EFES NEWSLETTER - MARZO 2014
whole information about employee ownership
and employee share plans, top executives
common employees in European companies,
corporate governance and profit-sharing,
representation on boards and discrimination
employee shareholders' voting rights, and
comparison between listed companies and
listed employee-owned companies.
150 pages, 100 tables and graphs.
in voting rights
There is no discrimination for or against employee shareholders'
voting rights in most European countries. However, significant
discrimination can be observed in six countries. Employee
shareholders' voting rights are generally multiplied in
France due to the fact that shares enjoy a double voting
right when held for at least two years. At the contrary,
employee shareholders' voting rights suffer negative discrimination
in five other countries: Denmark, Germany, Finland, Sweden
and The Netherlands. Typical cases there are companies issuing
two classes of shares, A-shares with 10 votes and B-shares
with 1 vote. Controlling owners hold high voting shares
but employee share plans are based on low voting ones. This
way, employee shareholders' voting rights are severely discriminated,
in up to 45% of large companies in Sweden. More
We have a selection of 35 remarkable articles in 9 countries
in February 2014: Australia, France, Germany, Ireland, Italy,
Spain, UK, USA, Zimbabwe.
Australia: Deloitte recommends changes to tax rules
to make share schemes easier for SMEs.
France: Amundi announces the results of its annual
barometer of employee share ownership. Workers cooperatives
for business transmission. Twelve recommendations of the
French Institute of Directors about employee representation
Germany: New employee share plan for Siemens. CEO
Joe Kaeser calls for higher tax incentives for employee
share ownership in Germany.
Ireland: A windfall for employee shareholders in
Italy: Agreement between Banca MPS and employee shareholders'
associations. The EFES welcomes the new Italian Government.
Spain: The crisis of Mondragon, in search for new
strategy. New employee share plan for Gas Natural Fenosa.
New dedicated investment fund for employee-owned companies
in the Basque Country. Isofoton could be rescued as a sociedad
UK: Swedish Handelsbanken frustrated by tax treatment
of its share scheme in the UK. Philip Baxendale was a prominent
figure of employee ownership in the UK. For the EOA, employee
ownership creates emotional buy-in.
USA: ESOPs are a tax-efficient way to reward employees
and provide liquidity for shareholders. The difference between
an ESOP and a human being shareholder is that the ESOP pays
no taxes. The 1974 ESOP law and later amendments were designed
to encourage employee ownership thanks to high tax benefits.
Zimbabwe: Employee Share Ownership Trusts are part
of the indigenization policy.
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