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  Février 2017 - Les cas remarquables de l'actionnariat salarié en Europe
La liste des cas les plus remarquables de l'actionnariat salarié dans les grandes entreprises européennes vient d'être mise à jour. Elle compte 114 cas particulièrement remarquables en 2016, localisés en Autriche, Belgique, Suisse, Danemark, Allemagne, Espagne, Finlande, France, Hongrie, Irlande, Italie, Pays-Bas, Norvège, Suède et Royaume Uni. La liste des cas remarquables est tirée du "Recensement Economique Annuel de l'Actionnariat Salarié dans les Pays Européens en 2016", à paraître en mars prochain. Voir la liste complète

  Enero 2017 - Un formidable moteur - encore et encore
La part détenue par les salariés dans les grandes entreprises européennes poursuit sa montée. Elle n'a jamais été aussi élevée, à 3.20% en 2016 (voir graphique). Même à travers la crise européenne, l'actionnariat salarié démontre encore et encore son statut de formidable moteur de participation et de développement. Les avoirs par personne ont doublé depuis 2009. Voilà les toutes premières indications à tirer du "Recensement de l'Actionnariat Salarié dans les Pays Européens" qui sera publié en mars 2017.


  December 2016 - Barometer of Employee Ownership Policies
The new edition of the "Barometer of Employee Share Ownership Policies in European Countries" is just released.
Except in France, all recent policy choices in Europe pave the way towards higher incentives for employee ownership:
· Poland prepares a dedicated legislation.
· The Swedish government is considering the introduction of a favorable tax-qualified option regime for small and medium sized companies, which could take effect from January 2018.
· In Ireland, a new share scheme incentive focused on SMEs would be introduced in 2018.
These new developments confirm the positive trend observed since 2013. Most recent policy decisions regarding employee ownership in Europe are positive. More information

  Octobre 2016 - El Europarlamento edita un estudio sobre la sociedad laboral como referencia de la participación financiera de los trabajadores
El Parlamento Europeo edita un estudio sobre la participación financiera de los trabajadores, centrado en el modelo de la sociedad laboral y con la participación como autores del informe de Gemma Fajardo, profesora titular de Derecho Mercantil de la Universidad de Valencia y gran experta en el modelo de la sociedad laboral y participada; Javier Muñecas, del departamento jurídico de Asle y Javier San José, experto asesor de Asle. Este estudio, encargado por el Departamento de Política A para la Comisión de Empleo y Asuntos Sociales de la eurocámara, consta de tres sesiones de información que presentan el marco legal para estas empresas, así como estadísticas sobre su tasa de supervivencia y la conservación del empleo, la opinión de un académico del modelo y observaciones de un experto del sector. Confesal destaca la importancia de que el debate actual sobre la participación en la UE, haya centrado su atención en el modelo español de las sociedades laborales. Leer más

  Octobre 2016 - All is well in Paris

It is true that France is still number one for employee share ownership in Europe. All things are fine in Paris, my fair lady.
However, what a drop since 2011! The democratization rate of employee ownership fell from 45 to 37% and the number of employee owners in France returned to 3 million (instead of 4 million if policies hadn't been changed).
The imposition of a specific tax on employee share plans ("forfait social") had a disastrous effect. Not only in France but also by imitation in several other European countries. Denmark is exemplary, which removed all fiscal incentives for employee share plans in 2011 (with a new social democratic government) to restore them fully in 2016 (with a new conservative-liberal government).
A good example to make things even better in Paris! More information

  Octobre 2016 - Risk and performance of employee share ownership in France
ERES Group publishes outstanding results based on the analysis of all broad-based  employee share plans in large French companies since 2006. After 5 years, employees having subscribed to an employee share offering between 2006 and 2010 were winners in 82% of cases (with the dividend, the discount and the average employer contribution of 50%) while ordinary shareholders would be winners in 60% of cases. What confirms that employee ownership is to be ranked into the category of "good risks". More information

  Setiembre 2016 - Liberté économique

Un travail de recherche remarquable récemment publié met en évidence une forte corrélation entre l'actionnariat salarié et l'indice de liberté économique.

L'auteur, Ricardo Machado de la Porto School of Management (Portugal), cherche à comprendre les déterminants de la mise en place de la démocratie économique, mesurée par l'incidence des plans d'actionnariat salarié dans les pays de l'Union Européenne.

La publication complète sur "The Determinants of Employee Ownership Plan Implementation in EU Countries - the Quest for Economic Democracy" est disponible au téléchargement ici.


  Juin 2016 - Conférence européenne sur les politiques d'actionnariat salarié

La Conférence européenne sur les politiques d'actionnariat salarié s'est tenue à Bruxelles le 19 mai 2016.
La Conférence soutient le projet de Plan d'Action Européen destiné à sensibiliser le public aux avantages de l'actionnariat salarié en Europe.
Le Rapport final de la Conférence et tous les documents sont à télécharger ici


  Juin 2016 - Baromètre des politiques d'actionnariat salarié dans les pays européens

On sait que le développement large de l'actionnariat salarié est facteur de meilleure motivation, de productivité, de rentabilité, de croissance plus soutenue, d'emplois plus nombreux et de meilleure qualité.
Tout cela est bon pour tout le monde. Mais cela dépend de la volonté politique d'amorcer le cercle vertueux au moyen d'incitants fiscaux appropriés.
Après 2008, plusieurs pays européens ont pris des décisions négatives, en réduisant ou en supprimant les incitants fiscaux, ce qui a conduit à une régression du nombre d'actionnaires salariés.
D'autre pays ont fait le choix inverse, celui d'incitants nouveaux ou plus importants, d'où une croissance du nombre d'actionnaires salariés.
Toutes ces décisions politiques dans les différents pays, les unes négatives, les autres positives, peuvent être synthétisées au moyen d'un outil simple. C'est la fonction du nouveau "Baromètre des politiques d'actionnariat salarié dans les pays européens".
Avant 2009, le baromètre des politiques européennes indiquait une montée pratiquement ininterrompue, les décisions politiques visant l'actionnariat salarié étant généralement positives. Une phase négative est intervenue de 2009 à 2013. Depuis, la plupart des décisions politiques sont à nouveau positives.


Plus d'information

  April 2016 - Employee share ownership in SMEs
A first reliable study about employee share ownership in French SMEs was published last month. It is well known that employee share ownership in SMEs is underdeveloped in Europe, especially compared to the USA. This is due to the remarkable effectiveness of the ESOP model, in use in the USA for over 40  years, but not in Europe. The usual evaluation of the number of employee shareholders in SMEs is 1 million in Europe compared to 10 million in the US. The new study, ordered by Eres and BDO, brings the number of 250.000 in France, which confirms the former usual evaluations. More information

  January 2016 - French crusade
All actors of employee share ownership in France met for their "Grand Prix" on 15 December in Paris. They all agreed to launch a new "crusade" for employee share ownership in France. Several governments in the European Union chose for higher fiscal incentives, considering employee share ownership as an investment for the future and a key for recovering from the European crisis. So did the UK and Austria recently. The example is also coming from the USA, with employee ownership being one of the themes of the presidential election campaign. France should get back to the same way.

 
January 2016 - Formidable engine
Assets held by the employee owners in Europe were never so high: 370 billion Euro and more than 3% of the capital of all large European companies in 2015. This is more than 45,000 € per person  (more than 25,000 € if executive directors are excluded). Thus, even through the European crisis, employee share ownership is a formidable engine to share in results and growth, - assets per person have more than doubled since 2009. This is the first indication from the next "Economic Survey of Employee Share Ownership in European Countries" to be published in March 2016. More information

  December 2015 - Employee share schemes statistics provoke wide debate in the UK
The latest published share scheme statistics has sparked off a major debate over how best to rejuvenate UK employee share ownership, following the British ESOP Centre (see press review). "The UK has perhaps the best employee share plan legislation in the world", but it is still far from Mrs Thatcher aspiration, 30 years ago, for a Britain where owning shares would be "as common as having a car".
Now after 30 years of legislation in the UK and in France, the facts have spoken: Employee share ownership is twice more significant in France; this is where the employee share plan legislation was most effective. This is probably due to the fact that employee share plans in France are based on (blocked) shares, while they are essentially based on share options in the UK. As we already mentioned some time ago, after a spectacular football match: France-UK: 2-1



  Noviembre 2015 - Italian Post: Missed opportunity
The Italian government offered 40% of the shares of the Italian Post, on which 1.13% reserved for employees. Results of the IPO are very satisfactory for the Italian State, collecting 3.4 billion euros, with total demand exceeding 4 times the offer. Employees have received half of the reserved shares: 26,234 employees subscribed, less than 20% of all employees of the Italian Post. In an open letter, the CISL union had put forward its own draft collective ownership, combined with community representation of employees on the German model. The Italian Government did not want to go that way, nor did it choose for a real employee share ownership plan supported through fiscal incentives.  Yet will there be IPO bonuses for 12 top executives, up to half of their annual salary. Comparison: The British Government put Royal Mail on the stock market two years ago, while awarding a 10% stake for free to the 150,000 employees of the British Post.
The open letter of the CISL

  October 2015 - Employee share ownership is not a cuckoo
A dangerous and irritating situation is occurring about employee share ownership within the OECD. The OECD suggests that ESOPs and employee share ownership should be discouraged because putting all employees' eggs in the same basket, especially considering pension savings. The principle of diversification applies to employee share ownership as to any other financial investment. It is illustrated by the aphorism "do not put all eggs in one basket."
However, employee share ownership is not just a financial investment. It also has the character of an industrial investment. This character is most evident when the employees' stake  reaches 100% of the company's capital, which is the typical case of employee share ownership in SMEs. However, it is also present, although more incidentally, to the minority employee share ownership in large companies.
If the aphorism of eggs and basket frequently applies to the diversification of financial investments, another aphorism applies better to industrial investment:  "The bird lays all eggs in the same nest".  Among the few exceptions, the example of the cuckoo is well known. It must be said: Employee share ownership is not a cuckoo. More information




  Setiembre 2015 - 2.000.000.000 Euro to promote employee ownership
Two billion Euro: On the scale of Europe, this is the estimated tax cost to the US Federal Government for ESOP-specific incentives in 2014 (US$ 1.9 billion). By comparison, a new study was just published on the impact of employee ownership and ESOPs on layoffs and the costs of unemployment to the Federal Government. The data show that employee-owners are far less likely to lose their jobs than non-employee-owners. In turn, these low job losses saved the Federal Government US$17 billion in 2014 alone, making clear that ESOP incentives have been an excellent investment for the taxpayer, for the Federal Government and for the US economy as a whole.
This is exactly what we need in Europe too: The same ESOP model, with the same fiscal incentives, for the same macroeconomic balance. The ESOP  (Employee Stock Ownership Plan) is the most effective model in the world for employee ownership in SMEs. It provides private owners with the best way to sell their company to employees, and for employees to become owners at low risk. More information

  June 2015 - German politics finally needs to act
Attention has to be drawn to the recent call published by the German Share Institute (Deutsches Aktieninstitut).
Whereas in other European countries like France (3.3 million employee shareholders) and Great Britain (2.2 million) the numbers of employee shareholders are counted in millions, in Germany only 800.000 employees benefit from employee share ownership.
In its call Deutsches Aktieninstitut therefore demands of the governmental parties to finally create higher tax incentives and better regulation to promote employee share ownership. Due to continuing low interest rates Germans will neither be able to maintain their savings nor obtain a sufficient amount of money for their retirement arrangements without more share investment.
Employee share ownership is a good way to get a first insight into saving with shares.
However, the number of employee shareholders is declining in Germany. In fact, it has never been so small. Fiscal aspects play a major role for the dissemination of employee share ownership. If Germany really wants to promote employee share ownership, it needs to adapt its allowances to common international levels and to increase it strongly. More information

  June 2015 - Call from 10 major German organizations
Ten major German organizations call for a new German Agenda for employee share ownership. More information

  May 2015 - Fiscal policies for employee share ownership
This is the map of European countries encouraging employee share ownership. In blue, the 12 European countries supporting employee share ownership through significant fiscal incentives. This is a minority of Member States in the European Union. However, this minority of 12 Member States of the EU represents the lion's share when considering European listed companies, stock market capitalization and employee share ownership: 72% of all European listed companies, with 72% of employees, 77% of the stock market capitalization, 83% of employee shareholders. See details in our new publication about "Employee Share Ownership for Building the Capital Markets Union".

