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The European Council of Finance Ministers calls for more employee ownership
European companies must give workers a bigger share of their soaring profit or risk igniting a “crisis in legitimacy” in the continent’s economic model, Germany’s finance minister warned on last Ecofin Council of Ministers. The idea of using initiatives, such as employee share ownership schemes, to increase the link between profit and worker benefits was discussed, the debate having even some “Thatcherite overtones” – a reference to the former British prime minister’s promotion of employee share ownership schemes. Here more information 

The CoCo Report: Work, Happiness and Employee Ownership
Companies where workers have a say in decisions and a stake in ownership are more productive because staff are happier, according to a new report in the UK. The study found absence levels were lower and workers were more committed in "co-owned" companies. The British Government was urged to introduce tax incentives to encourage the launch of more  co-owned companies. Download the full report 

First Investment Fund based on the employee share ownership index
In December, Euronext together with the French Federation of Employee Shareholders' Associations launched its Indice de l'Actionnariat Salarié (Employee Share Ownership Index). They launch now a first investment fund based on the index. Here more information

Strong differences between European companies
In former issues, we underlined the fact that employee ownership shows major differences between European companies in the bank sector, as well as in Transports and logistics. Let's see now how it is in the food industry, drinks, tobaccos and personal care products (see column on right side).

Press Review   
Much new information about employee ownership in February 2007, with 1.867 articles in our press review (on which 879 about stock options and 232 about workers' co-operatives).
We made a selection of 57 remarkable articles in 11 countries: Australia, Colombia,  France, Germany, India, Italy, Nigeria, South Africa, Sweden, United Kingdom, USA.
Scandals: Still many articles about scandals on backdating stock options as well as about executives' remuneration, golden handshakes, etc (similar scandals recently about  Goldman Sachs in the US, Printemps in France, Hardie's boss Hellicar in Australia).
France: Many questions about LBOs and the role of investment funds. Employee shareholders reinforce their position within Eiffage through a dedicated investment company.
Germany: Questions are still open about the new employee ownership model in  Rheinland-Pfälz's: Will it be also applied at German federal level?
India:  Hundreds articles in India and in the world's press about Indian Finance Minister's decision to bring employee stock options under taxation.
United Kingdom: News from Tower Colliery, the famous coal mine which turned workers' coop in 1995. Government was urged to introduce tax incentives to encourage the launch of more John Lewis-style co-owned companies (see "the CoCo Report").
United States: Hundreds news about employee-owned companies. Many articles about the Chicago billionaire Sam Zell to organize a buyout of some major newspapers (Chicago Tribune and others) with the participation of an employee stock ownership plan. Finally, some presentations about the new market way to value options, that the SEC approved last month.
South Africa: Astral Group was tackled on why share ownership schemes were still not in place for black employees. At the opposite, the new Anglo Inyosi Coal BEE transaction is ostensibly the broadest and deepest ever.

The press review is available on:

This is how much an employee holds, in average, in shares of:

AssocBritFoods  834 €
Nestle 449 €
KerryGroup  1.351 €
Unilever 209 €
Orkla  2.011 €
Unilever 1.609 €
Danisco 4.698 €
JeronimoMartins 11 €
Richemont  7.079 €
SwatchGroup 449 €
ChristianDior 4.503 €
GUSGroup 6.115 €
Lindt 10.244 €
Suedzucker 739 €
InBev 1.372 €
PernodRicard 39.416 €
Heineken  0 €
Diageo 14.259 €
SABMiller 2.384 €
CadSchweppes  6.481€
Scott&Newcastle  987 €
Carlsberg 25 €
Henkel 2.898 €
Wella 10.124 €
L'Oréal 6.838 €
ReckittBenckiser 7.971€
Essilor 25.738 €
Danone 4.064 €
Altadis 24.720 €
SwedishMatch  2.259 €
BritAmTobacco 3.734 €
ImpTobacco  4.710 €
GallaherGroup 3.163 €
UBS  87.000 €
Total 47.000 €
Novartis 48.000 €
Mondragon 54.000 €
DeutscheBank 61.000 €
SocGen 38.000 €
BNPParibas 30.000 €
CréditAgricole 48.000 €
AXA 27.000 €
Bouygues 23.000 €

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   With best regards


Marc Mathieu
Secretary General
Avenue Voltaire 135, B-1030 Brussels
Tel/fax: +32 (0)2 242 64 30
Web site:
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 in Europe.

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