EFES NEWSLETTER - MAI 2018
Discriminations in voting rights
long term investors, employee shareholders benefit
from positive discrimination in France since 2014:
Voting rights are usually doubled, which means that
when employee shareholders hold for instance 6%, their
voting rights count for 12%. This contributes to the
growing involvement of employee share ownership in
corporate governance in France. Employee shareholders
are represented in the Boards of Directors in 33 of
the largest French companies.
At the contrary, employee shareholders' voting rights
suffer negative discrimination in six European countries:
Denmark, Sweden, Finland, The Netherlands, Switzerland
cases here are companies issuing two classes of shares,
A-shares with 10 votes and B-shares with 1 vote. Controlling
owners hold high voting shares but employee share
plans are based on low voting ones. This way, employee
shareholders' voting rights are severely discriminated,
in up to 37% of large companies in Sweden. Employee
shareholders' voting rights are generally reduced
by 30% to 60% in Denmark and Sweden, in comparison
with the one-share-one-vote rule. More
We have a selection of 28 remarkable articles in 9 countries
in April 2018: Austria, Belgium, Czechia, Finland, France,
Hungary, Italy, UK, USA.
Austria: Employee share ownership has become increasingly
important in recent years and it is further expanding, particularly
through employee ownership foundations.
Belgium: Plunge of employee share ownership - Belgium
stands out strangely in Europe.
Czechia: New record year for employee share ownership
Finland: Following the new legislation in 2011, the
number of Personnel Funds has doubled.
France: Joseph Blasi & Douglas Kruse: Today's
youth reject capitalism, but what do they want to replace
it? More and more family businesses decide to open their
capital to employees. From some workers cooperatives in
France. Waiting for the new "PACTE" law: France
is going to double its employee share ownership by 2030,
with 10% to be held by the employee shareholders.
Hungary: The new legislation of 2015 helped to revive
employee share ownership in Hungary.
Italy: ESOP-style scheme for Alcoa in Sardinia, with
5% held by employees and representation on Board.
UK: New employee ownership trusts. Waitrose woes
dent the halo of employee ownership
USA: Joseph Blasi & Douglas Kruse: Today's youth
reject capitalism, but what do they want to replace it?
Numerous new firms turning to ESOPs.
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