  May 2015 - Capital Markets Union
The European Commission launched a Green Book and a public consultation on "building a Capital Markets Union".
It is remarkable that, together with the European Federation of Employee Share Ownership, several major organizations representing the full range of private actors of the Capital Markets Union converge on analysis and proposals about employee share ownership in Europe, as:
• EuropeanIssuers
The European Private Equity & Venture Capital Association
The Federation of European Securities Exchanges
Better Finance, the European Federation of Investors and Financial Services Users.
Details

  21.04.2015: Answering the European Commission’s Green Paper on the Capital Markets Union, EuropeanIssuers, the European Private Equity & Venture Capital Association and the Federation of European Securities Exchanges published the EU IPO Report: "Rebuilding IPOs in Europe; Creating jobs and growth in European capital markets".
The Report points out the fact that the number of employee shareholders was recently declining in Europe. As the EFES evidenced, these changes are clearly related to the regressive fiscal policies in many European countries.
However, European companies need investment, to grow, to enter new markets, to develop new products and to create jobs. A healthy European capital market attracting long-term investors (especially households, employees and pension savers) is a critical route to channel such investment. More generally, "the links between savers, the original providers of capital, and the financial markets, which allocate that capital, have become less coherent".
The Report recommends that policymakers set the goal of creating an equity culture in Europe. That Member States should be encouraged to use tax policy to encourage long-term investing, providing tax incentives to encourage investment for the longer-term in equity. That fiscal incentives should be provided to support the development of employee share ownership across Europe.

  April 2015 - European governments bet again on employee ownership
The table of all recent policy decisions regarding employee share ownership in European countries reveals a remarkable shift. At the beginning of the financial crisis, several countries took negative decisions to reduce their expenses, in a pure short term vision. This bad signal came first from France, followed by Greece, Denmark, Ireland and The Netherlands, between 2009 and 2012.

Since 2012, most political decisions are positive again, as in the UK, in Spain, in Hungary, and in Austria where tax incentives will be doubled. Details

  April 2015 - New study finds ESOPs total return beats S&P 500 by 62%
A new analysis of the economic impact of S corporation ESOPs in USA examines trends in account balances, distributions to participants, total return, and the existence of other retirement plans. The study, performed by EY's Quantitative Economics and Statistics, finds that:
S corporation ESOPs are growing by many measures. They represented 22% of ESOPs in 2002 and 42% in 2012. The number of plans, participants, and net assets also increased over that time.
The total return for participants in S ESOPs from 2002 to 2012 was an 11.5% compound annual growth rate, 62% higher than the S&P 500 Total Returns Index's 7.1% growth rate over the same period. Details

  Febrero 2015 - Divorce
Assets held by European employees in shares of their company increased to 301 billion Euro in 2014, a new record. However, for the third consecutive year in 2014, the number of employee shareholders decreased in Europe. This is clearly related to the regressive fiscal policies in many European countries. In contrast, the UK chose to double the fiscal incentives for employee share ownership, considering it is a key element of recovery and an investment for the future. Lower incentives have a clear consequence in continental Europe: The democratization of employee share ownership regresses, leading to wealth concentration in the richest hands. The following graph shows how dramatic is the divorce between continental Europe and the UK. While 30% of employees held shares of their company last year in the UK (the highest rate since the statistic exists), a sharp drop below 24% can be observed on the continent. More information

  Enero 2015 - Signal d'alarme
Pour la troisième année de suite en 2014, le nombre d'actionnaires salariés en Europe à régressé. Ceci devrait être un signal d'alarme pour tout le monde. En fait, le nombre d'actionnaires salariés a diminué de 500.000 personnes en Europe continentale entre 2011 et 2014 (-8%) alors qu'il augmentait de 200.000 personnes en Grande Bretagne (+8%). Ces changements sont à mettre en relation avec les politiques fiscales régressives dans beaucoup de pays européens, alors qu'au contraire, la Grande Bretagne a fait le choix de doubler les incitants fiscaux pour l'actionnariat salarié, considérant son développement comme un facteur de sortie de crise et un investissement pour l'avenir. Telles sont les premières indications de notre recensement annuel de l'actionnariat salarié dans les entreprises européennes. Plus d'information



The Virtual Information Center for employee ownership and participation offers a full picture of each country of the European Union. For each country, it offers a summary of dedicated legislation as well as a short information about fiscal, social, political and cultural aspect of employee ownership and participation. It is on the Internet and it is for free. More information

  December 2014 - Italy on the right way
On November 30 the Italian Government approved the Parliamentary Motion presented by MPs Tidei, Galperto and Bargero about the promotion of employee share ownership in Italy. The document is largely inspired by the EFES positions and activities. Its aim is to promote employee share ownership through a new legislation and through a dedicated budget. See more in Italian

The 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 information

  November 2014 - Back to fiscal incentives
It 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

  October 2014 - Manifesto 2014:   Fiscal incentives are indispensable prequisites  

Worldwide practical evidence and a wide range of academic research support the view that a proper legal environment and the provision of suitable fiscal incentives are indispensable prerequisites for any policy truly aiming the development of employee share ownership.
Moreover, such evidence and research also show that fiscal incentives always pay off medium/long term and in many ways.
Organisations promoting employee owner-ship around the world have demanded persistently and consistently supportive legislations including fiscal incentives for the common good (evidenced in additional growth and profitability, the spread of wealth, contribution to economic and social stability).
New fiscal incentives pave the way to new encouraging development, while political decisions reducing or cutting such incentives always lead to regression.


 

 

  September 2014 - To the new European Commission and Parliament

All over the world, from the United States to China and Africa, employee share ownership is highlighted and promoted as a factor for boosting activity, greater productivity and better results and social balance for all. This is also true in the UK, where fiscal incentives in this direction have been strongly improved recently.
The development of employee share ownership can be a major factor of investment and recovery, also for the European Union. For the EU, this is the right political choice to do.
Letter to President Jean-Claude Juncker 17-9-2014   

  Septiembre 2014 - Manifeste FEAS 2014: Les incitants fiscaux sont une condition indispensable

Les pratiques éprouvées dans le monde entier et un large éventail de recherches académiques ont démontré la nécessité d'un cadre réglementaire appuyé sur des incitants fiscaux appropriés, comme condition indispensable d'une politique de développement de l'actionnariat salarié.
Les pratiques confirmées par la recherche ont aussi montré que la balance de ces incitants fiscaux et de leurs résultats est positive dans le moyen et le long terme.
Les organisations qui encouragent le développement de l'actionnariat salarié dans le monde entier demandent de façon constante et forte la mise en place de législations incitatives et de soutiens fiscaux, dans un souci du bien commun (pour ce que ces politiques apportent en termes de supplément de croissance et de résultats, de partage des richesses, de contribution aux équilibres économiques et sociaux).
De nouveaux incitants fiscaux ouvrent la voie de développements positifs, tandis que les décisions politiques réductrices conduisent invariablement à la régression.

   

 

  June 2014 - Strong move in the UK
High fiscal incentives are the base of the successful policy to promote employee ownership through ESOPs (Employee Stock Ownership Plan) in the USA. In contradiction with Europe, this allowed American public policies to promote employee ownership in SMEs. Some 11.000 ESOP companies can be found in the USA compared to only 300 quite similar cases in Europe.
It is now generally admitted in the UK that such policy has also to be promoted here, leading to higher productivity, greater levels of innovation and outstanding financial performances. Finance Bill 2014 designs two new tax reliefs to encourage and support the shift to employee-owned companies:
Under the first new tax relief, the sale of a controlling interest in a business to an employee ownership trust, will be entirely free from capital gains tax.
Under the second tax relief, bonuses of up to £3.600 per tax year paid to employees of companies controlled by an employee ownership trust benefit from an income tax exemption.
These new incentives are still relatively modest compared to those for ESOPs in the USA but the UK is clearly showing the right way for all European countries.

  Mayo 2014 - Transparency
It is usually considered in large European companies that employee share ownership has to be developed, leading to better performances and better governance. Top Executives are commonly the first employees to be encouraged in this way. More and more companies have "shareholding guidelines", requiring Top Executives to hold up to 100-300% of their annual salary in shares of the company, so as to align employees' and shareholders' interests. The 2.200 largest European companies employ some 8.800 Top Executives, each of them owning 13 million Euro on average in shares of his company. 77% of all large European companies are fully transparent about this (see graph). However, the lack of transparency is flagrant in a number of European countries: Greece, Luxemburg, Austria, Belgium, Germany and some others. A detailed chapter about this can be found in the European Survey of Employee Ownership in 2013.  More information

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  Abril 2014 - Listed and non-listed companies
It was sometimes told, based on the observation of specific examples, that non-listed employee-owned companies could have been more resilient than others through the financial crisis. Employee-owned companies might have fared better. This idea is even a cornerstone of the British Government's policy to build a wide "employee-owned business sector" in the UK. The picture is not the same when based on the systematic comparison of all large listed companies and all large non-listed employee-owned companies in Europe. The graph hereafter illustrates this through the case of employment in both types of companies from 2006 to 2013. A detailed chapter about this can be found in the European Survey of Employee Ownership in 2013. More information

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   NOW AVAILABLE !
                                                

                  EUROPEAN SURVEY 2013
   The whole information about employee ownership and
   employee share plans, top executives and common
   employees in European companies, corporate
   governance and profit-sharing, employee representation
   on boards and discrimination in employee shareholders'
   voting rights, and a comparison between listed
   companies and non-listed employee-owned companies.
   150 pages, 100 tables and graphs.  More info
   


  March 2014 - Discrimination in voting rights
There is no discrimination for or against employee shareholders' voting rights in most European countries. However, significant discrimination can be observed in six countries. Employee shareholders' voting rights are generally multiplied in France due to the fact that shares enjoy a double voting right when held for at least two years. At the contrary, employee shareholders' voting rights suffer negative discrimination in five other countries: Denmark, Germany, Finland, Sweden and The Netherlands. Typical cases there 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 45% of large companies in Sweden. More info

  Febrero 2014 - Still more employee share plans in Europe
The EFES Survey of employee ownership in 2013 is soon available, showing that still more and more of European companies organize employee share plans. In 2013, 85% of all large European companies had employee share plans of all kinds, while 53% had "broad-based" plans for all employees and 63% had stock option plans... More

