EFES NEWSLETTER - NOVIEMBRE 2014
study entitled "Employee Financial Participation in
Companies' Proceeds" was published by the European
Parliament in September 2012. Authors
of the study were severely condemned by the Court of Justice
of Brussels and the study had to be definitely removed by
the European Parliament. Authors of the study are
a consortium made of Ecorys and Case, represented by Professors
Jens Lowitzsch and Iraj Hashi. In addition, the study
seriously misled the Parliament on two major points. More
to fiscal incentives
is well known that fiscal incentives are the key point for
the development of employee share ownership. Australia:
The Labor Government decided in 2009 to cut fiscal incentives
for share option plans, leading to a disaster for employee
ownership and entrepreneurship in Australia. Now they're
back: “We are reversing the changes that the former government
made in 2009 which essentially stopped employee ownership in
this country,” Prime Minister Abbott said. Denmark:
Fiscal incentives on employee share plans were removed in
2012. Now they're back: Legislative amendments are presented
in this sense to the Parliament. The Netherlands and
Greece: Fiscal incentives were removed in 2012. When
will reason come back there? France: Surprising Government's
order removes the whole legislation which formerly encouraged
employee share ownership in case of privatisations. At the
same time, the British Government recently doubled fiscal
incentives for employee share plans in the UK, as a key
element of recovery. And former European Commissioner Michel
Barnier just launched a call in the British and French press,
telling that "Europe can only gain if we embrace employee
share ownership", and calling the new European Commission
to bring support in this sense. More
information in our press review
We have a selection of 32 remarkable articles in 9 countries
in October 2014: Australia, Denmark, France, India, Italy,
Poland, South Africa, UK, USA.
Australia: “We are reversing the changes that the
former government made in 2009 which essentially stopped employee
ownership in this country,” Prime Minister Abbott said.
New legislation will replicate key aspects of the British
regime that seeks to encourage stock options in small companies
Denmark: Legislative amendments due to be presented
to parliament this month will allow employees to become
partial owners of the enterprise.
France: Recent Government's order going to demolish
employee share ownership in France.
India: New ESOP regulation.
Italy: Minister Pier Paolo Baretta declares it is
time for employee share ownership in Italy.
Poland: Tax legislation in Poland doesn't encourage
employee share ownership.
South Africa: Broad-Based Black Economic Empowerment
Employee Share-Ownership Schemes (BBBEE) are hugely important
UK: New legal and tax environment encourages employee
share ownership. Tax exemptions introduced in the
UK Finance Act 2014 are encouraging employee ownership trust
("EOT") buy-outs and this successful UK business
model could attract momentum internationally. The economy
needs more employee-owned businesses because employee owners
think and act for the long term.
USA: Recognizing ESOPs as good public policy: the
tax status of ESOPs has to be preserved. Only 8% of business
owners are thinking of selling to their employees, as in
an Employee Stock Ownership Plan, or ESOP.
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