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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">



<P align="right" style="font-size: 10pt">As filed with the Securities and Exchange Commission on May&nbsp;9, 2005<BR><BR>
333-



<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>




<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

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

<DIV align="center" style="font-size: 12pt"><B>FORM S-8</B>
</DIV>


<P align="center" style="font-size: 14pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</B>

<P align="center" style="font-size: 24pt"><B>BUSINESS OBJECTS S.A.</B>


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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="30%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<TR valign="bottom">

<TD align="center" valign="top"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of France&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98-0355777&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top" style="font-size: 8pt">(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 8pt">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>157-159 Anatole France,<BR>
92300 Levallois-Perret,<BR>
France</B>


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



<P align="center" style="font-size: 12pt"><B>BUSINESS OBJECTS AMERICAS DEFERRED COMPENSATION PLAN</B>

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



<P align="center" style="font-size: 10pt"><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 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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <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>
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<TR valign="bottom">
    <TD align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Copies to:</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>General Counsel</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>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>Wilson Sonsini Goodrich &#038; Rosati</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>Professional Corporation</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 Page Mill Road</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"><B>Palo Alto, CA 94304-1050</B></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"><B>(650)&nbsp;493-9300</B></TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 12pt"><B>CALCULATION OF REGISTRATION FEE</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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" colspan="3"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" 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" colspan="3"><B>Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per Share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee (2)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Deferred Compensation Obligations (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 nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">6,000,000</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">100</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">%</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">6,000,000</TD>
    <TD nowrap valign="top" 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 nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">706.20</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</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="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P>

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

<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The Deferred Compensation Obligations are unsecured obligations of the Registrant to pay
deferred compensation in the future in accordance with the terms of the Business Objects Americas
Deferred Compensation Plan.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated pursuant to rule 457(h) under the Securities Act of 1933, as amended, solely for
the purpose of calculating the registration fee.</TD>
</TR>

</TABLE>






<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>
	<TD width="3%"></TD>
	<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 INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</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"><U>Index to Exhibits</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="f08689exv4w1.htm">EXHIBIT 4.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08689exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f08689exv23w1.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>





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


<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt">PART II



<P align="center" style="font-size: 10pt"><U>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</U>


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="001"></A></DIV>

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



<P align="left" style="font-size: 10pt">&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:


<P>
<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.&nbsp;&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&nbsp;16, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K/A filed on February&nbsp;24,
2004 with the SEC relating to the Registrant&#146;s acquisition of Crystal
Decisions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>Registrant&#146;s Current Report on Form 8-K filed with the SEC on January
28, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Registrant&#146;s Current Report on Form 8-K filed with the SEC on January
31, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>Registrant&#146;s Current Reports on Form 8-K filed with the SEC on February
7, 2005 and April&nbsp;28, 2005; provided that the Registrant does not incorporate
by reference any information therein that was expressly furnished and not
filed.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD>Registrant&#146;s Current Report on Form 8-K filed with the SEC on March&nbsp;14,
2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD>Registrant&#146;s Current Report on Form 8-K filed with the SEC on March&nbsp;16,
2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD>Registrant&#146;s Current Report on Form 8-K filed with the SEC on April&nbsp;6,
2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD>Registrant&#146;s Current Report on Form 8-K filed with the SEC on April&nbsp;7,
2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.&nbsp;&nbsp;</TD>
    <TD>Registrant&#146;s Current Report on Form 8-K/A filed with the SEC on April
27, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.&nbsp;&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>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.&nbsp;&nbsp;</TD>
    <TD>The description of Registrant&#146;s Ordinary Shares and American depositary shares
contained in the Registration Statement on Form F-6 (file no.
333-109712) declared effective by the SEC on October&nbsp;15, 2003.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&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;), and 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,
are incorporated by reference in this registration statement from the date of filing of such
documents.