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  Janvier 2014 - 266 milliards d'Euro en 2013, comme avant la crise financière
En 2013, le capital détenu par les salariés dans les entreprises européennes a augmenté de 32% à 266 milliards d'Euro, au même niveau que juste avant la crise financière. En pourcentage, la participation détenue par les salariés n'a jamais été aussi élevée avec 2,99%. Cette nouvelle progression n'est due que secondairement à de nouveaux plans d'actionnariat salarié (environ 30% des grandes entreprises européennes ont lancé de nouveaux plans d'actionnariat salarié, comme d'habitude). La raison principale? Les prix des actions ont augmenté davantage dans les entreprises où la part de l'actionnariat salarié est la plus grande, conduisant mécaniquement à une participation moyenne plus élevée. C'est remarquable. Plus

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  Janvier 2014 - Politique de plus en plus favorable en Grande Bretagne
La fiscalité des plans d'actionnariat salarié va être deux fois plus encourageante. Fantastique nouvelle pour des millions d'actionnaires salariés, dit la presse anglaise. La politique économique se fonde toujours plus sur l'actionnariat salarié comme clé d'un modèle économique durable. Les années récentes ont vu se développer l'idée que l'actionnariat salarié devrait viser en priorité à donner aux salariés une part de contrôle dans les PMEs ("employee ownership"), plutôt que de favoriser un actionnariat salarié minoritaire dans les grandes sociétés cotées en bourse ("employee share ownership"). Le premier choix du Gouvernement est allé dans ce sens, avec un ensemble de mesures de soutien pour un montant global de 50 millions de livres, alors que des voix se faisaient même entendre pour proposer la fin des avantages fiscaux pour les plans d'actionnariat salarié dans les grandes entreprises. A présent un deuxième train de mesures vient d'être décidé avec 25 millions de livres supplémentaires pour la promotion des plans d'actionnariat salarié. Les montants immunisés d'impôts des plans d'actionnariat salariés les plus populaires dans les grandes entreprises seront doublés, passant de 250 à 500 livres par mois pour les plans SAYE et de 1.500 à 1.800 livres par an pour les plans SIP.

  Diciembre 2013 - Nouvel indice boursier de l'actionnariat salarié
En Grande Bretagne, l'indice boursier Employee Ownership Index (EOI) vient d'être relifté et depuis juin 2013, il est calculé chaque jour par FTSE International. L'index a été créé il y a de nombreuses années pour tester l'hypothèse que les entreprises avec un fort actionnariat salarié ont une meilleure performance sur le long terme. Le EOI est un indice des sociétés cotées sur le London Stock Exchange. Curieusement, l'image des performances donnée par la nouvelle version du EOI est assez différente de ce que montrait la version précédente... Plus

  Diciembre 2013 - Les salariés dans les conseils d'administration en Europe
La représentation des salariés dans les conseils est courante dans beaucoup de grandes entreprises européennes, que ce soit dans les conseils d'administration ou les conseils de surveillance. En France, cette représentation est particulièrement raffinée. Les salariés sont représentés dans les conseils qui comptent pour 51% des emplois dans les grandes entreprises. La représentation des actionnaires salariés couvre 29% des emplois et celle des salariés (actionnaires ou non) couvre 36% des emplois, tandis que 14% des emplois dans les grandes entreprises sont couverts par une double représentation dans les conseils, comptant à la fois des représentants des actionnaires salariés et des représentants des salariés. La publication détaillée sur la représentation des salariés dans les conseils vient de paraître… Plus

  Novembre 2013 - Les salariés dans les conseils d'administration
La représentation des salariés dans les conseils est courante dans beaucoup de grandes entreprises européennes, que ce soit dans les conseils d'administration ou les conseils de surveillance.
En France, les actionnaires salariés sont représentés dans les conseils d'administration de 13% des grandes entreprises (qui comptent pour 29% en termes d'emplois). La participation des actionnaires salariés dans les conseils est donc typique des très grandes entreprises.
Pour la représentation des salariés dans les conseils, elle est la norme en Europe pour 36% des salariés des grandes entreprises. On le voit dans le graphique ci-dessous. C'est le cas pour 95% des salariés des grandes entreprises en Autriche, en Allemagne, en Slovénie. En France, c'est le cas pour 51% des salariés dans les grandes entreprises (juste au-dessus de la moyenne européenne), alors que c'est  le cas pour 2,3% des salariés seulement en Grande Bretagne… et 0% en Italie.
Notre base de données des grandes entreprises européennes a d'abord rassemblé toute l'information sur l'actionnariat salarié dans les 2.200 plus grandes entreprises européennes (ce qui représente 25% de toutes les entreprises cotées en Bourse en Europe mais 94% en termes d'emplois et 97% en termes de capitalisation). Elle s'élargit maintenant aux questions de gouvernance d'entreprise. Une publication détaillée sur la représentation des salariés est à présent disponible.

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  October 2013 - European Trade Union Institute
A dedicated Internet site worker-participation.eu was set up as "the gateway to information on worker participation issues in Europe", a remarkable work by the European Trade Union Institute (ETUI). It is about employee participation which includes the following pieces: Trade unions, collective bargaining, workplace representation, board-level representation, European-level representation, representation in the area of health and safety, and finally employee financial participation. In the European unions' vision, employee share ownership belongs to employee financial participation, which has two main branches: Profit-sharing and employee share ownership. Profit-sharing is considered as "the simplest form of financial participation. This can be understood as a collective regulation that, in addition to the stipulated wage, provides a variable income dependent on enterprise profits" – Variable pay, in fact. Finally, employee share ownership appears in the European unions' vision as the last piece of this participative building. More information

  Septiembre 2013 - European Commission's Action Plan for employee share ownership
The European Commission recently published its new Action Plan. In summary, the following actions will be taken:
The Commission will analyse the subject in more details.
The Commission will identify which initiatives may be appropriate to encourage the development of trans-national employee share ownership schemes in Europe.
The Commission will identify and investigate potential obstacles to trans-national employee share ownership schemes.
Subsequently the Commission will take appropriate action to encourage employee share ownership throughout Europe.
Full details about this new action plan are available for download here.

  July 2013 - Rectification about European Parliament's study
The European Parliament – Economic & Scientific Policy Department published a study named "Employee Financial Participation and Companies' Proceeds". This study published by the European Parliament was quoted by the European Commission as the most recent element of the "European background", in its call for tender for the implementation of the European Pilot Project for the Promotion of Employee Ownership and Participation… More information

  Disponible el libro "La participación financiera de las personas trabajadoras"
Ya está disponible en la web de Confesal la versión en pdf del libro "La participación financiera de las personas trabajadoras en la empresa" financiado por Confesal y la EOI y elaborado por Asle. Se trata de una publicación derivada del estudio realizado por la Agrupación de Sociedades Laborales de Euskadi, con el objetivo de poner en valor la cultura de la participación como medio para alcanzar una mayor cohesión social y favorecer el desarrollo y la competitividad de las empresas, así como incrementar el grado de conocimiento en España sobre la participación financiera de las personas trabajadoras. Leer más

  April 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 went down.
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. More information

  Marzo 2013 - A new film on employee ownership in the USA
What does it mean to be an employee owner? We the Owners: Employees Expanding the American Dream tells the story of three employee-owned companies: New Belgium Brewing, Namasté Solar and DPR Construction. ESOP companies are the most typical way for employee ownership in the USA (an ESOP is an Employee Stock Ownership Plan). This model is particularly designed for business transfers to employees. In this sense, it is clearly the most effective in the world, being shaped as a pension plan with strong tax incentives for both family owners (selling the company to employees) and employees (buying usually 100% of the company for peanuts). More information

  Febrero 2013 - New era for employee share plans in the UK
The British government has given the green light to substantial simplification and reform of all four approved share ownership schemes during the course of the next 15 months. This follows the exhaustive review of the approved schemes by the Office of Tax Simplification, which concluded that major changes had to be made quickly to head off strangulation of the employee share ownership sector by overregulation and excessive bureaucracy. More

  January 2013 - New support from the European Union in 2013
Both European Commission and Parliament will bring more support for employee ownership in 2013. The European budget was voted by the European Parliament, including a budget heading for a pilot project for the setting up of a Center for Employee Ownership in each Member State, to deliver information, education and promotion of adequate legislation. In addition, the European Commission announced its Action Plan to modernize European company law and corporate governance, including measures on employee share ownership. More details

  December 2012 - A new wave for employee ownership across Europe
A new wave boosting employee share ownership seems growing from major European countries. Great Britain: Employment Relations Minister Jo Swinson told that the British Government will do all in its power’ to extend employee share ownership substantially within the UK. "We have to eliminate the barriers which inhibit the installation of employee share schemes and employee ownership in UK businesses", she said. "Over the years employee ownership and employee share ownership have not been nearly as far up government agendas as they should have been. For the workforce is our human capital and must be encouraged accordingly", said Ms Swinson. "Much more employee share ownership was needed now in large and small companies alike, because such schemes were an important factor in economic growth" the minister told to the Employee Share Ownership Center in London. France: President François Hollande announced a new legislation for employee share ownership and participation. Germany: As promised by Minister Philipp Rösler, the German Ministry of Economics and Technology launched a new Internet portal for employee ownership. Italy: Waiting for a new law on participation and employee ownership. The Parliament appointed the Government at the end of June, but the white smoke is still awaited in Rome.

  November 2012 - British Government's plans to boost employee ownership sector
British Government announces its plans to boost employee ownership sector. The plans include assessing whether to establish an independent Institute for Employee Ownership, an ‘off the shelf’ model for setting up an employee owned business, work to examine the guidance on tax issues relating to employee ownership, a guide for staff and employers to request and agree an employee ownership takeover and work with the John Lewis Partnership to examine the barriers to funding for private sector employee owned companies. More details

  November 2012 - Employee owner or sub-employee owner?
To be or not to be? We are still in the UK of course. Every day brings its new ideas to boost employee ownership. Chancellor George Osborne announced the new "employee-owner" contract: Employees could be given shares in their companies in exchange for giving up certain employment rights under plans for a new type of employment contract. Storm of controversy! Would you trade your employment rights for shares? "Osborne's announcement is a big boost to employee ownership scheme", the Employee Ownership Association said. And again: "Employee ownership is now being embraced as the most prominent alternative to the over-dominant PLC model and its inherent short-termism." The National Center for Employee Ownership said Chancellor Osborne’s proposals were "awful", a “very bad idea” and that no “rational person” would give up employment rights for a small capital gains tax break. Finally, most employee ownership organizations agreed that the rights of workers couldn't be reduced in order to grow employee ownership. See press review for all details

  Octobre 2012 - Employee Ownership Index
Would you like investing in a financial tool if it is not transparent? Hopefully not! The Employee Ownership Index is published in the UK by a law firm in London. It shows that companies in the EO Index outperform FTSE All-Share companies over the long term by an average of 10% each year since the EO Index began (see graph). Not bad!!! Our question to this law firm was: "Which companies belong to the Index?" Here is the answer: "I'm afraid we don't give out the names of companies in the index". Maybe the only stock index in the world whose components are unknown. Would you like to comment on this or ask your own questions, please use this link

