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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".

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.

Press review
We 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:

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A political roadmap for employee ownership in Europe

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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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