EFES NEWSLETTER - NOVIEMBRE 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 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.
revista de prensa esta disponible en:
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