| EFES NEWSLETTER - MAY 2015
 
                    
                      | Fiscal 
                        policies for employee share ownership |  
                    
                      | This 
                        is the map of European countries encouraging employee 
                        share ownership. In blue, the 12 European countries supporting 
                        employee share ownership through significant fiscal incentives. 
                        This is a minority of Member States in the European Union. 
                        However, this minority of 12 Member States of the EU represents 
                        the lion's share when considering European listed companies, 
                        stock market capitalization and employee share ownership: 
                        72% of all European listed companies, with 72% of employees, 
                        77% of the stock market capitalization, 83% of employee 
                        shareholders. See 
                        details in our new publication about "Employee 
                        Share Ownership for Building the Capital Markets Union". |  |  
 
                    
                      |  | The 
                        European Commission launched a Green Book and a public 
                        consultation on "building a Capital Markets Union". It is remarkable that, together with the European Federation 
                        of Employee Share Ownership, several major organizations 
                        representing the full range of private actors of the Capital 
                        Markets Union converge on analysis and proposals about 
                        employee share ownership in Europe, as:
  EuropeanIssuers
  The European Private 
                        Equity & Venture Capital Association
  The Federation of 
                        European Securities Exchanges
  Better Finance, the 
                        European Federation of Investors and Financial Services 
                        Users.
 Details
 
 |  Press 
                    reviewWe have a selection of 24 remarkable articles in 5 countries 
                    in April 2015: France, Netherlands, Poland, UK, USA.
 France: Dispute about employee share ownership for 
                    Charlie Hebdo. "Macron Law" will reintroduce fiscal 
                    incentives for some employee share schemes. Employee ownership 
                    buy-out for La Redoute. Possible impacts of double voting 
                    rights on employee share ownership in France.
 Netherlands: Why fiscal incentives for employee share 
                    ownership don't exist in The Netherlands.
 Poland: Employee share ownership for Szczecin Harbour 
                    workers.
 UK: Tullis Russel collapse; the company was Scotland's 
                    largest employee-owned business.
 USA: New ESOP bill introduced in the US House of Representatives 
                    to encourage the creation of ESOPs. A set of new ESOP companies 
                    in April. What is an ESOP and how does it work.
 The full press review is available 
                    on:http://www.efesonline.org/PRESS 
                    REVIEW/2015/April.htm
 |  A 
                    political roadmap for employee ownership in Europe 
 
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