EFES NEWSLETTER - MARZO 2018
new "Annual Economic Survey of Employee Share
Ownership in European Countries" was released
on March 8.
in partnership with
año récord para el accionariado asalariado en Europa
is a new record year for employee share ownership
in Europe, with nearly 400 billion Euro held by employees
in their company or 3.20%. 86.6% of all large European
companies have employee share plans. Their number
increased by 3 to 4% on average each year since 2006,
a solid growth. The rise is back for the number of
employee shareholders, with 7.5 million people in
large European companies. By adding one million employee
shareholders in SMEs, the total figure reaches 8.5
million. And the decline in the democratization rate
of employee share ownership has been stopped, a remarkable
result due to the positive policy choices made in
In addition, the imbalance
ceased to widen between European countries.
the crisis, some European countries (including the
UK) had chosen for stronger incentive policies, promoting
employee share ownership and long term savings as
an investment for the future. Instead of that, some
other countries (including France) had chosen to reduce
public spending and to support household consumption,
while incentives for long term savings and for employee
share ownership were sacrificed. This had a strong
impact on the democratization rate of employee share
ownership in Europe.
the negative phase from 2009 to 2013, policy decisions
are positive again in most European countries. The
democratization rate stabilized in Europe and both
in the UK and on the continent.
rebound can even be observed in France following the
"Macron Law", with 37% of all employees holding shares
in large French companies in 2017. This illustrates
the high elasticity of employee share ownership to
fiscal incentives in France.
We have a selection of 22 remarkable articles in 7 countries
in February 2018: France, Germany, Hungary, Italy, Morocco,
France: French Governments confirms the will to boost
employee share ownership policy. New employee share plan
for Engie. Good and bad days for workers cooperatives in
Germany: Cewe Group: 81% of employee shareholders
amongst 3.500 employees. Germany remains dramatically reluctant
to equity investments.
Hungary: Herend Porcelain Manufactory is still a
leading figure of employee share ownership in Hungary.
Italy: Assonline is the employee shareholders association
of Italiaonline Group.
Morocco: Employee share plan for Airbus.
UK: Jerba Campervans sold to an Employee Ownership
USA: Numerous new firms turning to ESOPs. New Belgium
will cut 4% of its workforce. ESOP companies go bankrupt
much less often than non-ESOP companies, - unfortunately,
Appvion is not one of them. Beneficiaries of employee share
plans call for financial wellness programs — which would
provide education, tools and resources to help with their
overall financial health.
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