  September 2012 - A new era of capitalism in the UK
The British Government announces a new era of capitalism. "Never before, employee ownership had so much attention in the UK", Minister for Employment Norman Lamb said. They are going "to shift employee ownership into the mainstream of corporate Britain". On the other hand, the British administration for Revenue & Customs (HMRC) launched a public consultation about employee share plans. Something should be done in priority about employee share plans in large companies, as the comparison with France shows. This is appearing from the EFES answer to the HMRC consultation

  September 2012 - Typology of employee ownership
Based on empirical and statistical observation, a typology of employee ownership can be identified: Up to 1% employee ownership appears to be insignificant or embryonic, over 1% it is becoming significant, over 6% it is strategic, over 20% it is determining, and over 50% it is controlling. Of course, here is a link with corporate governance issues. It is remarkable that employee ownership appears to be strategic, determining or controlling, not only in small and medium sized enterprises, but even in a high number of the largest European companies. More information

  July 2012 - Employee Ownership Summit 2012
British Deputy Prime Minister Nick Clegg together with Ministers Norman Lamb and Francis Maude organized the first Employee Ownership Summit on July 4 in London. "We are completely enthusiastic about employee ownership" Norman Lamb said. "Never before, employee ownership had so much attention in the UK." It is a fact that the British legislation for employee ownership revealed itself to be much less effective than the French one. More information

  July 2012 - Key recommendations to the British Government
Growing the economy is the British Government's most pressing priority. The Government adviser on employee ownership published its report, including his 28 recommendations to promote employee ownership in the UK. The recommendations focus mainly on the promotion of employee ownership in small and medium sized enterprises, at least 25% employee-owned. More information

  July 2012 - The Nuttall Review of Employee Ownership
 The British Government adviser on employee ownership publishes its report, including his 28 recommendations to promote employee ownership in the UK, in line with the British Governments' aim of shifting employee ownership into the mainstream of corporate Britain. The Nuttall Review of Employee Ownership

  Junio 2012 - The European Parliament at work
During the public hearing we organised in the European Pa rliament on March 22, we asked for a dedicated budget heading of 2.5 million Euro for the promotion of employee ownership across Europe. A clear, simple, cheap proposal. It will allow information centers about employee ownership to be organised in every member state of the EU. This is the key-point to combat obstacles to multinational employee share plans, a condition for "a single market for employee ownership". Now the Parliament is working. We hope an effective decision will be taken. More information

  Junio 2012 - Democratization rate of employee ownership in Europe
The democratization rate of employee ownership is calculated as the proportion of employee owners among all employees. It was continuously rising in European companies for 30 years and even through the recent financial crisis (see graph). It was 30.1% in 2011, which means that one-third of all employees are now co-owners of their company. This rate of democratization should still increase to 50-60% in the near future. More information

  May 2012 - Report of the public hearing in the European Parliament
    
The Report of the public hearing is now available. The public hearing in the European Parliament was held on March 22 thanks to Pervenche Berès, Chair of the Committee on Employment and Social Affairs and with Commissioner for Internal Market Michel Barnier.
A budget proposal was laid on the table of the Parliament for supporting the development of employee ownership in all European countries…
Download the full Report

  May 2012 - Survey of Employee ownership in European countries in 2011
The new Survey is now available. It is based on the census of employee ownership in each of all 2.505 largest European companies, employing 32,8 million people in 2011. Content: Main findings of census 2011, more than 50 tables and graphs, democratization ratio of employee ownership in various European countries, relative shares of Top Executives and other employees, list of most remarkable cases... More information

  April 2012 - Commissioner Barnier: Employee ownership, symbol of social cohesion
Employee ownership is a symbol of the social cohesion which Europe needs in this time. It has to be supported at all levels. This was the conclusion expressed by the European Commissioner for Internal Market Michel Barnier and the President of the Commission for Employment and Social Affairs of the European Parliament, Pervenche Berès, after the public hearing held in the European Parliament on March 22. A budget proposal was laid on the table of the Parliament for supporting the development of employee ownership in all European countries… More information

  April 2012 - Employee ownership in European countries in 2011
Capital held by employee owners in European companies raised to 232 billion Euro in 2011, not so far from its highest in 2007, and the share held by employees in their companies increased to 2.83%, going back to its positive trend (see graph hereafter). More information

  March 2012 - Employee ownership in European countries in 2011
The most recent numbers show that employee ownership was continuously progressing across Europe since the financial crisis. This is the main conclusion of the new "Economic Survey of Employee Ownership in European Countries in 2011". The conclusion was the same in 2010, this is thus a confirmation.
In 2011, 9.9 million employee owners held 232 billion Euro in their companies' shares compared to 9.5 million holding 197 billion Euro one year before. The number of employee owners increased more in Spain, Sweden, Denmark and France, while it was decreasing in Italy, Greece and Portugal as well as in Germany, Belgium and Ireland.
The survey brings exhaustive information. It is based on the census of the 2.505 largest European companies employing 32.8 million people in 2011. More information

  February 2012 - Public hearing in the European Parliament on March 22
The European Economic and Social Committee recently launched a call on the European institutions and governments for a renewed initiative supported by the EU budget through a dedicated budget heading.  Such a budget should help to set up and finance a European Center for Employee Ownership in each European country, to deliver information, training and advice to employees, enterprises and the public at large. The public hearing in the Parliament on March 22 will be the opportunity for a budget proposal.
Program of the hearing    Budget proposal

  December 2011 - Employee share ownership and the EU corporate governance framework
In 2011, the European Commission published a Green Paper and they organized a public consultation about the EU Corporate Governance Framework. Question 23 was about employee ownership: "Are there measures to be taken, and is so, which ones, to promote at EU level employee share ownership?" Many companies, enterprises organizations, unions, organizations of the civil society and public authorities answered the consultation. About employee share ownership, the Commission  received 252 answers from 34 countries. It is remarkable that answers are globally positive. In fact, the global quote is positive at 65%. However, it is sad that the question was ambiguous: Many people answered positively, supporting the idea that employee ownership should be promoted by the EU, while others gave negative answers fearing that the EU could restrict their freedom in the field (for example, most Swedish companies gave the same hard negative answer). More information

  December 2011 - Curriculum Library on Employee Ownership (CLEO)
CLEO, is the largest online academic repository of teaching and background materials on employee ownership. CLEO offers over 500 materials (e.g., books, articles, cases, teaching modules, etc.) to help with research and teaching on a broad range of topics on employee ownership; more recent newly developed works and educational cases, syllabi, and curriculum; teaching modules and reading collections with suggested relevant materials. More information

  November 2011 - The EU Corporate Governance Framework
The European Commission organized a public consultation about "The EU Corporate Governance Framework". All contributions are now public, including ours. Question 23 is about employee ownership: "Are there measures to be taken, and is so, which ones, to promote at EU level employee share ownership?" Of course we answered positively, arguing that "Employees' interest in the long-term sustainability of their company is going to be increasingly a crucial element of trust and corporate governance. Not only can employee owners contribute greatly to increase the proportion of long-term shareholders, but we will also see that employee ownership itself will be more and more perceived as a trust indicator." We are delighted to see that so many organizations too gave encouraging answers, including international unions like ETUC or UNI. All contributions are available here, while the EFES' one can be downloaded here

  November 2011 - Euroshareholders
Euroshareholders is the organization of European shareholders associations. It was founded in 1992 while the European Federation of Employee Share Ownership was founded in 1998. Both organizations developed a good cooperation for many years, considering a number of common objectives regarding corporate governance in Europe, shareholders' rights and equal treatment of all shareholders, harmonization at the EU level on shareholders issues, financial education and scientific research on capital market and finance. Both organizations recently decided to reinforce their links. The recent general meeting of Euroshareholders in The Hague welcomed the EFES as a new associate member, while Euroshareholders will reciprocally join the EFES. More information

  October 2011 - New call from the European institutions
The European Economic and Social Committee (EESC) held "the week of employee financial participation" some days ago in Brussels. The EESC is the body that gives representatives of Europe's social partners and civil society a formal platform to express their points of views on EU issues. A new call was launched for developing employee ownership in European companies.
  Each Member State of the EU should made available "an optional simple, uniform incentive model, with the same tax arrangements and incentives throughout the EU". This is mainly targetting an harmonized and easiest way for multinational employee share plans.
  The "ESOP model" for business transmission to employees in SMEs should be implemented in the European Union, as it is successfully in the USA since 1974. This is the only relevant way to develop employee ownership in SMEs.
  A dedicated budget heading should be voted by the European Parliament, allowing the setting up and financing of a European Center for Employee Ownership in each European country, for delivering information, formation and advices to employees, enterprises and the public at large.

  Septiembre 2011 - Two particular organizations in the UK
Two particular organizations has had a major influence on the popularity of employee ownership in the UK. The first was founded in 1979, with the help of the John Lewis Partnership, Scott Bader and other companies, and originally established as a consultancy, known as Job Ownership Ltd. It was the brainchild of Robert Oakeshott, who died in June this year. Robert was a founder member of the  European Federation of Employee Share Ownership in 1998. It changed later its name to the Employee Ownership Association, acting as "the voice of co-owned business in the UK". The second organization known as ifs ProShare was founded (originally as ProShare) in 1992 by HM Treasury, the London Stock Exchange and a consortium of major companies. It provides "a voice for the Employee Share Ownership (ESO) industry in the UK".

  Septiembre 2011 - Talvivaara
The employees of Talvivaara Mining Company resolved on 18 June 2011 to establish a Group personnel fund to manage the earnings bonuses paid by Talvivaara. The fund will invest a substantial proportion of its assets in Talvivaara shares. The fund is managed by personnel representatives elected by the employees. Personnel funds are a typical way in Finland for employee share ownership in large companies.

  Agosto 2011 - European Top Executives massively buying own company shares
With the fire sale of shares on the stock exchange, a strong phenomenon has developed in  recent weeks: European Top Executives are massively buying their own company shares.
This can be seen in the hundreds of releases of "insider dealing". In Italy roundup of Eni, Enel, Mediobanca, IntesaSanpaolo, Indesit and dozens of others. Top Executives buying millions of shares. The same in Germany with Metro, BASF… In Sweden with Husqvarna… In France  Air Liquide, Alcatel-Lucent ... Same at Barclays, Shell... All major companies are affected.
In two words: The short-termists sinking into panic, long-term investors and Top Executives at first take the opportunity to buy cheap.
What about the ordinary employee? What's good for Executives should be good for employees too.
Unfortunately, any legislation promoting a simple and convenient employee ownership model is still lacking in too many European countries.
What are the worst performers of the European class in this area? Portugal, Italy, Greece, Spain. Yes, we find here the same list of countries that are stigmatized in the crisis of Euro interest rates. These countries need structural changes, including the development of employee share ownership. Also in the back of the classroom: Belgium, The Netherlands and most Central and Eastern European countries.
The consequence of this lack of legislation: In all these countries, only 10 to 15% of employees are shareholders of large companies, compared to 30% on average in Europe. For good students, it rises to 25, 30 or 50%. These are Norway, Switzerland, Finland, Great Britain, Sweden, France. It is remarkable that over the last10 years, employee share ownership has become an ingredient of the "Nordic model".
Recently, the European social partners have launched an appeal to governments. The European Economic and Social Committee took this initiative. The Committee brings together European business representatives, trade unions and civil society. The opinion is clear and unambiguous.
Aimed at large enterprises, each European country should introduce into its legislation a "simplified model" of employee share ownership, making its development stronger and easier.
Aimed at small and medium sized enterprises, each European country should encourage the transfer of business to employees, following the example of what the U.S. has established since 1974 with the "ESOP model", allowing employees to buy their business without paying a cent, with a long-term credit.
The strength and consistency of employee share ownership will be more and more one of the factors and one of the characteristic elements of good governance in European companies, of better economic performance and regained trust.
The opinion of the European Economic and Social Committee is available on page http://www.efesonline.org/EESC/EN.htm

  July 2011 - 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

  Abril 2011 - Employee ownership was continuously progressing across Europe since the financial crisis
The number of employee owners was nearly 10 million in 2010 in large European companies (out of 32.6 million employees). The number of companies that have employee ownership was increasing (91.7%), as well as those having share plans for all employees (53.7%) and those with stock option plans (64.1%).
However, significant differences can be seen between countries: A significant increase in the number of employee owners in Spain, Poland, France and the Nordic countries (Denmark, Sweden, Norway, Finland), contrasting with a significant decrease in Belgium, Ireland and The Netherlands.