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

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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">
<!-- link2 "Item&nbsp;4. Description of Securities." -->
<DIV align="left"><A NAME="002"></A></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of the Deferred Compensation Obligations of the Registrant under the
Business Objects Americas Deferred Compensation Plan (the &#147;Plan&#148;) is qualified in its entirety by
reference to the Plan, which is included as an exhibit to this registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Plan, the Registrant provides eligible employees who participate in the Plan and
members of its Board of Directors who are not employees the opportunity to defer a specified
percentage of their compensation in the case of employees and retainer fees for participation on
the Registrant&#146;s Board and attendance in committee meetings for nonemployee directors,
(collectively, &#147;Compensation&#148;). The amount of Compensation to be deferred by each participating
employee or nonemployee board member (each, a &#147;Participant&#148;) is based on elections by each
Participant in accordance with the terms of the Plan. In addition, the Registrant may make
discretionary contributions to the accounts of one or more Participants; however, to date, this has
not occurred.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Plan, the Registrant is obligated to deliver on a future date the deferred
compensation credited to a Participant&#146;s account, adjusted for any positive or negative investment
results from investment alternatives selected by the Participant under the Plan (each, an
&#147;Obligation&#148; and collectively, the &#147;Obligations&#148;). The Obligations are unsecured general
obligations of the Registrant and rank in parity with other unsecured and unsubordinated
indebtedness of the Registrant. The Obligations are not transferable except upon death of the
Participant. There is no trading market for the Obligations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Obligation is payable upon a Participant&#146;s separation from service with the Registrant
(including terminations due to disability, death or retirement). The Obligations paid upon
separation from service are distributed in the form of a single lump sum payment or in quarterly
installment periods, depending upon the value of the Participant&#146;s account (and in some cases upon
the years of service with the Registrant) and, if applicable, the election made by such
Participant. A Participant may specify a withdrawal (a &#147;Scheduled In-Service Withdrawal&#148;) of all of
his or her account attributable to Compensation deferred for such plan year, if the withdrawal date
is more than three years out from the date the election for such withdrawal is received by the
Registrant. All scheduled withdrawals are required to be 100% of the Compensation deferred for such
plan year adjusted daily for calculated earnings on each investment fund, to be paid in January of
each year, in the form of a lump payment, or if the Participant so elects, in annual installments
(not to exceed four annual installments). If the Participant separates from service prior to the
date on which a scheduled withdrawal would otherwise be made or commence, the election is null and
void to the extent permitted by applicable law. The remaining portion of the Scheduled In-Service
Withdrawal will be in a single lump-sum payment as soon as practicable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan allows the Participant to make unscheduled withdrawals, which in all cases can be no
greater than 90% of the amount requested by the Participant subject to approval by the Committee
administrating the Plan. The remaining portion of the requested or approved amount, or a minimum of
10% of the unscheduled withdrawal, shall be permanently forfeited and the Registrant shall have no
further obligation to the Participant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has entered into a trust agreement (the &#147;Trust Agreement&#148;) with First American
Trust Company (the &#147;Trustee&#148;) appointed as Trustee under an irrevocable trust (the &#147;Trust&#148;). The
Registrant has made contributions to the Trust so that the contributions held by the Trustee may be
invested, reinvested and distributed in accordance with the provisions of the Plan and the Trust
Agreement. The amounts allocated to the Trust and the change in the Trust&#146;s assets due to the
reinvestment of these amounts shall be used to satisfy the Obligations of the Registrant under the
Plan. The Trust is considered a &#147;grantor trust&#148; with the principal


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

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



<P align="left" style="font-size: 10pt">and income of the Trust, respectively, treated as assets and income of the Registrant for
state and federal income tax purposes. By definition, a grantor trust is subject to the claims of
the general creditors of the Registrant and as such the Trust assets would be subject to claims at
any time. The Plan is considered unfunded and as such the Trust assets have historically been less
than the Obligations of the Registrant. In the case that the Obligations are greater than Trust
assets at settlement, the Registrant would pay any excess Obligations from general cash reserves.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant can amend, modify or suspend the Plan in whole or in part at any time, except
that no amendment, modification or suspension shall have any retroactive effect to reduce any
amounts allocated to a Participant&#146;s account. The Registrant may terminate the Plan at any time.
Upon termination of the Plan, the Obligations to each Participant shall continue to be governed by
the terms of the Plan until paid.

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="003"></A></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="004"></A></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French law generally limits the possibility of a French company to indemnify (i)&nbsp;its directors
as well as (ii)&nbsp;its chief executive officer (<I>&#147;Directeur g&#233;n&#233;ral&#148;</I>) and (iii)&nbsp;its deputy chief
executive officers (<I>&#147;Directeurs g&#233;n&#233;raux d&#233;l&#233;gu&#233;s&#148;</I>), hereafter (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 can in specified circumstances
to the extent permitted by the laws and the regulations in effect reimburse those fees and costs
under an indemnification arrangement with the director or Officer. Any indemnification arrangement
between the Registrants&#146; board of directors and by the Registrant and any of its directors or
Officers must be approved by the Registrant&#146; shareholders.


