S-8

As filed with the Securities and Exchange Commission on November 8, 2006
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)

2006 STOCK PLAN
(Full titles of the Plan)

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.
Senior Vice President, General
Counsel and Secretary
Business Objects S.A.
c/o Business Objects Americas
3030 Orchard Parkway
San Jose, California 95134
(408) 953-6000 John T. Sheridan, Esq.
Wilson Sonsini Goodrich & Rosati
Professional Corporation
650 Page Mill Road
Palo Alto, CA 94304-1050
(650) 493-9300

CALCULATION OF REGISTRATION FEE

			Proposed Maximum		Proposed Maximum		Amount of
Title of Securities	Amount to be		Offering Price		Aggregate		Registration
to be Registered	Registered (2)		Per Share		Offering Price		Fee (3)
Ordinary Shares, nominal value €0.10 per share (1):
2006 Stock Plan		1,000,000	$	36.33	$	36,330,000.00	$	3,887.31

(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 2006 Stock Plan by reason of any stock dividend, stock split, capitalization of reserves, profits or premiums or other similar transaction effected without the Registrant’s receipt of consideration which results in an increase in the number of the Registrant’s issued and outstanding Ordinary Shares.
(3)	Estimated in accordance with Rule 457(c) and Rule 457(h) solely for the purpose of calculating the registration fee, on the basis of $36.33 per share, which was the average of the high and low prices of the Registrant’s American Depositary Shares as reported on the NASDAQ Global Select Market on November 2, 2006.

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
Index to Exhibits
EXHIBIT 5.1
EXHIBIT 23.1

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 1,000,000 of the Registrant’s Ordinary Shares that may be issued under the 2006 Stock Plan (Plan d’attribution d’actions gratuites), as authorized by the Registrant’s shareholders pursuant to the twentieth resolution of the Registrant’s ordinary and extraordinary meeting of shareholders on June 7, 2006. This 2006 Stock Plan was adopted by the Registrant’s board of directors on October 19, 2006.

     Notwithstanding the registration hereunder of the Ordinary Shares, pursuant to the sixteenth to the twentieth resolutions of the Registrant’s ordinary and extraordinary meeting of shareholders on June 7, 2006, the Registrant is subject to a general limit on the total number of Ordinary Shares the Registrant may issue during any given calendar year under the Registrant’s employee stock plans and the above mentioned resolutions, the “General Limit.” The General Limit is 3% of the Registrant’s share capital as of December 31 of the previous calendar year. The General Limit for 2006 is 2,859,112 Ordinary Shares.

     In addition to the General Limit, the Registrant is subject to a separate limit on the total number of Ordinary Shares that may be issued and/or allocated under the 2001 Stock Incentive Sub-Plan and the 2006 Stock Plan and the nineteenth and the twentieth resolutions of the Registrant’s ordinary and extraordinary meeting of shareholders on June 7, 2006, the “RSU Limit.” The RSU Limit is 2,500,000 Shares.

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, 2005, filed with the Commission on March 16, 2006.
2.	The Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, filed with the Commission on May 10, 2006.
3.	The Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, filed with the Commission on August 9, 2006.
4.	The Registrant’s Current Reports on Form 8-K filed with the Commission on each of January 31, 2006, February 8, 2006 (as amended on Form 8-K/A filed on February 9, 2006), February 9, 2006, February 10, 2006, March 7, 2006, March 31, 2006, April 4, 2006, April 7, 2006, April 26, 2006 (except with respect to Item 2.02), May 10, 2006, May 16, 2006, June 12, 2006, June 13, 2006, July 6, 2006, July 26, 2006 (except with respect to Item 2.02), September 13, 2006, October 4, 2006 and October 25, 2006 (except with respect to Item 2.02); provided, however, that the Registrant does not

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	incorporate by reference any information contained in, or exhibits submitted with, the Forms 8-K that was expressly furnished and not filed.
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/A filed with the SEC on August 8, 2006 (File No. 0-24720).