Overall, the capitalization held by employee owners rose back to 192 billion Euro in 2010. In % held, there was a slight decline for the first time for many years (from 2.82% to 2.71%). However, the share held by Top Executives has increased, while it is the "common" employees who have seen their share shrink.
All details are to be published in May in the next "Economic Survey of Employee Ownership in European Countries in 2010". Download

  Marzo 2011 - A European Single Market for employee ownership
European Commissioner Michel Barnier organised a vast consultation about the new "Single Market Act". The single market is all about bringing down barriers and simplifying existing rules across Europe. It would also include a European single market for employee ownership. Read more

  Marzo 2011 - Employee ownership improves company performance
There is a lot of social science evidence today that shows the combination of meaningful broad-based employee ownership with a team-oriented corporate culture improves company performance. Many research works have been done in the U.S. for long. A first econometric work is now also available about French companies: According to the Center for Strategic Analysis, the social performance of a company having employee share ownership is 52% higher than that of companies which have neither employee share ownership nor employee savings plan. Read more

  Febrero 2011 - Presidency of the European Union Council – Conference on employee ownership
The conference expressed its support to the European Economic and Social Committee, asking for:
Regarding large companies: Each European country should make available "an optional simple, uniform incentive model, with the same tax-arrangements and incentives throughout the EU".
Regarding SMEs: Each European country should strongly encourage business transmission to employees as the USA did since 1974 – this is the concept of a "European ESOP model" for SMEs.
The report of the conference is now available. Read more

  Febrero 2011 - Center for Strategic Analysis of the French Republic
According to the Center for Strategic Analysis of the French Republic, the social performance of a company having employee share ownership is 52% higher than that of companies which have neither employee share ownership nor employee savings plan. The effectiveness of employee share ownership has to be reinforced by ensuring the representation of employee shareholders. Read more

  Enero 2011 - Controversy about employee ownership in the UK
John Lewis Partnership was usually described as the best reference regarding employee ownership in the UK. How does it work really? Across government a siren call is sounding, promoting the John Lewis model of employee ownership as a way of modernising public services. "But John Lewis is not what it purports to be", an expert said. "It’s not an employee run company. The interesting thing when one looks carefully at the documents that lay behind that structure it is very difficult to discern who it is that has responsibility for the appointment and removal of directors of the trustee company. In a sense that is almost a self-serving oligarchy in that it’s the board of directors on the company that appear on the panel that appoint and remove the directors and the shareholders of the trust." More

  Enero 2011 - New study shows broad-based Stock Option Plans improve performance
One of the most comprehensive and convincing studies to date on the effect of broad-based option plans on company performance was recently released. Looking at non-executive options and the subsequent firm operating performance as measured by the firm's industry adjusted ROA, the authors found that "both the existence of a broad based option plan and the implied incentives of an option plan exert a positive effect on firm performance..." By contrast, companies with grants focused on executives did worse. More

 Welcome amendments to the Prospectus Directive for employee share plans will be in force by July 2011
We have previously reported on proposed amendments to the Prospectus Directive - in particular to the exemption from the requirement to publish a prospectus in relation to an offering made under an employee share scheme. The amending Directive has now been published in the Official Journal of the European Union and will take effect from 31 December 2010. It must be implemented by Member States within 18 months. Pinsent Masons outlines the main changes as they relate to employee share plans

 December 2010 - Twelve Bogus Reasons Not to Do an ESOP (and Seven Good Ones)
Over the years, we have heard a lot of unconvincing reasons not to do an ESOP—and some very good ones, too. Unfortunately, too many business owners decided not to do an ESOP for the wrong reasons. Our goal is not to convince anyone to implement an ESOP (or any other employee stock plan). Employee ownership can grow and prosper only if companies put in these plans for the right reasons... Twelve Bogus Reasons Not to Do an ESOP (and Seven Good Ones) - from the NCEO

 September 2010 - European Economic and Social Committee
The European Economic and Social Committee (EESC) is the body that gives representatives of Europe's social partners and civil society a formal platform to express their points of views on EU issues. It has a key role to play in the Union's decision-making process. It is now preparing an own-initiative opinion on Employee Financial Participation. This SOC/371 opinion can be downloaded here in all languages
The concept of financial participation by employees is experiencing an astonishing upturn in Europe. However, only a handful of countries have seen financial participation by employees introduced on a scale that can be considered as representing a significant proportion of the working population. The following points therefore need to be highlighted:
-  The European Commission's approach – The models should be open to all employees and should not replace existing forms of remuneration, but instead supplement them. Additional substantive measures are needed to promote such broad-based models.
-   Europe 2020 – Employee participation boosts the competitiveness of European companies by rooting them down in the region, raising productivity and promoting sustainability. Its role an entrepreneurial instrument should be highlighted.
-  Promoting a European model – The modular "building block approach" provides the starting point for a European model.
-  Business successions in SMEs – The "Employee Stock Ownership Plan" (ESOP) is a collective employee capital participation scheme, run by a trust, which for the past 50 years has proven to be a successful instrument for managing company succession in the USA.
-  State intervention and participation – Recommendations: Expansion of employee participation to compensate for state support (for example, the case of Opel). Promotion of employee takeovers through lending activities by banks which have received state guarantees.
-  Use of optional tax incentives to promote employee participation – Tax incentives are not an indispensable precondition for employee participation, but they have undoubtedly had a positive impact in the countries that offer them.
The opinion will prepare the ground:
-  For a recommendation of the European Council on a European platform for employee participation, based on the modular "building block approach".
-   The incorporation of employee participation in the Regulation of the Council on the European Private Company Statute, as well as in the activities connected with the "Small Business Act".
-  The development of a concept for the European Investment Bank, encouraging it to link any increases in loan volume for SMEs to the introduction of employee participation, especially the ESOP approach for  financing company successions.

  Junio 2010 - Beau temps pour l'actionnariat salarié en Europe
L'Association française de la gestion financière vient de publier son enquête annuelle sur l'épargne salariale en 2009: succès, engouement, intérêt croissant. En Grande Bretagne, les résultats 2009 sont tombés pratiquement au même moment: boom de popularité pour les plans d'actionnariat en 2009, forte croissance de l'actionnariat salarié à travers les plans d'épargne salariale. Notre propre Recensement Economique Annuel confirme pour l'ensemble des pays européens. D'un autre côté, les partenaires sociaux sont en train de préparer un nouvel avis d'initiative sur la participation financière des salariés, dans le cadre du Comité Economique et Social Européen. Plus

  Mayo 2010 - European conferences in Rome and in Brussels
Two major European conferences will be held in Rome on September 16-17 and in Brussels on November 26, 2010. The conference in Rome is about "Exercising employee shareholders' rights in European companies". Which are the good practices? Which models, which obstacles across Europe? Could it be more effective? The conference in Brussels will be part of the programme of the Belgian Presidency of the European Union – "Ten years of public policies for employee ownership in Europe – past, present, future". Read more

  Mayo 2010 - A cat is a cat
A cat is a cat. This is the present debate in the European Internet Forum on Employee Ownership.  The financial crisis brings new political awareness about employee ownership which increasingly appears the best option for its contribution to healthier corporate governance, long term vision and stability. The old concept of employee financial participation appears now obsolete and confusing. It's easy for you to join the Forum. Read more

  Mayo 2010 - Gnashing of teeth in France
The transposition of the Shareholders Rights Directive sets teeth on edge in France. The member states of the European Union have to transpose the Directive into their national legislation. This one aims to facilitate and encourage effective shareholder control in EU companies. However, France failed to implement it in due time. Furthermore, the transposition project by the Ministry of Justice brings new difficulties and obstacles. Read more

  March 2010 - Democratizing employee ownership
Every large European company has 4 Top Executives on average, each holding 6.475.000 € in his company in 2009. Most large European companies have now employee share plans. Most of them express the idea that employee ownership should be increased in order to align employees and shareholders' interests. However, most companies began with share plans for Top Executives. This is to be compared with 9.3 million common employee owners, each holding 10.000 € in 2009. Many discussions occurred recently about Executives' remunerations. What about ownership? More

  March 2010 - Employee shareholders rights in European companies
Which are the good practices? Which models, which obstacles across Europe? Could it be more effective? A European Report will be written with the support of the European Commission and a European Conference will be held in Rome on September 16-17, 2010. It will contribute to open a new door for social dialogue and corporate governance items. Here the new dedicated website

  March 2010 - European employees took advantage of lower share prices

                                                                                    2009                 2008                 2007                 2006
Employee owners                                                            9.3 million         9 million            8.4 million
Employees' share in ownership structure                           2.86%               2.79%               2.75%              2.43%
Capitalisation held by employees                                   166 billion €      249 billion €       291 billion €       213 billion €
% European companies having employee ownership         91%                 83.8%               81.4%               77.4%
% European companies having broad-based plans            53.1%               50.9%               49%                 45.2%
% European companies having launched new plans          30.3%               35.3%               26.5%


In short: European employees took advantage of lower share prices to increase their share. This is the main conclusion of the new Economic Survey of Employee Ownership in the European Countries in 2009 which will be soon published. More

  March 2010 - Go ahead
Employee ownership is a hot debate in the campaign for national election in the UK (see press review). From Paris, the new European Commissioner for Internal Market, Michel Barnier expressed his own positive will: "I am going to make a set of proposals for better corporate governance: Better transparency, better say from shareholders about executives' remuneration, better place for employee ownership…" Go ahead Michel !!… More

  Febrero 2010 - Happy end en Italie
Chaque pays européen est en train de transposer dans sa législation la Directive McCreevy sur les droits des actionnaires. Dans un premier temps, le projet de transposition mettait en danger l'existence des associations d'actionnaires salariés en Italie. Heureusement, la nouvelle législation confirme finalement leur rôle.

