EFES NEWSLETTER - ABRIL 2013
For the first time since
the financial crisis occurred...
… the number of employee
shareholders in Europe didn't increase last year,
and the democratization rate of employee ownership
A new differentiation appears between top executives
and other employees since the beginning of the crisis.
The share held by common employees is continuously
decreasing since 2009. At the contrary, top executives
increased their share in companies' capital. As a
consequence, the average capitalization held by each
of the 8.845 top executives in large European companies
raised to 9,1 million Euro in 2012, compared to the
average capitalization of 11.500 Euro held by each
of the 9,6 million common employee shareholders.
This picture of a first decrease in the democratization
of employee ownership since the financial crisis may
be related to some recent negative political orientations
decided in a number of European countries regarding
employee share ownership, for instance in Ireland,
The Netherlands, France, or even in the UK.
| In addition, nothing effective
was made for the promotion of employee share ownership
in Eastern and Southern Europe.
These are the main
conclusion of the new Economic Survey of employee ownership
in European countries in 2012.
We have a selection of 23 remarkable articles in 5 countries
in March 2013: France, Italy, Spain, UK, USA.
France: Fluctuations of French policy regarding employee
savings: Higher taxation now but lower tomorrow? President
Hollande announces that employee savings will be unlocked
in order to support private consumption. New employee share
plan for Saint-Gobain. Some new workers' co-operatives.
Debates about the governance of employee investment funds,
the most usual way for employee ownership in France: Should
the Board be elected by employee owners or should it be
nominated by unions or others?
Italy: Prysmian Group launches a new employee share
plan, a remarkable example. New employee share plan for
Spain: Hard times for Mondragon Corporation.
UK: Worries about Government's stance on employee
share schemes: Employee share ownership is apolitical, but
is now attached to quite a political idea. "Employee
ownership" rather than "employee share ownership",
a strange race in the UK. In a new report, the Employee
Ownership Association announces the Employee-Owned Business
sector has just jumped from 2 to 3% of GDP. Government opens
tender for Royal Mail employee ownership.
USA: Employee buyout, a win-win-win solution for
Kewaunee Nuclear Power Station?
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