EFES NEWSLETTER - JANUARY 2008
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Promising year 2008
A lot of things seem promising for a new political impulse
to employee ownership across Europe. Germany is going fast
to a new legislation, Austrian Government is working hard,
Prime Minister Jean-Claude Juncker of Luxemburg launched
a call some weeks ago, the new All Party Parliamentary Group
on Employee Ownership is in place in UK, some new Member
States seem opening doors, for instance Slovenia (going
to a new legislation for employee ownership in 2008), and
the next French Presidency of the European Union could be
a good opportunity.
new information about employee ownership in December
2007, with 1.059 articles in this press review (on which
361 involving stock options and 187 about workers'
cooperatives). We made a selection of 32 remarkable
articles in 10 countries: Austria, Belgium, Canada, Germany,
Spain, France, Latvia, UK, USA, South Africa.
The newspaper industry is facing a deep crisis. In
the USA, it is now finalized: Eight months after announcing
the proposed transaction, billionaire Sam Zell has assumed
control of the Tribune Company (21.000 employees,
a $8.2 billions deal), and an Employee Stock Ownership Plan
will own 100% of Tribune's shares. "It will become
the kind of flagship company that United Airlines was for
its years as an ESOP" says Corey Rosen, Executive Director
of the National Center for Employee Ownership.
France: At the same time, the crisis rebounds in
the French biggest newspaper Le Monde. After 6 months,
the new Directors resign, being in conflict with employee
owners. On the other hand, political debates are continuing
about stock options – We want "stock options for all",
Prime Minister François Fillon said.
Austria: Discussions about employee ownership, with
some good examples in wide Austrian companies, for instance
Voestalpine or Oberbank.
Germany: Going to a compromise between SPD and CDU
for a new legislation favouring employee ownership.
Latvia: Questions about possible employee ownership
schemes for Lattelecom privatization.
Spain: Many employee-owned companies (sociedades
laborales) found their origin in rescuing failing enterprises.
To face crisis seems easier for employee-owned companies.
United Kingdom: Revision of capital gains tax delayed.
It is feared that the Chancellor’s planned changes would
see a reduction in shared ownership.
The press review is available
This is how much an employee held in 2006, in average, in
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 €
new on EFES website?
NEWS distribution: 80.000