  - nouveau logo pour les coopératives de travail associé en France
La CGSCOP – la Confédération Française des Sociétés Coopératives de Production lance un nouveau logo commun pour toutes les coopératives de production en France… Plus

  Enero 2010 - 2010 une année-clé
2010 est une année-clé pour la promotion de l'actionnariat salarié au niveau politique en Europe. Après le Parlement, c'est au tour de la nouvelle Commission Européenne de se mettre en place. Nous avons adressé une lettre et des propositions aux nouveaux Commissaires intéressés… Plus

  December 2009 - Exercising employee shareholders' rights in European companies
Which are the good practices? Which models, which obstacles across Europe? Could it be more effective? A European Report will be written with the support of the European Commission, and a European Conference will be held in Rome in June 2010. More

  December 2009 - Australian Employee Buyout Centre
The Australian Employee Buyout Centre is in the process of starting up. Its mission is to preserve, protect and enhance jobs through employee ownership. More

  December 2009 - You can make your contribution
We will be able to continue our information work thanks to your support. This is why we call for your contribution. More

  November 2009 - Conference chaired by Lech Walesa in Warsaw
Employee ownership is back on the agenda in Poland. A conference was held in Warsaw with the European Federation of Employee Share Ownership on November 16. Pictures of the conference

  Noviembre 2009 - Peut-être un moment historique
Les crises sont toujours un moment fort pour de nouvelles idées. Pendant l'été en Allemagne, on a pu voir le syndicalisme changer son fusil d'épaule, découvrir l'actionnariat salarié comme un outil contre la crise financière et demander une participation dans le capital des entreprises en difficultés. "Arbeitnehmer sind die besseren Aktionäre" (le meilleur actionnaire, c'est l'actionnaire salarié)!
Au tour des USA maintenant: le syndicat des métallurgistes United Steelworkers (USW) et Mondragon Corporacion Cooperativa viennent d'annoncer un  accord cadre pour collaborer à l'établissement de coopératives d'actionnaires salariés.
Le syndicalisme est ordinairement méfiant vis-à-vis de l'actionnariat salarié, au moins dans un premier temps. Rien de plus normal. C'est bien le rôle du syndicalisme de défendre ses membres contre les risques qu'ils peuvent courir. L'actionnariat est un risque et c'est aussi le cas pour l'actionnariat salarié. Celui-ci associe le salarié au risque d'entreprise.
Leo Gerard, le Président de United Steelworkers a mis en exergue la différence entre les plans d'actionnariat salarié ESOPs (Employee Stock Ownership Plans) et les coopératives d'actionnariat salarié en affirmant que "Nous avons eu de multiples expériences avec les ESOPs et nous avons vu qu'il ne faut pas longtemps aux types de Wall Street pour remettre les actionnaires salariés sur la touche et reprendre le contrôle. Nous considérons le modèle de la coopérative de Mondragon  avec son principe d'actionnariat "un homme, une voix" comme un moyen pour les salariés de reprendre la main et pour remettre la responsabilité de l'entreprise sur la voie de l'intérêt commun plutôt que sur celle de Wall Street."
Votes, responsabilité… C'est de gouvernance qu'il s'agit. L'actionnariat n'est pas seulement un risque, c'est aussi la possibilité de dire son mot. Le risque est encore bien plus grand quand on n'a rien à dire!

  October 2009 - Effervescence in Italy about McCreevy's Directive on shareholders' rights
Effervescence in Italy. For now, each European country is in the process of transposing the "McCreevy's Directive" on shareholders' rights. In Italy, the transposition threat to remove the associations of shareholders. The federation of shareholders' associations CONAPA convenes its congress on November 10. Detailled information  Letter to Minister Sacconi  Letter to the Treasury and to the CONSOB

  Octobre 2009 - Nouveau cours en Allemagne, discussions en Italie et en Pologne
Cela bouge très vite. Jusqu'il y a peu de temps, l'actionnariat salarié soulevait peu d'enthousiasme en Allemagne, surtout à gauche. Une nouvelle législation est à peine en vigueur depuis le mois d'avril, que déjà l'actionnariat salarié se retrouve à l'agenda. Les syndicats allemands y ont vu un outil contre la crise financière et ils demandent une participation dans le capital des entreprises en difficultés. Au contraire, c'est du côté des organisations d'employeurs que s'expriment des réserves. Le monde à l'envers ! Même situation en Italie: le Ministre Sacconi a invité les partenaires sociaux à une table ronde sur la participation financière des travailleurs, suscitant des réactions positives du côté syndical et plus de réserves du côté des entreprises. En Pologne, le Vice-Premier Ministre Pawlak prépare une nouvelle vague de privatisations à base d'actionnariat salarié. A qui le prochain tour?

  Septembre 2009 - Nouveau cours en Allemagne, nouvelle donne pour l'Europe
Jusqu'il y a peu de temps, l'actionnariat salarié soulevait peu d'enthousiasme en Allemagne. Les choses sont en train de changer très vite. Le Ministère de l'Emploi & Affaires Sociales a lancé un site Internet spécial et une excellente brochure pour promouvoir l'actionnariat salarié. Les syndicats allemands sont en train de découvrir l'actionnariat salarié comme un outil contre la crise financière. Demander une participation dans le capital d'entreprises en difficultés est vite devenu un cri de ralliement. "Arbeitnehmer sind die besseren Aktionäre" (le meilleur actionnaire, c'est le salarié !) Maintenant que l'attitude est positive dans quasiment tous les grands pays, c'est tout l'équilibre politique qui va pouvoir changer en faveur de l'actionnariat salarié à l'échelle de l'Union Européenne.

  Julio 2009 - Propuesta al nuevo Parlamento Europeo
Despues de 10 años de (no) politica europea, el momento ha llegado de hacer un balance y de llevar de nuevo una politica dinámica para el accionariado asalariado en Europa.
150 deputados europeos y lideres de todos los partidos aportaron su apoyo al Manifiesto del accioanariado asalariado para las elecciones europeas 2009. El accionariado asalariado debe ser incitado para una economía mas sana y dinámica, mas duradera y para una mejor gobernancia. Son las palabras claves en todos los partidos. Propuesta al nuevo Parlamento

  Junio 2009 - 150 diputados europeos
150 diputados o candidatos europeos de todos los partidos respondieron al llamamiento de nuestro Manifiesto del accionariado asalariado para las elecciones europeas. Los diez ultimos años vieron un fuerte crecimiento del accionariado asalariado en las empresas europeas. Paradoja, se pudo constatar al mismo tiempo la ausencia de toda política europea de promoción y de desarrollo del accionariado asalariado. Ya es tiempo de hacer un balanze y reactivar una politica europea de accionariado europeo. Un papel que debe desempeñar el nuevo Parlamento Europeo. Información detallada

  Junio 2009 - ¿Con accionariado asalariado o sin accionariado asalariado en la crisis del automovil ?
Por primera vez el gobierno de Washington usa de forma inédita el accionariado asalariado en Chrysler – los asalariados tendrán una parte de la empresa. ¿Pero de que hablamos realmente ? ¿Con o sin accionariado asalariado? Los sindicatos de los trabajadores el automovil dentendrán el  55% de Chrysler. ¿Cual será el futuro de una industria controlada por los sindicatos? ¿ Cual será el papel desempeñado por el accionariado asalariado en el rescate de una industria en crisis? Misma pregunta en Alemania para el sindicato IG Metall y el rescate de Opel. Información detallada

  Febrero 2009 - Manifiesto para las elecciones 2009 del Parlamento Europeo
El Manifiesto del Accionariado Asalariado presenta seis propuestas prácticas a todos los candidatos al nuevo Parlamento Europeo y a la Comisón Europea. Todas las personas interesadas estan invitadas en expresar su apoyo a este Manifiesto y a responder a las preguntas. Sabiendo que la Unión Europea no es competentente en este tema (no esta cubierta por tratados), la mayoria de las propuestas van a los Estados. Todas las reacciones estan publicadas en la página Internet del Manifiesto. Ya algunas reacciones interesantes de diputados europeos y otros:  Stephen Hughes, Brian Simpson, Bernard Lehideux, Robert Goebbels, Frédéric Lefebvre y otros. Información detallada

  Febrero 2009 - Recuento Económico del Accionariado Asalariado en los Países Europeos en 2008
La capitalisación detenida por los accionistas asalariados bajó a 240.2 mil millones de Euros en 2008, contra  283.3 en 2007, un serio retroceso de 15.2%; sin embargo seguimos todavía bien por encima de los 206.2 mil millones del año 2006. La parte de los asalariados en el capital de las empresas se estabilizó un 2.63% en 2008, contra 2.64% en 2007 y 2.32% en 2006. Europa contaba 9,1 millones de accionistas asalariados en 2008 contra 8.5 millones en 2007. Aquí las primeras informaciones segun el recuento 2008. El recuento da una información exhaustiva sobre 2.533 grupos europeos que cuentan con 259.000 empresas y 32.4 millones de asalariados. Ver abajo un primer gráfico que muestra que los planes de accionariado asalariado se multiplican en las empresas europeas. El Recuento 2008 completo será publicado el 18 de mayo 2009, para la suscripción  ¡Ya es hora ! Orden de suscripción

  Febrero 2009 - Octavo Encuentro Europeo del Accionariado Asalariado
El Octavo Encuentro Europeo del Accionariado Asalariado tendrá lugar en el Palaciode Egmont en Bruselas el 18 de mayo 2009. Información detallada

  Febrero 2009 - Alemania
¡¡ Por fin, hecho !! El Bundestag votó la nueva legislación para la promoción del accionariado asalariado el 22 de enero. Información detallada

  Enero 2009- Lo de siempre la crisis
¿Tan diferente de las anteriores, la crisis actual? ¿"No future"? ¿El fin del mundo, el fin de la economía del libre mercado, el fin del accionariado (¿asalariado ?) Como siempre, la crisis mas grave desde hace mucho tiempo. Pájaros de mal agüero y negociantes de felicidad, lo de siempre.Como siempre todos fueron sorprendidos, mientras que otros lo habían predicho. Como siempre quiebras, escandalos, una monumental estafa, algunos suicidios de multimillonarios. Muchas gesticulaciones y reflexiones como siempre. Como siempre, gritos para la libertad y otros para mas obligaciones (se dice regulación).Como siempre muchas miradas atras, un mundo de ilusiones perdidas mientras que otros ya caminan cara al futuro. Una visión a largo plazo de las crisis financieras 1929-2008

  Enero 2009 - Reestructuraciones y rescates de empresas
Los planes de rescate se multiplican,a base de accionariado asalariado. Sin embargo, no todas las empresas podran ser salvadas. En diciembre, quiebra del Chicago Tribune en los EE.UU, la segunda mas grande empresa de prensa. Comprada hace un año mediante un plan de accinariado asalariado ESOP (employee stock ownership plan) por 8,4 mil millones de dólares. Por suerte los asalariados del Tribune no perderan ni un centimo en este plan de accionariado. Sin embargo una muy mala noticia para el modelo ESOP.¿ Y quid de la crisis del automovil? ¿El futuro de la industria americana del automóvil pasa por el accionariado asalariado? ¿Cual es el futuro para el accionariado asalariado en los USA? Un nuevo gran debate. Después de la "ESOP Foundation", le toca al "National Center for Employee Ownership" que acaba de lanzar un "blog de accionariado asalariado". La ocasion de expresarse para cuatro expertos americanos de los mas experimentados: Michael Keeling, Corey Rosen, John Logue et John Hoffmire

  Enero 2009 - Descontrol en la Comisión Europea
La ultima convocatoria de propuestas  relativo al accionariado asalariado fué objeto de irregularidades. Se presentó una doble denuncia al Mediador Europeo. Información detallada

  Deciembre 2008 - El momento para comprar (bis)
"Trabajadores de todos los países, uníos. No abandonéis vuestras herramientas pero comprad partes de acciones. No hay mejor momento para apreciar el capital - comprando partes de acciones e invirtiendo en su empresa….puede parecer contra-intuitivo con las bolsas desplomadas, para el trabajador británico, es el momento para deslizarse de la dependencia salarial a una parte de accionariado, mediante los planes de accionariado asalariado o de inversión... Las cooperativas también son una via por explorar..." (leido en la prensa británica). Notable, como lo habíamos destacado en septiembre, muchas informaciones sobre accionariado asalariado van por el mismo sentido: es el momento de comprar.

