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EFES NEWSLETTER - JUNE 2010
Encouraging
times for employee ownership in Europe
The
French annual survey about employee savings was just published:
Employee savings rebounded in 2009. The new British annual
survey 2009 came at the same time: Share schemes popularity
booms in the UK. There's been a big increase in share ownership
through employee savings schemes. The EFES' own Annual Economic
Survey 2009 confirms for all European countries. On the
other hand, social partners are preparing a new opinion
about employee financial participation in the framework
of the European Economic and Social Committee. Read
more
European
conferences in Rome and in Brussels
Two major European conferences will be held in Rome
on September 16-17 and in Brussels on November 26, 2010.
The conference in Rome is about "Exercising employee
shareholders' rights in European companies". The conference
in Brussels will be part of the programme of the Belgian
Presidency of the European Union – "Ten years of public
policies for employee ownership in Europe – past, present,
future". Read
more
Press
review
Much new information about employee ownership in May
2010, with 1.772 articles in this press review (on which
768 involving stock options and 441 about workers' cooperatives).
We made a selection of 47 remarkable articles in 12 countries:
France, Germany, Ireland, Italy, Korea, Morocco, Pakistan,
Poland, Spain, UK, USA, South Africa.
France:
Annual survey of employee savings in 2009: Employee savings
rebounded (+19%), in 230.000 companies (+9%) and for 75%
of all employees. New employee share plans for GDF Suez
and for Nexans. Some typical cases in SME's: From a one-man
business in 1999 to a workers' coop for Gérard Louvel in
2010. Bourgeois was insolvent in the eighties – it was relaunched
as a workers coop and it is now 70% employee-owned.
Germany:
Some cases in SME's: After insolvency, a new start for Escoart
as an employee-owned company. Grünbeck originates from a
one-man business in 1949 – it has now gained a leading position
in the water treatment business and it is employee-owned.
Ireland:
There is a “real possibility” that Eircom could collapse
within six months, a representative of the Communications
Workers Union has claimed. The Employee Share Ownership
Plan (Esop), whose beneficiaries include members of the
union, owns 35 per cent of the company.
Korea:
Livart was spun off from Koryo Industrial Development, becoming
an Employee Stock Ownership Plan (ESOP) company in June
1999.
Morocco:
New legislation for workers coops.
Pakistan:
Around 400 employees of Pakistan National Shipping Corporation
will benefit from the Benazir Employees Stock Options Scheme
(BESOS), which envisages giving away 12 per cent government
shareholding to the employees.
Poland:
Centrum Hotel will be privatized, 15% being reserved for
employees. The blockage period comes to en end for employee
shares of the Polish Oil and Gas Company PGNiG.
Spain:
Employment is increasing in workers' coops (+10% in Andalucia).
UK:
Employees at Preston Bus have been included in a shortlist
of potential buyers for the firm. The new coalition's programme
for government announces new opportunities for employee
ownership. Annual survey 2009: There's been a big increase
in share ownership through employee savings schemes in the
UK. However, the coalition government has proposed increasing
the rate of Capital Gains Tax (CGT) to bring it more in
line with income-tax rates. New opportunities for employee
ownership or new taxes? - That's the question.
USA:
Congressmen Boustany and Pomeroy announce the introduction
of the ESOP Promotion and Improvement Act of 2010. This
bipartisan bill is an important step to broaden employee
ownership in the U.S. Some typical cases in SME's. South
Mountain Company was restructured in 1987, from a sole proprietorship
to an employee owned corporation, through an ESOP. Environmental
firm Cadmus is now 100% employee owned.
The full press review is available
on:
http://www.efesonline.org/PRESS
REVIEW/2010/May.htm
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political roadmap for employee ownership in Europe
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