          All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), prior to the filing of a post-effective amendment which indicates that all securities offered under this Registration Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement from the date of filing of such documents. Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this Registration Statement.

Item 4. Description of Securities.

          Not applicable.

Item 5. Interests of Named Experts and Counsel.

          None.

Item 6. Indemnification of Directors and Officers.

          The indemnification and liability of the Registrant’s directors and Officers (as defined below) are governed by French law.

          French law generally limits the ability of a French company to indemnify its (i) directors, as well as (ii) chief executive officer (Directeur Général) and (iii) 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.

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          The French Commercial Code does not prohibit a company from purchasing directors and officers insurance for all or part of the members of its management. Under French law, a company is responsible to third parties for the consequences of the decisions of its directors or Officers, such as violations of the laws and regulations applicable to French commercial companies, breaches of a company’s articles of association or mismanagement. If those decisions qualify as mismanagement for instance, the relevant director or Officer may be required to fully or partly indemnify the company. In addition, under French law, the directors and Officers are liable individually or jointly, as the case may be, to the company or to third parties to the same extent. The Registrant has purchased directors and officers liability insurance for all of its directors and Officers, which is currently in effect. The coverage provided pursuant to such policy complies with the terms of the indemnification agreement described above.

Item 7. Exemption from Registration Claimed.

          Not applicable.

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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.
10.74 (2)	2006 Stock Plan.
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 10.74 of the Registrant’s Current Report on Form 8-K filed with the Commission on October 25, 2006.

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.

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          (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 November 8, 2006.

BUSINESS OBJECTS S.A.
By:	/s/ John G. Schwarz
	John G. Schwarz,
	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 John G. Schwarz and James R. Tolonen and each of them, acting individually, as his attorney-in-fact, with full power of substitution, for him and in any and all capacities, to sign any and all amendments to this Registration Statement on this Form S-8 (including any post-effective amendments thereto) and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.

          Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-8 has been signed on November 8, 2006, by the following persons in the capacities indicated.

Signature	Title	Date
/s/ John G. Schwarz John G. Schwarz	Chief Executive Officer and Director (Principal Executive Officer)	November 8, 2006
/s/ James R. Tolonen James R. Tolonen	Chief Financial Officer and Senior Group Vice President (Principal Financial and Accounting Officer)	November 8, 2006
/s/ Bernard Liautaud Bernard Liautaud	Chairman of the Board of Directors	November 8, 2006
/s/ Bernard Charlès Bernard Charlès	Director	November 8, 2006
/s/ Jean-François Heitz Jean-François Heitz	Director	November 8, 2006
/s/ Gerald Held Gerald Held	Director	November 8, 2006
/s/ Kurt J. Lauk Kurt J. Lauk	Director	November 8, 2006
/s/ Carl S. Pascarella Carl S. Pascarella	Director	November 8, 2006
/s/ David Peterschmidt David Peterschmidt	Director	November 8, 2006
/s/ Arnold N. Silverman Arnold N. Silverman	Director	November 8, 2006

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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.
10.74 (2)	2006 Stock Plan.
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 10.74 of the Registrant’s Current Report on Form 8-K filed with the Commission on October 25, 2006.

EX-5.1

Exhibit 5.1

Business Objects S.A.
European Headquarters
157-159 rue Anatole France
92300 Levallois-Perret
France

November 6, 2006

          Ladies and Gentlemen:

