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All is well in Paris
It is true that France is still number one for employee share ownership in Europe. All things are fine in Paris, my fair lady.
However, what a drop since 2011! The democratization rate of employee ownership fell from 45 to 37% and the number of employee owners in France returned to 3 million (instead of 4 million if policies hadn't been changed).
The imposition of a specific tax on employee share plans ("forfait social") had a disastrous effect. Not only in France but also by imitation in several other European countries. Denmark is exemplary, which removed all fiscal incentives for employee share plans in 2011 (with a new social democratic government) to restore them fully in 2016 (with a new conservative-liberal government).
A good example to make things even better in Paris! More information

Risk and performance of employee share ownership in France
ERES Group publishes outstanding results based on the analysis of all broad-based† employee share plans in large French companies since 2006. After 5 years, employees having subscribed to an employee share offering between 2006 and 2010 were winners in 82% of cases (with the dividend, the discount and the average employer contribution of 50%) while ordinary shareholders would be winners in 60% of cases. What confirms that employee ownership is to be ranked into the category of "good risks". More information

Press review
We have a selection of 38 remarkable articles in 10 countries in September 2016: China, France, Germany, Italy, Netherlands, New Zealand, Poland, Spain, UK, USA.
China: Employee share ownership under Central Commission for Discipline Inspection.
France: Eres Group's analysis of employee share plans in large French companies. New employee share plans for Michelin, for Valeo. New ambitious plan to increase employee share ownership at Essilor.
Germany: Siemens' ambition to increase employee share ownership. Growing interest for employee ownership in German SMEs.
Italy: New employee share plan for Prysmian.
Netherlands: While more and more European countries promote incentive policies for employee ownership, The Netherlands don't.
New Zealand: Drafting ESOPs in Asia.
Poland: The 26th Economic Forum of Krynica opened doors for a legislation in Poland.
Spain: Employee-owned sociedades laborales facing crucial questions.
UK: New firm turning to the Employee Ownership Trust scheme in Scotland.
USA: A new set of remarkable research works about employee share ownership and corporate performance. New firms turning to employee ownership. When workers own shares of their companiesí stock, business is better, pay is higher, and job satisfaction soars.

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 share ownership and participation in Europe.

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