<P align="left" style="font-size: 10pt">&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 subject to certain restrictions. Under
French law, a French corporation is responsible to third parties for violations of French laws and
regulations, applicable to <I>soci&#233;t&#233;s anonymes</I>, violation of the Registrant&#146;s articles of association
or mismanagement. If those decisions qualify as for instance, mismanagement, the relevant member of
the board of directors may have 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 insurance for all of
its directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Mr.&nbsp;Roux, in his capacity as a member of New SAC&#146;s board of directors, had
entered into an indemnification agreement with New SAC. Although Mr.&nbsp;Roux resigned from New SAC&#146;s
board on August&nbsp;5, 2004, he continues to be indemnified under such agreement for acts taken as a
director of New SAC prior to his resignation. Mr.&nbsp;Roux, who serves on the board of directors of the
Registrant, has entered into an indemnification agreement with an affiliate of Silver Lake Partners.

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

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<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;8. Exhibits." -->
<DIV align="left"><A NAME="006"></A></DIV>

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


<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">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Business Objects Americas Deferred Compensation Plan, as amended.</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 Wilson Sonsini Goodrich &#038; Rosati, PC as to the validity of the
securities being registered.</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 Wilson Sonsini Goodrich &#038; Rosati, PC (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 on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), 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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


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

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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">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

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



<P align="left" style="font-size: 10pt">&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 May&nbsp;9, 2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BUSINESS OBJECTS S.A.</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>
    <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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bernard Liautaud</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bernard Liautaud,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&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 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.


<P align="left" style="font-size: 10pt">&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 May&nbsp;9, 2005, by the following persons in the capacities indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" 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 align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bernard Liautaud
<HR size="1" noshade color="#000000">
<B>Bernard Liautaud</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board,
Chief Executive Officer and
Director (Principal
Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James R. Tolonen
<HR size="1" noshade color="#000000">
<B>James R. Tolonen</B>
</DIV></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">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bernard Charl&#232;s
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Bernard Charl&#232;s</B></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 align="center" 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 align="center" 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">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Arnold N. Silverman</B></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 align="center" 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 align="center" 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">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Gerald Held</B></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 align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jean-Fran&#231;ois Heitz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Jean-Fran&#231;ois Heitz</B></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 align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kurt Lauk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Kurt Lauk</B></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 align="center" 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 align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Carl S. Pascarella</B></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 align="center" 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 align="center" 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">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>David Peterschmidt</B></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 align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David J. Roux
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;9, 2005</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade color="#000000">
</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>David J. Roux</B></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">6
</DIV>

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<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="009"></A></DIV>