  Pánico en la Comisión Europea
Los tiempos son difíciles. Demasiado difíciles para la Comisión Europea, por lo menos para el accionariado asalariado. Ignorancia, incompetencia, ¿Que mas? Esto tiene que cambiar. Hacemos un llamamiento para una Comisión renovada, con reales competencias. Hemos enviado cartas a José Manuel Barroso y a Nicolas Sarkozy. Ver la información detallada

  Noviembre 2008 - Una hoja de ruta política para el accionariado asalariado en Europa
Una hoja de ruta política para Europa fué propuesta en el marco de la Presidencia Francesa de la Unión Europea.
Cuales son los medios que quedan por desarrollar al nivel europeo para favorecer los planes de participación transnacional en Europa ? ¿Se necesita crear un modelo europeo de participación financiera para los asalariados ?
La imagen del desarrollo de los planes de accionariado asalariado en las grandes empresas europeas es fascinante. Se trata de un movimiento general, que abarca las empresas de todos los países europeos. Entre tanto, para los Estados, es cada uno para si.
¿Que puede hacer Europa? Si, un modelo Europeo, pero ¿Cual?  Descargar la hoja de ruta

  Accionariado asalariado para todos
Accionariado asalariado para todos: es sin duda el hilo conductor del accionariado asalariado en la prensa internacional del mes pasado. Las discusiones sobre la crisis, los stock options, la remuneración de los dirigentes están en el primer plano. “Stock options y participación para todos”, es la consigna en Francia, Alemania y en otras partes. Medidas fiscales para las empresas de accionariado asalariado exigidas en España... Ver la revista de prensa

  Ottobre 2008 - El momento para comprar
Destacable, numerosos artículos sobre accionariado asalariado en la prensa mundial. En estos momentos dicen lo mismo : es el momento de comprar. Según un ex-primer ministro de Malta, los astilleros deberian volverse una cooperativa en vez de ser tomados por extranjeros. En el rescate de Austrian Airlines, los sindicatos reclaman una posición estratégica para el accionariado asalariado, una razón para preferir la oferta de Air France-KLM en vez de Lufthansa. En el rescate de Alitalia, en torno al accionariado asalariado, los grandes sindicatos italianos son mas reservados que sus colegas austriacos, sin embargo la Union de los Pilotos reclama una participación directa significativa. Irlanda: En Eircom, el accionariado asalariado (Employee Share Ownership Trust) que detiene yá un 35% del grupo de telecomunicaciones se esta pensando tomar una parte del accionista mayoritario Babcock & Brown Capital. En Francia, un largo conflicto para tratar de rescatar el Papelero Lédar via una cooperativa de trabajadores. Exito de los nuevos planes de accionariado asalariado en AXA,Société Générale, EDF… Para finalizar, la question viene igualmente de los Estados Unidos :  “Para los asalariados de Chrysler, el momento, a lo mejor llegó para comprar la empresa”.

  Septiembre 2008 - Tiempos difíciles para el accionariado asalariado
"Invertir su dinero con las acciones de su empresa, no es solamente arriesgado: es idiota" (leido en la prensa americana). Sin embargo, una serie de grandes empresas francesas acaban de lanzar nuevos planes de accionariado asalariado multinacionales con exito (cf la revista de prensa)... Vemos muchas nuevas empresas compradas mediante planes de accionariado asalariado (ESOPs) en  EE.UU… El Gobierno aleman acaba de decidir una nueva legislación para 2009…Los asalariados franceses no reducieron sus ahorros, a pesar de las exhortaciones del Presidente Sarkozy para gastar para sostener el consumo… El presidente de John Lewis, la mas grande empresas británica de accionariado asalariado promete no zanjar en los empleos, aún en estos tiemos difíciles.... ¿Entonces, en que quedamos? ¿Todos idiotas?

  Finlandia – Alemania - España
Finlandia mostró un claro ejemplo de desarrollo de accionariado asalariado en 2008. Comparado al 2007, la parte de los asalariados en el capital de las 61 mas grandes empresas finlandesas pasó del 1.56% al 1.89% (+21%). Con la crisis financiera, la capitalización bursatil de las 61 empresas bajó (de 215 a 213 mil millones de Euros, -o sea-1%), pero no impidió los haberes de los accionistas de subir de 3.3 a 4 mil millones de Euros (+20%). Son los resultados de nuestro censo del accionariado europeo, que se esta actalizando para 2008. Las cosas no van bien en Alemania: la parte de los asalariados sigue incambiada en las grandes empresas alemanas en 2008 y 2007 (1.72%) – es hora de una mejor legislación. Las cosas son aún peor en España: la parte de los asalariados bajó del 1.57% en 2007 al 1.45% en 2008. ¿Que va hacer Zapatero?

  Julio 2008 - Confirmación : las empresas de accionariado asalariado son mas productivas
Un nuevo informe sobre los efectos del accionariado asalariado y la participación en torno a los resultados de las empresas ("Employee Ownership and Participation Effects on Firm Outcomes") conducido por Brent Kramer, candidato a un doctorado en la Universidad de Nueva York, destaca la ventaja significativa de las empresas de accionariado asalariado respectivamene con las otras empresas, en volumen de venta por empleado. Información detallada 

  Private Equity y accionariado asalariado
Estos 10 últimos años, el accionariado de directivos y asalariados se volvió  en una norma standard en la industria LBO y del "private-equity". Se puede aún decir que es una de las herramientas claves del private equity. Información detallada

  Junio 2008 - Primer Recuento Económico del Accionariado Asalariado en los Países Europeos
El accionariado asalariado progresa cada vez más fuerte que previsto en Europa. Es la principal conclusión del primer « Recuento Económico del Accionariado Asalariado en los Países Europeos” publicado durante el Séptimo Encuentro del Accionariado Asalariado. Un desarrollo rápido y reciente en la casi totalidad de los países europeos. Sin embargo, algunos países empezaron mas temprano y otros andan sin prisas por el camino. A partir de ahora se pueden comparar facilmente los unos con los otros: un dosier puede ser descargado para cada país, y la edición completa del recuento esta disponible. Toda la información 

  Séptimo Encuentro Europeo del Accionariado Asalariado – Bruselas 23 de mayo 2008
El Séptimo Encuentro Europeo tuvo lugar el la Biblioteca Solvay, en el jardín del Parlamento Europeo en Bruselas. Todas las presentaciones y documentos son ahora disponibles. Toda la información

  El TOP 100 Accionariado Asalariado Europa – Clasificación 2007
Las nuevas clasificaciones 2007 de las empresas europeas en función de sus accionariados asalariados  respectivos ya estan disponibles. Toda la información

  Abril 2008 - Bruselas, 23 de mayo 2008 – Séptimo Encuentro Europeo del Accionariado Asalariado
El Séptimo Encuentro Europeo tendrá lugar en los locales de la Biblioteca Solvay, en el jardín del Parlamento Europeo en Bruselas . El programa y las informaciones prácticas ahora disponibles. Toda la información

  Primer Recuento Económico del Accionariado Asalariado en los Países Europeos
El accionariado asalariado progresa más rapidamente y más fuerte que previsto en toda Europa. Es la principal conclusión del « Recuento Económico del Accionariado Asalariado en los Países Europeos” que sera publicado durante el Séptimo Encuentro Europeo del Accionariado Asalariado. Un desarrollo rápido y reciente en la casi totalidad de los países europeos. Sin embargo, algunos empezaron temprano y otros siguen todavia a rastras. Se puede ahora mas facilmente compararlos los unos con los otros. Un informe puede ya ser descargado para cada país, y yá se puede encargar la edición completa del Recuento. Toda la información

  Marzo 2008 - Europa – EEUU y los "hedge funds"
EEUU: El NCEO (Centro Nacional para el Accionariado Asalariado) publicó hace unos días las estadisticas del año 2007. Los planes de accionariado asalariado los más populares en los EEUU son los ESOPs (Employee Stock Ownership Plans) – hay ahora 9.774 ESOPs, reuniendo 11.2 millones de accionistas asalariados, que detienen conjuntamente 630 mil millones de Euros. Si se añade los otros planes, los EEUU cuentan 25 millones de accionistas asalariados con una capitalización de más de 1.000 mil millones de Euros.
Europa: Teniendo en cuenta los 2.500 grupos más grandes, contamos 8.2 millones de accionistas asalariados que detienen conjuntamente 260 mil millones de Euros (ver nuestro primer « Recuento Anual del Accionariado Asalariado » que sera a disposición proximamente).
Europa - EEUU: El accionariado asalariado detiene ahora unos 1.260 mil millones de Euros, comparables a los famosos "hedge funds" en el mundo (1.700 mil millones de dólares en 2007 = 1.160 mil millones de Euros).

  Nueva legislación en Eslovenia
Grande estreno para los nuevos Estados Miembros de la Unión Europea, el Parlamento esloveno votó el 29 de febrero una legislación para el accionariado asalariado y la participacíon financiera. La mayoría de esos países habian promocionado el accionariado asalariado hace unos quinze años, durante el périodo de privatizaciones.Pero ninguna legislación fué adoptada para proyectos de accionariado asalariado a largo plazo. Con esta curiosidad en Europa: un accionariado en desarrollo en los países ancianos, mientras declinaba en los nuevos…

  Febrero 2008 - 80% de las grandes empresas europeas disponen de planes de accionariado asalariado
80% de todas las grandes empresas europeas disponían de planes de accionariado asalariado en 2007, teniendo solamente 50% en 2000, 20% en 1994, 10% en 1986... Un desarrollo rápido y reciente. Todos los países europeos estan concernidos, sin excepción. Sin embargo, algunos comenzaron más temprano que otros, y otros quedaron por el camino. Hemos sacado una imágen completa con varios gráficos, permitiendo de ver la sitacíon en cada país. Visionar los gráficos

  Bruselas, 23 de mayo 2008 – Séptimo Encuentro Europeo del Accionariado Asalariado
El Séptimo Encuentro Sobre el Accionariado Asalariado tendrá lugar el Bruselas el 23 de mayo. En programación, publicación de la clasificación de las empresas del Top 100 Accionariado Asalariado Europa para el año 2007 y el análisis Europeo en 2007. Para participar al encuentro – información detallada 

  Enero 2008 - 2008 sera prometedor
Las cosas maduran rapidamente para dar un nuevo impulso político al desarrollo del accionariado asalariado en Europa. Alemania va probablemente adoptar una nueva legislación mas rapidamente que pensado inicialmente. El Gobierno austriaco esta trabajando. El Primer Ministro Jean-Claude Juncker de Luxemburgo lanzó un llamamiento hace algunas semanas. El nuevo Grupo Parlamentario sobre el Accionariado Asalariado esta listo en Gran Bretaña, con la participación de todos los partidos. Algunos nuevos Estados Miembros presentan aperturas, por ejemplo Eslovenia (nueva legislación en vista del 2008), y la proxima Presidencia francesas de la Union Europea ofrece una nueva ocasión.

