautaud,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="009"></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 Bernard Liautaud 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 August&nbsp;9, 2005, 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="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&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">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ Bernard Liautaud</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>Bernard Liautaud</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board
and Chief Executive
Officer (Principal
Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ James R. Tolonen</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>James R. Tolonen</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Financial
Officer and Senior
Group Vice President
(Principal Financial
and Accounting
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ Bernard Charl&#232;s</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>Bernard Charl&#232;s</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ Jean-Fran&#231;ois Heitz</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>Jean-Fran&#231;ois Heitz</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ Gerald Held</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>Gerald Held</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ Kurt J. Lauk</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>Kurt J. Lauk</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ Carl S. Pascarella</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>Carl S. Pascarella</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ David Peterschmidt</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>David Peterschmidt</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ David J. Roux</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>David J. Roux</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"><B>/s/ Arnold N. Silverman</B>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
<B>Arnold N. Silverman</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 9, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "<U>Index to Exhibits</U>" -->
<DIV align="left"><A NAME="010"></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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" 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">
    <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">
    <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">
    <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 (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">French Employee Savings Plan, as amended.</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.52 (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 International Employee Stock Purchase Plan, as amended.</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.63 (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Subscription Warrant for Carl S. Pascarella.</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.64 (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Subscription Warrant for Gerald Held.</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">&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">
    <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">
    <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 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.
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>Incorporated by reference to Exhibit&nbsp;10.24 of the Registrant&#146;s Quarterly
Report on Form 10-Q filed with the Commission on August&nbsp;9, 2005.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.52 of the Registrant&#146;s Quarterly
Report on Form 10-Q filed with the Commission on August&nbsp;9, 2005.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.63 of the Registrant&#146;s Quarterly
Report on Form 10-Q filed with the Commission on August&nbsp;9, 2005.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibit&nbsp;10.64 of the Registrant&#146;s Quarterly
Report on Form 10-Q filed with the Commission on August&nbsp;9, 2005.</TD>
</TR>

