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EFES NEWSLETTER - JULIO 2011
New research on the impact of employee ownership
A new research in the USA on the impact of employee
ownership is the largest study ever on the connections among
various forms of shared capitalism, organizational culture,
and company performance. On the other hand, an important
collection of essays edited by
the economists Richard Freeman, Joseph Blasi and Douglas
Kruse and published last year by the National Bureau of
Economic Research documents several crucial points: About
half of all private-sector workers already have some kind
of sharing arrangement with their employers; sharing tends
to make employees happier, more productive and better off,
as long as they do not take on too much risk by over-investing
in the company they work for, and companies often benefit
as well, showing improved performance along several different
dimensions. In addition, a large sample of publicly traded
companies in the United States from 1999 to 2008, offers
evidence that companies with employee ownership showed greater
employment stability in face of economic downturn. Read
more
Press review
Much new information about employee ownership in May/June
2011, with 1.456 articles in this press review (on which
423 involving stock options and 408 about workers' cooperatives).
We made a selection of 51 remarkable articles in 11 countries:
Argentina, France, Germany, India, Italy, Pakistan, Poland,
Spain, Switzerland, UK, USA.
Argentina:
A new legislation for recuperated enterprises.
France:
A new study reveals the new impulse given to employee share
ownership in most largest French companies in 2010. French
barometer of employee savings: New highs in 2010. Takeover
of Sagemcom (30% employee-owned). French articles about
Huawei (employee-owned Chinese company) and about John Lewis
Partnership in the UK. New employee share plan for Vallourec.
Some rescued enterprises as workers cooperatives. Proposals
about employee buyouts.
Germany:
A case of employee ownership in a non-listed French company
Pentalog Group employing 600 people in France, Germany,
Rumania, Vietnam and other countries.
India:
All about ESOPs.
Italy: Hard debates about employee ownership and
corporate governance in Banca Popolare di Milano.
Pakistan:
The point on the privatisation programme and its Benazir
Employees Stock Option Scheme.
Poland:
New collective work agreement in the coal industry, including
wage increase and employee shares in the newly privatised
company JSW.
Spain:
The Valencia Federation of Workers Cooperatives asks for
more support.
Switzerland:
New tax legislation for employee share plans.
UK:
Employee ownership is "the way of the future"
for public services says Francis Maude, Minister of the
Cabinet Office. However, there appears to be broad political
agreement on employee ownership matters but still little
evidence that anything is being done about it. Scotland:
Employee ownership as a way to embed businesses in their
communities by locking in ownership. Cooperative Development
Scotland celebrates record year. Profits return to the employee-owned
paper company Tullis Russell as sales rise. Glencore case:
Providing share incentives for employees should be a priority
for every company eyeing an IPO.
USA:
The 2011 ESOP company of the year has been selected by the
ESOP Association. A new research on the impact of employee
ownership represents the largest study ever on the connections
among various forms of shared capitalism, organizational
culture, and company performance. On the other hand, there
are many possible employee ownership structures. Increasingly,
closely held business owners are turning to employee stock
ownership plans to create liquidity from their businesses,
as a flexible business succession tool.
La
revista de prensa esta disponible en:
http://www.efesonline.org/PRESS
REVIEW/2011/June.htm
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