EFES NEWSLETTER - NOVEMBER 2019
share ownership cannot be effectively developed in
SMEs by applying the same schemes as for large companies.
Large companies have to raise more capital, they have
to multiply the number of shareholders in this view,
and it makes sense to involve many employee shareholders
as well. In SMEs, the need for capital is limited,
shareholders are few, and most often it does not make
sense to allocate shares to many employees. In SMEs,
collective employee share ownership schemes are far
more efficient and, worldwide, the ESOP plan adopted
in 1974 in the US is by far the most efficient of
The United Kingdom is the only country in Europe to
have introduced employee share ownership schemes for
SMEs with some success (but much less than in the
US). For its part, the Labour Party has also made
a proposal under the label of "employee ownership",
On the other hand, employee share ownership in SMEs,
whether individual and direct as in large companies
raises the question of devices to be able to exchange
shares, as can be done on a stock market. In the US,
the OTC Markets Group is pushing
We have a selection of 26 remarkable articles in 9 countries
in October 2019: Canada, Denmark, France, Germany, Hungary,
Italy, United Kingdom, USA, South Africa.
Canada: Changing tax treatment of stock options will
spur compensation reforms.
Denmark: The new social democratic government will
promote a dedicated employee share ownership scheme.
France: Employee share ownership in startups has
to be clarified. New employee share plans for Bouygues,
for Suez, for Thales, for Voltalia. Employee ownership in
some SMEs, as workers cooperatives or other schemes. The
end of the workers cooperative scheme for Nice Matin.
Germany: Employee share ownership schemes make companies
Italy: First employee share plan for Generali.
Hungary: Performance shares for AutoWallis managers.
UK: John Lewis in search of cost savings to break
out from its cycle of declining returns. The Labour party
presents its "Inclusive Ownership Fund" proposal
as similar to the John Lewis model and a way of sharing
company ownership with the workers.
USA: Employee ownership a key predictor for strongest
long-term gross returns of asset managers. Numerous
new companies moving to employee ownership through ESOP
plans. ESOPs boost household wealth. Why OTC Markets is
trying to make it easier for employees to own stock in their
South Africa: Successful employee share ownership
plan for Click retail group, qualified as a black empowerment
vehicle because the majority of its workforce is black.
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