</TABLE>



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

</BODY>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on August 9, 2005
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
(I.R.S. Employer Identification No.)
incorporation or organization)
157-159 rue Anatole France
92300 Levallois-Perret
France
(Address, including zip code, of Registrant's principal executive offices)
FRENCH EMPLOYEE SAVINGS PLAN, as amended
2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, as amended
STOCK SUBSCRIPTION WARRANTS
(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:
Susan J. Wolfe, Esq.
John T. Sheridan, Esq.
Senior Vice President, General
Wilson Sonsini Goodrich & Rosati
Counsel and Secretary
Professional Corporation
Business Objects S.A.
650 Page Mill Road
c/o Business Objects Americas
Palo Alto, CA 94304-1050
3030 Orchard Parkway
(650) 493-9300
San Jose, California 95134
(408) 953-6000
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):
French Employee Savings Plan
100,000 (3)
$27.11 (4)
$2,711,000
$319.08
2004 International Employee
Stock Purchase Plan
700,000 (3)
$27.11 (4)
$18,977,000
$2,233.59
Stock Subscription Warrants
90,000
$27.84(5)
$2,505,600
$294.91
(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 or 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)
Pursuant to Rule 429 under the Securities Act, the prospectuses relating to this Registration Statement also
relate to the registration statements on Form S-8 with the following file numbers: 333-42063, 333-65571,
333-84341, 333-42670, 333-69376, 333-101105, 333-109275, 333-111089 and 333-116870.
(4)
Estimated in accordance with Rule 457(h) of the Securities Act solely for the purpose of calculating the
registration fee on the basis of $27.11 per share (85% of $31.90, which was the average of the high and
low prices of the Registrant's American Depositary Shares as reported on the Nasdaq National Market on August 5,
2005).
(5)
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 (
€
23.13 per share), as converted into U.S. dollars using the
Noon Buying Rate on June 13, 2005 of $1.2035.
TABLE OF CONTENTS
PART II
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption from Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
POWER OF ATTORNEY
Index to Exhibits
EXHIBIT 5.1
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 is being filed for the purpose of registering an
aggregate of 90,000 of the Registrant's Ordinary Shares to be issued to certain of the
Registrant's non-employee directors pursuant to the exercise of stock subscription warrants, the
"Warrant Shares". Each of Gerald Held and Carl S. Pascarella, non-employee directors of the
Registrant, are entitled to subscribe to 45,000 of the Warrant Shares following their exercise of
the stock subscription warrants. Each stock subscription warrant is exercisable at a per share
price of
€
23.13. The issuance of the stock subscription warrants was authorized by the
Registrant's shareholders pursuant to the eleventh and twelfth resolutions of the Registrant's
ordinary and extraordinary meeting of shareholders on June 14, 2005, and were issued by the
Registrant's Board of Directors on July 21, 2005 in favor of Gerald Held and Carl S. Pascarella.
This Registration Statement on Form S-8 is also being filed for the purpose of registering
(i) an additional 100,000 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 14, 2005, and (ii) 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 14, 2005.
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, 2004, filed with the Commission on March
16, 2005.
2.
The Registrant's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2005, filed with the Commission on May 9, 2005.
3.
The Registrant's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2005, filed with the Commission on August 9,
2005.
4.
The Registrant's Current Reports on Form 8-K filed with
the Commission on each of July 25, 2005, July 12, 2005, June 20, 2005,
April 7, 2005, April 6, 2005, March 16, 2005 (as amended on Form 8-K/A
filed on April 27, 2005), March 14, 2005, January 31, 2005 and January
28, 2005; 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.
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5.
The description of Registrant's Ordinary Shares, nominal
value
€
0.10 per share, contained in the Registrant's Registration
Statement on Form 8-A (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 law 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
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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.
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 (2)
French Employee Savings Plan, as amended.
10.52 (3)
2004 International Employee Stock Purchase Plan, as amended.
10.63 (4)
Stock Subscription Warrant Agreement for Carl S. Pascarella.
10.64 (5)
Stock Subscription Warrant Agreement for Gerald Held.
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 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).
(2)
Incorporated by reference to Exhibit 10.24 of the Registrant's Quarterly
Report on Form 10-Q filed with the Commission on August 9, 2005.
(3)
Incorporated by reference to Exhibit 10.52 of the Registrant's Quarterly
Report on Form 10-Q filed with the Commission on August 9, 2005.
(4)
Incorporated by reference to Exhibit 10.63 of the Registrant's Quarterly
Report on Form 10-Q filed with the Commission on August 9, 2005.
(5)
Incorporated by reference to Exhibit 10.64 of the Registrant's Quarterly
Report on Form 10-Q filed with the Commission on August 9, 2005.
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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 to include any material information with respect to the
plan of distribution not previously disclosed in the Registration Statement or any material change
to such information in the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
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.
(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 described in Item 6 of Part II of this Form S-8 Registration Statement, or
otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission 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.
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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 9, 2005.
BUSINESS OBJECTS S.A.
By:
/s/ Bernard Liautaud
Bernard Liautaud,
Chairman and Chief Executive Officer
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POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each person whose signature appears below constitutes
and appoints Bernard Liautaud 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 August 9, 2005, by the following persons in the capacities indicated.
Signature
Title
Date
/s/ Bernard Liautaud
Bernard Liautaud
Chairman of the Board
and Chief Executive
Officer (Principal
Executive Officer)
August 9, 2005
/s/ James R. Tolonen
James R. Tolonen
Chief Financial
Officer and Senior
Group Vice President
(Principal Financial
and Accounting
Officer)
August 9, 2005
/s/ Bernard Charlès
Bernard Charlès
Director
August 9, 2005
/s/ Jean-François Heitz
Jean-François Heitz
Director
August 9, 2005
/s/ Gerald Held
Gerald Held
Director
August 9, 2005
/s/ Kurt J. Lauk
Kurt J. Lauk
Director
August 9, 2005
/s/ Carl S. Pascarella
Carl S. Pascarella
Director
August 9, 2005
/s/ David Peterschmidt
David Peterschmidt
Director
August 9, 2005
/s/ David J. Roux
David J. Roux
Director
August 9, 2005
/s/ Arnold N. Silverman
Arnold N. Silverman
Director
August 9, 2005
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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 (2)
French Employee Savings Plan, as amended.
10.52 (3)
2004 International Employee Stock Purchase Plan, as amended.
10.63 (4)
Stock Subscription Warrant for Carl S. Pascarella.
10.64 (5)
Stock Subscription Warrant for Gerald Held.
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 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).
(2)
Incorporated by reference to Exhibit 10.24 of the Registrant's Quarterly
Report on Form 10-Q filed with the Commission on August 9, 2005.
(3)
Incorporated by reference to Exhibit 10.52 of the Registrant's Quarterly
Report on Form 10-Q filed with the Commission on August 9, 2005.
(4)
Incorporated by reference to Exhibit 10.63 of the Registrant's Quarterly
Report on Form 10-Q filed with the Commission on August 9, 2005.
(5)
Incorporated by reference to Exhibit 10.64 of the Registrant's Quarterly
Report on Form 10-Q filed with the Commission on August 9, 2005.