<P align="center" style="font-size: 10pt"><U><B>Index to Exhibits</B></U>


<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"><!-- 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
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Business Objects Americas Deferred Compensation Plan, as amended.</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 Wilson Sonsini Goodrich &#038; Rosati, PC as to the validity of the
securities being registered.</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 Wilson Sonsini Goodrich &#038; Rosati, PC (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 on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on May 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
incorporation or organization)
(I.R.S. Employer Identification No.)
157-159 Anatole France,
92300 Levallois-Perret,
France
(Address, including zip code, of Registrant's principal executive offices)
BUSINESS OBJECTS AMERICAS DEFERRED COMPENSATION PLAN
(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.
General Counsel
John T. Sheridan, Esq.
Business Objects S.A.
Wilson Sonsini Goodrich & Rosati
c/o Business Objects Americas
Professional Corporation
3030 Orchard Parkway
650 Page Mill Road
San Jose, California 95134
Palo Alto, CA 94304-1050
(408) 953-6000
(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
Per Share
Offering Price
Fee (2)
Deferred Compensation Obligations (1)
$
6,000,000
100
%
$
6,000,000
$
706.20
(1)
The Deferred Compensation Obligations are unsecured obligations of the Registrant to pay
deferred compensation in the future in accordance with the terms of the Business Objects Americas
Deferred Compensation Plan.
(2)
Estimated pursuant to rule 457(h) under the Securities Act of 1933, as amended, solely for
the purpose of calculating the registration fee.
TABLE OF CONTENTS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
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
Index to Exhibits
EXHIBIT 4.1
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
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 Current Report on Form 8-K/A filed on February 24,
2004 with the SEC relating to the Registrant's acquisition of Crystal
Decisions.
3.
Registrant's Current Report on Form 8-K filed with the SEC on January
28, 2005.
4.
Registrant's Current Report on Form 8-K filed with the SEC on January
31, 2005.
5.
Registrant's Current Reports on Form 8-K filed with the SEC on February
7, 2005 and April 28, 2005; provided that the Registrant does not incorporate
by reference any information therein that was expressly furnished and not
filed.
6.
Registrant's Current Report on Form 8-K filed with the SEC on March 14,
2005.
7.
Registrant's Current Report on Form 8-K filed with the SEC on March 16,
2005.
8.
Registrant's Current Report on Form 8-K filed with the SEC on April 6,
2005.
9.
Registrant's Current Report on Form 8-K filed with the SEC on April 7,
2005.
10.
Registrant's Current Report on Form 8-K/A filed with the SEC on April
27, 2005.
11.
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).
12.
The description of Registrant's Ordinary Shares and American depositary shares
contained in the Registration Statement on Form F-6 (file no.
333-109712) declared effective by the SEC on October 15, 2003.
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"), and 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,
are incorporated by reference in this registration statement from the date of filing of such
documents.
1
Table of Contents
Item 4. Description of Securities.
The following description of the Deferred Compensation Obligations of the Registrant under the
Business Objects Americas Deferred Compensation Plan (the "Plan") is qualified in its entirety by
reference to the Plan, which is included as an exhibit to this registration statement.
Under the Plan, the Registrant provides eligible employees who participate in the Plan and
members of its Board of Directors who are not employees the opportunity to defer a specified
percentage of their compensation in the case of employees and retainer fees for participation on
the Registrant's Board and attendance in committee meetings for nonemployee directors,
(collectively, "Compensation"). The amount of Compensation to be deferred by each participating
employee or nonemployee board member (each, a "Participant") is based on elections by each
Participant in accordance with the terms of the Plan. In addition, the Registrant may make
discretionary contributions to the accounts of one or more Participants; however, to date, this has
not occurred.
Under the Plan, the Registrant is obligated to deliver on a future date the deferred
compensation credited to a Participant's account, adjusted for any positive or negative investment
results from investment alternatives selected by the Participant under the Plan (each, an
"Obligation" and collectively, the "Obligations"). The Obligations are unsecured general
obligations of the Registrant and rank in parity with other unsecured and unsubordinated
indebtedness of the Registrant. The Obligations are not transferable except upon death of the
Participant. There is no trading market for the Obligations.
Each Obligation is payable upon a Participant's separation from service with the Registrant
(including terminations due to disability, death or retirement). The Obligations paid upon
separation from service are distributed in the form of a single lump sum payment or in quarterly
installment periods, depending upon the value of the Participant's account (and in some cases upon
the years of service with the Registrant) and, if applicable, the election made by such
Participant. A Participant may specify a withdrawal (a "Scheduled In-Service Withdrawal") of all of
his or her account attributable to Compensation deferred for such plan year, if the withdrawal date
is more than three years out from the date the election for such withdrawal is received by the
Registrant. All scheduled withdrawals are required to be 100% of the Compensation deferred for such
plan year adjusted daily for calculated earnings on each investment fund, to be paid in January of
each year, in the form of a lump payment, or if the Participant so elects, in annual installments
(not to exceed four annual installments). If the Participant separates from service prior to the
