SURVEY OF EMPLOYEE SHARE OWNERSHIP
IN EUROPEAN COUNTRIES IN 2020
main findings of census 2020
more than 100 tables and graphs
democratization rate in various countries
list of all most remarkable companies
ordinary employees and top executives
employee representation on boards
discrimination in voting rights
and much more
exhaustive picture based on the EFES database
(the 2.750 European companies gathering 95%
of employment in all European listed companies).
in partnership with
progression in Europe
new Annual Economic Survey of Employee Share
Ownership in 2020 reveals a new progression
towards employee share ownership in Europe
last year, even during this new crisis.
upward trend in the number of employee shareholders
continues, with 7.1 million people in large
companies (Graph 1). If we add one million
employee shareholders in SMEs, the total number
in Europe reaches 8.1 million.
Together they held 310 billion Euro in May
2020, down from 350 billion a year earlier.
This was the first shock of the pandemic crisis.
Since then, however, many perspectives have
changed and at the beginning of 2021, European
employees hold 420 billion Euro in shares
in their companies, a record figure never
The development of employee share ownership
has continued in large European companies
in 2020. More and more of them are organizing
employee share plans. In 2020, 94% of all
large European companies had employee share
ownership, on which 88% had employee share
plans of all kinds, while 53% had "broad-based"
plans for all employees, and 60% had stock
option plans. Finally, 29% of all large European
companies launched new employee share plans,
a proportion that tends to increase from year
The pandemic crisis is far from being the
first crisis experienced by European employee
share ownership. For the more than 50 years
that employee share plans have been tested
in large European companies, crises of all
kinds have occurred repeatedly. Each time,
the scenario of malicious interpretations
and warnings is the same: "we told you
so", "it's far too risky",
"this time it's done, employee share
ownership is dead". Yet the facts are
there: For more than 50 years, European employee
share ownership has not ceased to confound
the naysayers. The more employee ownership
spreads, the more it is supported.
Yet employee share ownership is in danger within
Europe. It is becoming less and less democratic.
The fall in the democratisation rate of employee
share ownership has been dramatic over the last
ten years (Graph 2), and this affects all European
countries, with the notable exception of the UK.
This fall is mainly linked to the relocation trend
of large European companies. In the context of rapid
relocation and lack of tax harmony, it is increasingly
difficult for companies to export their employee
share plans outside their home country.
pour ce rapport très clair et complet !"
what a great work. Congratulations. That's
very helpful for our activities!"
vi invio la mia tesi magistrale sull'azionariato
dei dipendenti in Italia e vi ringrazio perché
dal vostro lavoro ho potuto prendere spunti
thanks to you and your hard work, and your
wonderful reports - I am an associate professor
now, so thank you very much for your help.
Now I am preparing this version in English,
so I try to put the most recent data."
really great work! Congratulations and thank
you. I think the survey is very helpful for
the discussion here in Germany. We will publish
it on our homepage and distribute the paper
in our network. Best wishes"
pour ce travail récurrent si précieux !"
work ! Thanks and congratulation".
sommes en phase de finalisation du texte concernant
une saisine au CESE en France. Votre publication
pourrait nous être fort utile."
gracias por la información y felicitaciones..."
"I would be very eager to update my analysis
based on new data."
you provide data on individual companies,
e.g. in an excel spread sheet, so we can see
which companies have stock options? This would
be very useful for our statistical analysis."
votre soutien précieux, en m'aidant à constituer
la base de données statistiques ayant permis
la réalisation des deux études quantitatives
longitudinales de l'impact de l'actionnariat
salarié sur la performance des grandes entreprises
françaises cotées, ma thèse n'aurait pas pu
voir le jour."
of European companies
The data are
available for analysing companies, for benchmarking,
for market research, as well as for research work
and teaching, and for macroeconomic analysis. The
database gathers economic and financial information
about employee ownership in the 2.750 largest European
companies, including listed and non-listed companies.
European Employee Ownership Top 100
European Employee Ownership TOP 100 is designed
with respect to two rankings of Europe's largest
companies, considering employee ownership. In the
EUROCAP100 ranking, companies are ranked by equity
held by employees, in million Euro. In the EUROEMP100
ranking, companies that are 50% or more employee-owned
are ranked by number of employees. Both rankings
are published in the Economic Survey.
Each European country can easily be compared to
others through a specific country file, using a
set of 10 graphs, using fully comparable information,
information and contact
EFES - EUROPEAN
FEDERATION OF EMPLOYEE SHARE OWNERSHIP
FEAS - FEDERATION EUROPEENNE DE L'ACTIONNARIAT SALARIE
Avenue Voltaire 135, B-1030 Brussels
Tel: +32 (0)2 242 64 30 - Fax: +32 (0)2 791 96 00
Web site: www.efesonline.org
EFES' objective is to act as the umbrella organization
of employee owners, companies and all persons, trade
unions, experts, researchers, institutions looking
to promote employee ownership and participation