EFES NEWSLETTER - OCTOBER 2016
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
A good example to make things even better in Paris!
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
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
Germany: Siemens' ambition to increase employee share
ownership. Growing interest for employee ownership in German
Italy: New employee share plan for Prysmian.
Netherlands: While more and more European countries
promote incentive policies for employee ownership, The Netherlands
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
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
The full press review is available
political roadmap for employee ownership in Europe
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