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EFES NEWSLETTER - DECEMBER 2021
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It
begins in Denmark.
Under the spectre of the financial crisis, one of the
first acts of the new Danish government in 2011 (Helle
Thorning-Schmidt, social democrat) was to stop all incentives
for employee ownership. Five years later, in 2016, one
of the first acts of the new Danish government (Lars
Rasmussen, liberal conservatives) was to restore these
incentives as they were.
But there was nothing to be done. Fatal political instability.
Reinvestment in new employee share plans did not take
place, companies did not return to it.
Today, Denmark is once again led by a social democratic
government. It dreams of promoting “democratic” companies.
And now there’s Norway.
It is not the best-placed country in Europe for the
development of employee share ownership, with 40,000
employee shareholders, accounting for only 10% of the
total workforce of large companies. To catch up, the
Norwegian government decided to increase incentives
for employee share plans in 2021.
But then there were elections. New social democratic
government. Surprise, surprise: The project changed.
The aim now is to abolish all tax incentives for employee
share ownership, which is seen as a source of inequality.
Nonetheless, it has long been established that employee
ownership benefits not only the direct beneficiaries
and the companies, but also the all-round quality of
life for the general population.
In the Norwegian press, the arguments for and against
clash with each other, with organisations and unions
divided.
See
the press review
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Press
review
We
have a selection of 33 remarkable articles in 8 countries
in November 2021: Australia, France, Germany, Italy, Norway,
Rwanda, UK, USA.
Australia: Paving the way for the generalization of
Employee Ownership Trusts in Australia.
France: New employee share plan for Air Liquide, for
Thales, for Orange, for Focus Home, for Capgemini. Success
for workers' co-operatives in Alsace.
Germany: Special Edition 2021 - Update on employee
participation plans in Germany.
Italy: The social partners remain little involved in
the implementation of employee share plans. Generali honored
for its new employee share plan.
Norway: Political threat.
Rwanda: Why stock options work?
UK: One in 20 of all business transmissions is now
to an Employee Ownership Trust. Every day a new SME is transferred
to an Employee Ownership Trust as for instance this month:
Reid & Fraser, Talbots Law, Tapestry, Sapphire, Chronos
Technology, Clegg Group, Wee Blue Coo, Greenwood, Altar, International
Organisation Development, Davison Fencing. Should the 'S'
in ESG analysis be extended to include employee share ownership?
USA: How Employee Stock Ownership Plans (ESOP) work.
EOTs are relatively new in the United States.
The full press review is available
on:
http://www.efesonline.org/PRESS
REVIEW/2021/November.htm
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A
political roadmap for employee ownership in Europe
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