EFES NEWSLETTER - NOVEMBER 2015
Post: Missed opportunity
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.
open letter of the CISL
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
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
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
political roadmap for employee ownership in Europe
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