DER MITARBEITERKAPITALBETEILIGUNG-POLITIK IN EUROPA
Mit Ausnahme von Frankreich zielen die jüngsten
politischen Entscheidungen zur Mitarbeiterkapitalbeteiligung
in Europa auf einen Ausbau der steuerlichen
bereitet eine entsprechende Gesetzgebung
schwedische Regierung erwägt die Einführung
von Steuervergünstigungen für kleine und
mittlere Unternehmen ab 2018.
Irland sollen ebenfalls in 2018 neue Anreize
für Beteiligungsangebote kleiner und mittlerer
Unternehmen geschaffen werden.
Diese neuen Entwicklungen bestätigen den
seit 2013 zu beobachtenden positiven Trend:
Die jüngsten politischen Entscheidungen
für mehr Mitarbeiterkapitalbeteiligung in
Europa sind positiv.
increasing continuously since 1980, the number
of employee shareholders in Europe was slightly
declining from 2011, before stabilizing in 2015
Economic Survey of Employee Share Ownership in
European Countries in 2015).
was partly due to the impact of the European financial
crisis that erupted in 2008. However,
the impact of the policy decisions taken in European
countries was probably the most important factor
in this change.
is known that the mass development of employee
share ownership depends mainly on incentive policies
incentives are indispensable prerequisites for
the development of employee share ownership,
EFES, 2014). The
mass development of employee share ownership brings
better motivation, productivity, profitability,
higher growth, more and better jobs. This is good
for all. But it depends on policy will to initiate
the virtuous circle through appropriate fiscal
A recent study showed that the balance of fiscal
costs and benefits of the ESOP policy for the
US federal budget in 2015 was 2 billion $ compared
to 17, a gain of 15 billion $ (See The
Impact of Employee Ownership and ESOPs on Layoffs
and the Costs of Unemployment to the Federal Government,
2008, some European countries took negative decisions,
removing or decreasing fiscal incentives, which
led to a decline of the number of employee shareholders.
Some other European countries took the opposite
way, applying new or higher incentives, which
led to a higher number of employee shareholders.
2009-2012, France and Ireland reduced their fiscal
incentives, as well as Denmark, Greece and The
Netherlands, where all incentives were removed.
contrast, significant policy progress occurred
in the UK in 2014-2016, as well as in Spain, in
Hungary, in Austria (which doubled its fiscal
support on 1.1.2016), and in Romania. In
addition Denmark restored in July 2016 the incentives
that were removed in 2011.
is typical of the recent changes in European policies:
One of the first deeds of the new Danish Government
in 2011 (Ms Thorning-Schmidt, socialist) was to
remove all incentives. One of the first deeds
of the new Danish Government in 2016 (Lars Rasmussen,
conservative-liberal) is to restore them.
Vice-Prime Minister Morawiecki announced a long-term
plan in five points for the development of Poland,
including employee share ownership, and a new
Polish "Forum for Employee Ownership and
Domestic Capital Development" was set up
in April 2016.
these policy decisions in various European countries,
in a positive or a negative way, can be summarized
through a single dedicated tool. This is the reason
of the setting up of the EFES "Barometer
of employee share ownership policies in European