          Reference is made to the registration statement on Form S-8 (the “Registration Statement”) filed by Business Objects S.A., a société anonyme organized under the laws of the Republic of France (the “Company”), with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”), in connection with the registration of up to a maximum number of 1,000,000 ordinary shares nominal value 0.10 euro per ordinary share (the “Shares”), which will be issued free of charge pursuant to the twentieth resolution of the ordinary and extraordinary general meeting of shareholders of June 7, 2006 under the Business Objects S.A. 2006 Stock Plan (the “Plan”). In connection with this opinion, we, as your French special counsel, have examined copies of the following documents:

i.	a certified excerpt of the ordinary and extraordinary general meeting of the shareholders of the Company held on June 7, 2006;
ii.	statutory auditor’s reports relating to the twentieth resolution of the ordinary and extraordinary general meeting of the shareholders of the Company held on June 7, 2006, dated May 10, 2006;
iii.	a certified copy of the extract of the decision of the board of directors of the Company held on October 19, 2006 relating to the adoption of the Plan; and
iv.	a certified copy of the by-laws of the Company dated November 2, 2006 (the “Statuts”);

together with such other corporate documents and such questions of law, as we have considered necessary or appropriate for the purpose of this opinion.

          In connection with this opinion, we have examined originals, or copies identified to our satisfaction, of such corporate records of the Company, certificates of public officials, officers of the Company and other persons and such other documents, agreements and instruments, as we have deemed necessary as a basis for the opinion set forth below.

          In the context of such examination, we have relied as to certain matters on information obtained from officials of the Company and other sources believed by us to be responsible, and we have assumed:

(a)	the genuineness of all signatures;
(b)	the authenticity of all documents submitted to us as originals;
(c)	the conformity with the originals of all documents submitted to us as copies; and
(d)	that the meetings of the shareholders and of the board of directors of the Company have been duly convened and held, that all formalities required to be fulfilled prior to the convening of such meetings have been fulfilled, that the resolutions adopted at such meetings were duly adopted and that the minutes of such meetings accurately reflect the business carried out, and decisions made, at such meetings.

          “Generally Applicable Law” means the laws of the Republic of France (including the rules or regulations promulgated thereunder or pursuant thereto), that a French avocat exercising customary professional diligence would reasonably be expected to recognize as being applicable to the Company or the Shares. Without limiting the generality of the foregoing definition of Generally Applicable Law, the term “Generally Applicable Law” does not include any law, rule or regulation that is applicable to the Company solely because of the specific assets or business of the Company or any of its affiliates.

          We are admitted to practice as avocats in the Republic of France. Our opinion set forth below is limited to Generally Applicable Law as presently in force and currently applied in the Republic of France as of the date hereof, and we are expressing no opinion as to the effect of the laws of any other jurisdiction.

          Upon the basis of such examination, subject to any matter not disclosed to us by the parties concerned and subject to the board of directors taking such actions as shall be required to cause Shares to be issued under the twentieth resolution of the ordinary and extraordinary general meeting of the shareholders of the Company held on June 7, 2006, we advise you that, in our opinion, any Shares to be issued pursuant to the shareholders resolution referred to above, to the extent that they are:

— issued in compliance with the shareholders resolution referred to above, the board of directors decisions, the provisions of the relevant plan, the Statuts and the then applicable law, and

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— fully paid up in accordance with the shareholders resolution referred to above, the board of directors decisions and the provisions of the relevant plan,

will be validly issued, non-assessable and fully paid up.

          We understand that this opinion is to be used in connection with the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our name in the Registration Statement under the heading “Legal Matters”. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission promulgated thereunder.

Very truly yours,

/s/ SHEARMAN & STERLING LLP

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EX-23.1

Exhibit 23.1

          Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

          We consent to the incorporation by reference in the Registration Statement on Form S-8 pertaining to the 2006 Stock Plan of Business Objects S.A., of our reports dated March 10, 2006 with respect to the consolidated financial statements and schedule of Business Objects S.A. included in its Annual Report (Form 10-K) for the year ended December 31, 2005, and Business Objects S.A. management’s assessment of the effectiveness of internal control over financial reporting, and the effectiveness of internal control over financial reporting of Business Objects S.A., filed with the Securities and Exchange Commission.

/s/ ERNST & YOUNG LLP

San Jose, California
November 6, 2006