EFES NEWSLETTER - OCTOBRE 2015
share ownership is not a cuckoo
dangerous and irritating situation is occurring about
employee share ownership within the OECD. The OECD suggests
that ESOPs and employee share ownership should be discouraged
because putting all employees' eggs in the same basket,
especially considering pension savings. The principle
of diversification applies to employee share ownership
as to any other financial investment. It is illustrated
by the aphorism "do not put all eggs in one basket."
However, employee share ownership is not just a financial
investment. It also has the character of an industrial
investment. This character is most evident when the
employees' stake reaches 100% of the company's capital,
which is the typical case of employee share ownership
in SMEs. However, it is also present, although more
incidentally, to the minority employee share ownership
in large companies.
If the aphorism of eggs and basket frequently applies
to the diversification of financial investments, another
aphorism applies better to industrial investment: "The
bird lays all eggs in the same nest". Among the
few exceptions, the example of the cuckoo is well known.
It must be said: Employee share ownership is not a cuckoo.
We have a selection of 24 remarkable articles in 6 countries
in September 2015: China, Finland, France, Spain, UK, USA.
China: Stock prices downturn turns stock ownership
plan sour for employees.
Finland: Survey of Finnish personnel funds - the
most typical employee share scheme in Finland.
France: New employee share plan for Technip, for
Veolia, for Spie. The new legislation ("Loi Macron")
comes back to higher tax incentives for free employee share
awards. French Government promotes workers' cooperatives.
The French Federation of Employee Shareholders' Associations
publishes its 6th annual survey.
Spain: Main changes in the new legislation on employee-owned
and participative companies.
UK: John Lewis Partnership profits tumble. Leading
coach holiday operator Alfa Travel is now employee-owned.
USA: SeaDek Marine has announced that they have become
an employee-owned company.
Results from the 24th Annual Economic Performance Survey
of ESOP (employee stock ownership plan) companies show that
ESOPs continue to see increased economic growth. The philosophy
behind an Employee Stock Ownership Plan (ESOP) has three
parts, according to ESOP advisors: broaden ownership of
capital, create financial security and incentives, and urge
better employee productivity.
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