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EFES NEWSLETTER - FEBRUARY 2015
Divorce
Assets held by European employees in shares of their company
increased to 301 billion Euro in 2014, a new record. However,
for the third consecutive year in 2014, the number of employee
shareholders decreased in Europe. This is clearly related
to the regressive fiscal policies in many European countries.
In contrast, the UK chose to double the fiscal incentives
for employee share ownership, considering it is a key element
of recovery and an investment for the future. Lower incentives
have a clear consequence in continental Europe: The democratization
of employee share ownership regresses, leading to wealth concentration
in the richest hands. The following graph shows how dramatic
is the divorce between continental Europe and the UK. While
30% of employees held shares of their company last year in
the UK (the highest rate since the statistic exists), a sharp
drop below 24% can be observed on the continent. More
information
Press review
We have a selection of 43 remarkable articles in 11 countries
in January 2015: Australia, Austria, China, Finland, France,
Germany, Italy, Slovenia, Spain, UK, USA.
Australia: New legislation will replicate key aspects
of the British regime that seeks to encourage stock options
in small companies and start-ups.
Austria: An employee ownership foundation for the Austrian
Post?
China: Employee share ownership plans are widely seen
as important mechanisms in reforming China's state-owned enterprises.
Finland: Due to new fiscal incentives, employee share
funds increased more in 2014 than during the five preceding
years.
France: Successful new plans for GDF Suez, for Cap
Gemini, for Peugeot. MBO/EBO for Movitex. The new legislation
will ensure better governance of employee share funds. Workers
co-operatives in France: Global picture and some particular
cases. First election of the Supervisory Board for Cap'Orange.
Germany: Employee shareholders refuse the discharge
to Siemens Supervisory Board.
Italy: New employee shareholders association for Banca
Carige. Workers Buyouts in Italy.
Slovenia: Minister of Economic Development promotes
employee ownership.
Spain: Paving the way for the development of employee
share ownership in Spain.
UK: Employee Ownership Trust (EOT) was introduced by
the Finance Act in April this year as an innovative way of
encouraging businesses to become employee owned through enhanced
tax benefits. Circle was founded as a part-employee owned
business in 2004, but its image was damaged last September.
Why every company should offer their workers a save-as-you-earn
share plan.
USA: Is an ESOP a good idea? Numerous new ESOP companies.
The full press review is available
on:
http://www.efesonline.org/PRESS
REVIEW/2015/January.htm
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