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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.

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Marc Mathieu
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El objetivo de EFES es actuar como la organización federativa de los accionistas asalariados, de empresas y de todas las personas, sindicatos, expertos, investigadores o instituciones que actuan para promover el accionariado asalariado y la participación en Europa.

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