date on which a scheduled withdrawal would otherwise be made or commence, the election is null and
void to the extent permitted by applicable law. The remaining portion of the Scheduled In-Service
Withdrawal will be in a single lump-sum payment as soon as practicable.
The Plan allows the Participant to make unscheduled withdrawals, which in all cases can be no
greater than 90% of the amount requested by the Participant subject to approval by the Committee
administrating the Plan. The remaining portion of the requested or approved amount, or a minimum of
10% of the unscheduled withdrawal, shall be permanently forfeited and the Registrant shall have no
further obligation to the Participant.
The Registrant has entered into a trust agreement (the "Trust Agreement") with First American
Trust Company (the "Trustee") appointed as Trustee under an irrevocable trust (the "Trust"). The
Registrant has made contributions to the Trust so that the contributions held by the Trustee may be
invested, reinvested and distributed in accordance with the provisions of the Plan and the Trust
Agreement. The amounts allocated to the Trust and the change in the Trust's assets due to the
reinvestment of these amounts shall be used to satisfy the Obligations of the Registrant under the
Plan. The Trust is considered a "grantor trust" with the principal
2
Table of Contents
and income of the Trust, respectively, treated as assets and income of the Registrant for
state and federal income tax purposes. By definition, a grantor trust is subject to the claims of
the general creditors of the Registrant and as such the Trust assets would be subject to claims at
any time. The Plan is considered unfunded and as such the Trust assets have historically been less
than the Obligations of the Registrant. In the case that the Obligations are greater than Trust
assets at settlement, the Registrant would pay any excess Obligations from general cash reserves.
The Registrant can amend, modify or suspend the Plan in whole or in part at any time, except
that no amendment, modification or suspension shall have any retroactive effect to reduce any
amounts allocated to a Participant's account. The Registrant may terminate the Plan at any time.
Upon termination of the Plan, the Obligations to each Participant shall continue to be governed by
the terms of the Plan until paid.
Item 5. Interests of Named Experts and Counsel.
None.
Item 6. Indemnification of Directors and Officers.
French law generally limits the possibility of a French company to indemnify (i) its directors
as well as (ii) its chief executive officer (
"Directeur général"
) and (iii) its deputy chief
executive officers (
"Directeurs généraux délégués"
), hereafter (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 can in specified circumstances
to the extent permitted by the laws and the regulations in effect reimburse those fees and costs
under an indemnification arrangement with the director or Officer. Any indemnification arrangement
between the Registrants' board of directors and by the Registrant and any of its directors or
Officers must be approved by the Registrant' shareholders.
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 subject to certain restrictions. Under
French law, a French corporation is responsible to third parties for violations of French laws and
regulations, applicable to
sociétés anonymes
, violation of the Registrant's articles of association
or mismanagement. If those decisions qualify as for instance, mismanagement, the relevant member of
the board of directors may have 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 insurance for all of
its directors.
In addition, Mr. Roux, in his capacity as a member of New SAC's board of directors, had
entered into an indemnification agreement with New SAC. Although Mr. Roux resigned from New SAC's
board on August 5, 2004, he continues to be indemnified under such agreement for acts taken as a
director of New SAC prior to his resignation. Mr. Roux, who serves on the board of directors of the
Registrant, has entered into an indemnification agreement with an affiliate of Silver Lake Partners.
Item 7. Exemption from Registration Claimed.
Not applicable.
3
Table of Contents
Item 8. Exhibits.
Exhibit
Number
Description of Document
4.1
Business Objects Americas Deferred Compensation Plan, as amended.
5.1
Opinion of Wilson Sonsini Goodrich & Rosati, PC as to the validity of the
securities being registered.
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
23.2
Consent of Wilson Sonsini Goodrich & Rosati, PC (included in Exhibit 5.1).
24.1
Powers of Attorney (included on signature page).
4
Table of Contents
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 of 1933, as
amended (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.
5
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 May 9, 2005.
BUSINESS OBJECTS S.A.
By:
/s/ Bernard Liautaud
Bernard Liautaud,
Chairman and Chief Executive Officer
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 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 May 9, 2005, by the following persons in the capacities indicated.
Signature
Title
Date
/s/ Bernard Liautaud
Bernard Liautaud
Chairman of the Board,
Chief Executive Officer and
Director (Principal
Executive Officer)
May 9, 2005
/s/ James R. Tolonen
James R. Tolonen
Chief Financial Officer and
Senior Group Vice President
(Principal Financial and
Accounting Officer)
May 9, 2005
/s/ Bernard Charlès
Director
May 9, 2005
Bernard Charlès
/s/ Arnold N. Silverman
Director
May 9, 2005
Arnold N. Silverman
/s/ Gerald Held
Director
May 9, 2005
Gerald Held
/s/ Jean-François Heitz
Director
May 9, 2005
Jean-François Heitz
/s/ Kurt Lauk
Director
May 9, 2005
Kurt Lauk
Director
Carl S. Pascarella
/s/
David Peterschmidt
Director
May 9, 2005
David Peterschmidt
/s/ David J. Roux
Director
May 9, 2005
David J. Roux
6
Table of Contents
Index to Exhibits
Exhibit
Number
Description of Document
4.1
Business Objects Americas Deferred Compensation Plan, as amended.
5.1
Opinion of Wilson Sonsini Goodrich & Rosati, PC as to the validity of the
securities being registered.
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
23.2
Consent of Wilson Sonsini Goodrich & Rosati, PC (included in Exhibit 5.1).
24.1
Powers of Attorney (included on signature page).