EFES NEWSLETTER - MAYO 2014
It is usually considered in large European companies
that employee share ownership has to be developed, leading
to better performances and better governance. Top Executives
are commonly the first employees to be encouraged in this
way. More and more companies have "shareholding guidelines",
requiring Top Executives to hold up to 100-300% of their
annual salary in shares of the company, so as to align employees'
and shareholders' interests. The 2.200 largest European
companies employ some 8.800 Top Executives, each of them
owning 13 million Euro on average in shares of his company.
77% of all large European companies are fully transparent
about this (see graph). However, the lack of transparency
is flagrant in a number of European countries: Greece, Luxemburg,
Austria, Belgium, Germany and some others. A detailed chapter
about this can be found in the European Survey of Employee
Ownership in 2013. More
We have a selection of 33 remarkable articles in 7 countries
in April 2014: France, Germany, Italy, Poland, Spain, UK,
France: Steria and Sopra groups going to merge with
the support of employee shareholders. New employee share
plan for Atos. The French Federation of Employee Shareholders'
Associations calls to go back to higher fiscal incentives.
Successful employee buyouts as workers cooperatives.
Germany: Compared to other European countries, employee
share ownership is still weak in Germany.
Italy: Missed opportunity for employee share ownership
in Banca MPS. Telecom Italia should increase the employees'
stake to 3-4%.
Poland: HSW employees invited to sell their shares
Spain: New employee share plan for Telefonicá.
Waitrose has released an advert highlighting the company's
employee ownership structure and the benefits of its ethos
to customers. The brave new world of “simplified” employee
USA: ESOP miracles. The most popular strategy in
the United States for building employee ownership is called
the Employee Stock Ownership Plan (ESOP). The tax advantages
are pretty overwhelming.
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