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EFES NEWSLETTER - DECEMBER 2011
Employee
share ownership and the EU corporate governance framework
In 2011, the European Commission published a Green Paper
and they organized a public consultation about the EU Corporate
Governance Framework. Question 23 was about employee ownership:
"Are there measures to be taken, and is so, which ones,
to promote at EU level employee share ownership?" Many
companies, enterprises organizations, unions, organizations
of the civil society and public authorities answered the
consultation. About employee share ownership, the Commission
received 252 answers from 34 countries. It is remarkable
that answers are globally positive. In fact, the global
quote is positive at 65%. However, it is sad that the question
was ambiguous: Many people answered positively, supporting
the idea that employee ownership should be promoted by the
EU, while others gave negative answers fearing that the
EU could restrict their freedom in the field (for example,
most Swedish companies gave the same hard negative answer).
More information
Curriculum
Library on Employee Ownership (CLEO)
CLEO, is the largest online academic repository of teaching
and background materials on employee ownership. CLEO offers
over 500 materials (e.g., books, articles, cases, teaching
modules, etc.) to help with research and teaching on a broad
range of topics on employee ownership; more recent newly
developed works and educational cases, syllabi, and curriculum;
teaching modules and reading collections with suggested
relevant materials. More information
Press
review
Much new information about employee ownership in November
2011, with 1.649 articles in this press review (on which
489 involving stock options and 531 about workers' cooperatives).
We made a selection of 46 remarkable articles in 10 countries:
France, Guyana, India, Italy, Japan, Morocco, South Africa,
UK, USA, Zimbabwe.
France: Statistics show that employee savings and
employee share ownership are at their highest in 2011. Difficult
way for unions' proposal of a workers cooperative for rescuing
SeaFrance. Coming employee share plan for La Poste. A number
of typical cases in French workers coops and SMEs.
India: Employee stock option plans (ESOPs) versus
employee stock purchase plans (ESPPs).
Italy:
Banco Popolare di Milano's share issue falls short of target.
Japan: Among Tokyo Electric Power Co.’s biggest shareholders,
only one increased its holdings in the utility that faces
massive liabilities after the Fukushima disaster: Its employees.
Morocco: New employee share plans for Managem Group.
South
Africa: Miners' union: Black employee ownership still
too low. Cabinet approves changes to black empowerment act:
Greater incentives for genuine broad-based ownership, such
as employee share ownership. 6.000 worker shareholders become
half millionaires overnight.
UK:
Circle Health – the 'social enterprise' run by the world's
hardest hedge fund managers. The UK Employee Ownership Index
(EOI) is published by the Equity Incentives team at law
firm, Field Fisher Waterhouse.
USA:
Some new sales of companies to employees through employee
stock ownership plans (ESOPs). SAIC (formerly employee-owned,
and now public) searches for new leadership. The last big
employee-owned newspaper was sold to Warren Buffet: The
company's ESOP employee-ownership structure was too restrictive
and had forced the newspaper to repurchase stock from departing
employees.
Zimbabwe: Nationalising critical mineral resources
through indigenisation programme and employee share ownership
schemes.
The full press review is available
on:
http://www.efesonline.org/PRESS
REVIEW/2011/November.htm
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A
political roadmap for employee ownership in Europe
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