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Italian Post: Missed opportunity
The Italian government offered 40% of the shares of the Italian Post, on which 1.13% reserved for employees. Results of the IPO are very satisfactory for the Italian State, collecting 3.4 billion euros, with total demand exceeding 4 times the offer. Employees have received half of the reserved shares: 26,234 employees subscribed, less than 20% of all employees of the Italian Post. In an open letter, the CISL union had put forward its own draft collective ownership, combined with community representation of employees on the German model. The Italian Government did not want to go that way, nor did it choose for a real employee share ownership plan supported through fiscal incentives.  Yet will there be IPO bonuses for 12 top executives, up to half of their annual salary. Comparison: The British Government put Royal Mail on the stock market two years ago, while awarding a 10% stake for free to the 150,000 employees of the British Post.
The open letter of the CISL

Press review
We have a selection of 31 remarkable articles in 8 countries in October 2015: Austria, Finland, France, Germany, Italy, Spain, UK, USA.
Austria: Voestalpine celebrates the 20th anniversary of its IPO, 14.7% being held by employees.
Finland: Finnish personnel funds expand again, after fiscal incentives have been increased since 2011.
France: New employee share plan for Thales. The new legislation ("Loi Macron") comes back to higher tax incentives for free employee share awards. Some typical cases about employee-owned companies in France: Nice-Matin, La Redoute, Essilor, Cetil.
Germany: New employee shareholders association for Siemens. New study from the University of Göttingen on the impact of employee share ownership plans, using the example of Siemens.
Italy: IPO for Poste Italiane and a missed opportunity for employee share ownership in Italy.
Spain: The new law on employee-owned and participative companies. About half of Spanish listed companies have employee share plans. Sociedades laborales employee-owned companies in Valencia.
UK: New companies sold to Employee Ownership Trusts. The song of John Lewis.
USA: New companies turning to ESOP control. New report focusing on risks associated with retirement-based employee ownership. An American vision about the John Lewis model compared to  workers' cooperatives.

The full press review is available on:

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   With best regards



Marc Mathieu
Secretary General
Avenue Voltaire 135, B-1030 Brussels
Tel: +32 (0)2 242 64 30 - Fax: +32 (0)2 808 30 33
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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