EFES NEWSLETTER - MARCH 2008
– USA and the hedge funds
USA: Some days ago, we got the "Statistical
Profile of Employee Ownership" from the National Center
for Employee Ownership in the USA. Employee Stock Ownership
Plans (ESOPs) are the most popular employee ownership scheme
in the US – they have now 9.774 ESOPs, with 11.2 millions
employee owners, holding 630 billions Euro in assets. Looking
at all other employee ownership schemes besides ESOPs, they
have some 25 millions employee owners, holding more than
1.000 billions Euro in assets.
Europe: Considering the 2.500 largest European companies,
we have now 8.2 millions employee owners across Europe,
holding 260 billions Euro (see our first "Annual Economic
Survey of Employee Ownership" will be soon made public).
Europe and USA: Employee owners hold now some 1.260
billions Euro, quite similar to the global capitalisation
of all hedge funds across the world in 2007 (US$ 1.700 billions
= 1.160 billions Euro).
New legislation in Slovenia
On February 29, the Slovenian Parliament voted a new
legislation for employee share ownership and financial participation.
This is a first major change in the new Member States of
the European Union. Most of them promoted employee ownership
when they privatised, 15 years ago, but nothing was done
to support employee ownership in the longer term. Hence
this strange situation, employee share ownership expanding
in the first 15 countries of the European Union, while declining
in the new ones.
Brussels, 23 May 2008 – Seventh European Meeting of Employee
Employee ownership is developing faster and stronger across
Europe than anyone could expect. This is the main conclusion
of the first "Annual Economic Survey of Employee Ownership
in the European Countries" which will be made public
during the Seventh European Meeting of Employee Ownership.
Also at the agenda: Political roundtable with high representatives
of Slovenia, Germany, Austria, France, UK, Spain and others.
And the ranking of the European Employee Ownership Top 100
companies in 2007. Would
you like to attend – get detailed information here
new information about employee ownership in February
2008, with 1.436 articles in this press review (on which
683 involving stock options and 212 about workers'
cooperatives). We made a selection of 39 remarkable
articles in 11 countries: Canada, Germany, Spain, France,
Ireland, Italy, Mali, Senegal, Sri Lanka, UK, USA.
Germany: 73% of companies call for more employee
Spain: The legislation for employee-owned companies
(sociedades laborales) will be renewed.
Contradictions. Government will develop employee financial
participation in SMEs, while President Sarkozy will unblock
employee savings to boost the private consumption. French
business organisation MEDEF will organize a "Tour
de France" to promote employee share ownership.
Some typical cases: France Telecom, Société Générale, Essilor,
Employee share ownership has to face strategic choices for
Eircom. State-owned gas supplier Bord Gais's 900 workers
have voted overwhelmingly in favour of setting up an Employee
Share Ownership Plan (ESOP).
Employee share ownership seems still absent from political
debates, so compared to many other European countries, Italy
seems becoming marginalized.
Kingdom: Still questions about the new Capital Gains
Tax: will employee share ownership be damaged or not? According
to David Erdal of The Baxi Partnership Ltd, employees in
employee-owned businesses whistle on their way home from
Employee Stock Ownership Plans get more and more attention.
Full pages of articles in the Wall Street Journal and
a related Web page with a terrific podcast of interviews.
"Diversification is definitely an issue ESOPs have
to think about and educate their employees about,"
says Michael Keeling, president of the ESOP Association.
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: 85.000