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EFES NEWSLETTER - JANUARY 2008
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Promising year 2008
A lot of things seem promising for a new political impulse
to employee ownership across Europe. Germany is going fast
to a new legislation, Austrian Government is working hard,
Prime Minister Jean-Claude Juncker of Luxemburg launched
a call some weeks ago, the new All Party Parliamentary Group
on Employee Ownership is in place in UK, some new Member
States seem opening doors, for instance Slovenia (going
to a new legislation for employee ownership in 2008), and
the next French Presidency of the European Union could be
a good opportunity.
Press
review
Much
new information about employee ownership in December
2007, with 1.059 articles in this press review (on which
361 involving stock options and 187 about workers'
cooperatives). We made a selection of 32 remarkable
articles in 10 countries: Austria, Belgium, Canada, Germany,
Spain, France, Latvia, UK, USA, South Africa.
The newspaper industry is facing a deep crisis. In
the USA, it is now finalized: Eight months after announcing
the proposed transaction, billionaire Sam Zell has assumed
control of the Tribune Company (21.000 employees,
a $8.2 billions deal), and an Employee Stock Ownership Plan
will own 100% of Tribune's shares. "It will become
the kind of flagship company that United Airlines was for
its years as an ESOP" says Corey Rosen, Executive Director
of the National Center for Employee Ownership.
France: At the same time, the crisis rebounds in
the French biggest newspaper Le Monde. After 6 months,
the new Directors resign, being in conflict with employee
owners. On the other hand, political debates are continuing
about stock options – We want "stock options for all",
Prime Minister François Fillon said.
Austria: Discussions about employee ownership, with
some good examples in wide Austrian companies, for instance
Voestalpine or Oberbank.
Germany: Going to a compromise between SPD and CDU
for a new legislation favouring employee ownership.
Latvia: Questions about possible employee ownership
schemes for Lattelecom privatization.
Spain: Many employee-owned companies (sociedades
laborales) found their origin in rescuing failing enterprises.
To face crisis seems easier for employee-owned companies.
United Kingdom: Revision of capital gains tax delayed.
It is feared that the Chancellor’s planned changes would
see a reduction in shared ownership.
The press review is available
on:
http://www.efesonline.org/PRESS
REVIEW/2007/December.htm
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 WHAT
ABOUT YOU?
This is how much an employee held in 2006, in average, in
shares of:
UBS 87.000 €
Total 47.000 €
Novartis 48.000 €
Mondragon 54.000 €
DeutscheBank 61.000 €
SocGen 38.000 €
BNPParibas 30.000 €
CréditAgricole 48.000 €
AXA 27.000 €
Bouygues 23.000 €
What's
new on EFES website?
EFES
NEWS distribution: 80.000
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