  El Top Accionariado Asalariado Europa 2007
Pronto surgirá : el análisis completo de las informaciones recogidas en nuestra base de datos sobre el accionariado asalariado en los 2.500 mas grandes grupos europeos – emplean unos 33 millones de personas, cerca del 30% de los asalariados europeos. Por primera vez, podremos medir los cambios con precisión de 2006 al 2007, con una fotografía de los desarrollos del accionariado asalariado practicamente en tiempo real, en cada país. Nuestras clasificaciones de las empresas del Top Accionariado Asalariado Europa seran adaptadas segun los resultados del 2007.

  Deciembre 2007 - 14 paises europeos en 2007- y Austria
En comparación con una serie de 14 países europeos, el desarrollo del accionariado asalariado en Austria anda flojo. Hemos presentado un comparativo detallado en Viena el mes pasado, bajo la invitación del Vicecanciller Wilhelm Molderer y del Ministro de Economia y Trabajo Martin Bartenstein. El comparativo de los 14 países esta calculado con las cifras mas recientes, los años 2006/2007, una fotografía casi instantanea del accionariado asalariado. Ver la presentación

  Grupo Interparlamentario sobre Acconariado Asalariado en el Reino Unido
El Parlamento británico decidió constituír un Grupo Parlamentario permanente sobre Accionariado Asalariado, reuniendo todos los partidos politicos (All-Party Parliamentary Group on Employee Ownership). Una etapa politica importante para el accionariado asalariado en Gran Bretaña. El grupo lanzó una enquesta publica que nos permitió exprimir nuestros deseos para el accionariado asalariado no solamente en Gran Bretaña pero también para en conjunto de la Unión Europea. Descargar

  Noviembre 2007 - Accionariado asalariado en las pequeñas y medias empresas
Se sabe que los planes ESOP (una de las formas mas típicas de accionariado asalarialdo en Estados Unidos) fueron particularmente concebidos para las transmisiones de empresas familiares a los asalariados.En Australia, la Association Australiana  del Accionariado Asalariado (AEOA) es ela promotora de esas formulas de accionariado asalariado adaptadas a las transmisiones de empresas. Para facilitar el trabajo de las empresas y de los asesores, la AEOA abrió una página especial de "recursos" en materia de sucesiones y de accionariado asalariado en las PME.  Acceso a la página recursos
 
  El Blog del Accionariado Asalariado
Creación del Employee Ownership Blog en EEUU. El blog esta destinado en facilitar la discusión sobre practicas de accionariado asalariado en los Estados Unidos siguiendo informando a los participantes sobre los nuevos desarrollos de la legislación.  Acceso al  blog 

  Octobre 2007 - Un sindicalista en el país del accionariado asalariado
Mas que en Francia, en un país como Gran Bretaña, las pequeñas y medias empresas son propicias para formas especificas de accionariado asalariado. David Wheatcroft es un sindicalista ingles y experto experimentado en materia de accionariadoasalariado. Acaba de publicar el relato  de su experiencia en la creación y en el desarrollo de una empresa que pasó de 20 a 120 asalariados, en el sector de sanidad - Sunderland Home Care Associates. Bien entendido, este tipo de sociedad no esta cotizada en bolsa - el imforme explica como un mercado interno fue organizado para permitir a los empleados que lo desean comprar o vender las acciones de la empresas. Otro objetivo del informe es enseñar a los actores politicos nacionales y locales que ese tipo de modelo de accionariado asalariado conviene particularmente à la organización de servicios públicos. Descarga del informe (en inglés)

  Dentro de poco tiempo el Top Accionariado Asalariado Europa 2007
El año pasado habiamos creado una base de datos sobre accionariado asalariado  en los grandes grupos europeos con históricos y detalles sobre planes de accionariado y opciones en cada grupo.
La base de datos 2007 está en fase de actualización. Podremos describir más claramente la evolución del accionariado asalariado del 2006 al 2007, en cada uno de los 27 países de la Unión Europea. Este año la base de datos se extenderá a los 2500 mas grandes grupos europeos. Hoy en día, 1.200 ya están registrados. Para esos 1.200 grupos, podemos ya indicar que las capitalizaciones detenidas por los asalariados aumentaron 29.8% en 2007. También, la parte de los dirigentes ejecutivos es del 19% contra 81% para los asalariados “ordinarios” (pero la parte dirigentes ejecutivos alcanza el 67% en España, 29% en Alemania, 17% en Finlandia...). Durante este año, muchas empresas concibieron y lanzaron nuevos planes de accionariado asalariado o opciones. Lo hicieron 44% de las grandes empresas en Dinamarca, 39% en Irlanda, 35% en Finlandia, pero solamente 22% en Alemania, 15% en España, 8% en portugal... La base de datos estará dentro de poco actualizada, las clasificaciones 2007 y el análisis completo serán publicados y una conferencia en marzo 2008 tendra lugar. Las empresas interesadas estan invitadas en patrocinar la publicación y el evento: Sponsoring

  Septiembre 2007 - Accionista de vuestar empresa – ¿ que os aporta ?
¿Comprar acciones de vuestra empresa es una inversion razonable? ¿Es un buen medio para controlar los directivos? En una entrevista para la Rhodia Alliance OnLine (la agrupación de accionistas asalariados del grupo Rhodia), se discute de las ventajas de tener partes en vuestra empresa, del riesgo de discutir su gestión, y sacaron dudas de varios misterios del accionariado. Entrevista completa


  Nuevo Informe Europeo
La Fundación Europea de Dublín acaba de publicar un nuevo informe sobre la participación financiera de los trabajadores en la Unión Europea. Conclusión : "Hay una tendencia clara de la elevación del nivel de participación financiera estos ultimos años del 2000 al 2005. En todos los países, creció el porcentaje de los trabajadores concernidos…Todo esto indiqua que el porcentaje de trabajadores asalariados beneficiados por fórmulas de participación financiera esta en aumento en Europa, aunque todavía bastante bajo, esto sugiere un aumento más significativo para los poximos años.” Informe completo 

  El debate político en Alemania

Dos proposiciones diferentes estan actualmente discutidas para fomentar la participación financiera de los asalariados. El partido Cristiano Demócrata CDU publicó un programa conteniendo un conjunto de proposiciones destinadas a promocionar al nivel de la empresa la participación financiera. El partido Social Demócrata SPD tiene otro objetico diferente : crear un « Fonds Alemania ». Una proposición conjunta de los dos partidos de la coalición dirigida por Angela Merkel podría salir este otoño. Información detallada

  Solicitud a los nuevos Estados Miembros de la Unión Europea
Hemos solicitado a todos los nuevos Estados Miembros para que adopten un legislación que permita el desarrollo de planes de accionariado conformes a las normas internacionales. Asta la fecha, ya hemos recibido respuestas de ... Información detallada

  Julio 2007 - Informes 2007 en Francia y Gran Bretaña
Francia publica su Sexto Barómetro Anual sobre el Ahorro Asalariado. En 2007, 84% de los dirigentes y el 82% de los asalariados de empresas consideran el accionariado como una buena cosa(eran 79% y 80% en la primera encuesta de 2002). Descargar   Por su parte, Gran Bretaña publica los resultados de su recuento anual de los planes SIP (Share Incentive Plan) y SAYE (Save As You Earn) – los planes de accionariado asalariado los mas corrientes, una historia con éxito. Información detallada   

  Y ahora Alemania
Despues de un año de legislación, el gobierno de Angela Merkel trata de recuperar el retraso de Alemania en materia de accionariado asalariado.Los dos partidos de la coalicion han cada uno organizado sus grupos de trabajo. Ahora, las proposiciones estan en la plaza publica. El SPD socialista preconiza un accionariado asalariado indirecto, « sin riesgos », mediante un grande fondo « Fonds Allemagne » quien recolectaria el ahorro asalariado. La CDU/CSU demócrata cristiana opta mas bien por un accionariado asalariado directo. Mas información en nuestra revista de prensa.

  Solicitud a los nuevos Estados Miembros de la Unión Europea
Hemos solicitado a todos los nuevos Estados Miembros para que adopten un legislación que permita el desarrollo de planes de accionariado conformes a las normas internacionales (planes de compra de acciones anuales, 20% de recorte libre de impuesto y de seguridad social asta 5.000 Euros o 10% del salario anual, 3 años de bloqueo de las acciones). Asta la fecha, ya hemos recibido respuestas de Eslovenia, Estonia, Letonia y de la Republica Checa. Información detallada

  Junio 2007 - Llamamiento a los nuevos Estados Miembros de la Union Europea
Un llamamiento a todos los nuevos Estados mIembros para que adopten una legislación que desarrolle planes mas corrientes de accionariado asalariado. Estos países suelen tener una opinión negativa sobre el accionariado asalariado y no disponen de legislacíon adaptada. Esto complica las cosas dentro de estos países pero tambien al nivel de la Unión Europea en su conjunto. En efecto, todos estos nuevos países siendo poco interesados hasta hostiles, la atención presatenda al accionariado asalariado bajo dramaticamente en Bruselas! Información detallada

  Asociación Rusa de Accionariado Asalariado
Una conferencia internacional sobre accionariado asalariado tuvo lugar en Rusia  los 7-8 de junio 2007 en Rostov-sur-le Don, la capital de la Rusia del Sur (ciudad de Essenine, de Tchekhov, de Soljenitsine, etc), por invitación de la Rostov State Economic University. La Conferencia decidio de constituir una nueva Asociación Rusa de Accionariado Asalariado. Información detallada

  Mayo 2007 - Fiebre en los Estados Unidos, el accionariado asalariado en el primer plano de la actualidad
Por la segunada vez en varias semanas, las formulas de accionariado asalariado (employee stock ownership plans - ESOPs) fueron un elemento determinante en las grandes operaciones. 8,2 mil millones $ para comprar el Chicago Tribune (21.000 asalariados – detendrán el  60%). 5 mil millones de dolares para comprar  Chrysler, con la posibilidad de una oferta del sindicato de los trabajadores del sector automovil  United Auto Workers que examina una propuesta de recompra del 70 % de Chrysler mediante un plan de accionariado asalariado. Ver más abajo la revista de prensa.

  Netherlands Participation Institute
Nuevo sitio internet para el Institut Holandes para Participación quien organiza la promoción del accionariado asalariado en los Países Bajos en la página http://www.snpi.nl/

  Bangladesh: nueva empresa de accionariado asalariado en el textil
El Instituto de Desarrollo Rural Integrado anima el accionariado asalariado en el textil y en las plantaciones rurales Más información 

  Abril 2007 - El accionariado asalariado en  las grandes empresas europeas
87% de todos los grandes grupos europeos disponen de un accionariado asalariado y el 82,6% tienen planes para desarrollarlo, mientras que 49% tienen planes de accionariado para el conjunto du sus asalariados (broad based plans, all employees plans). El accionariado asalariado detiene una parte significativa en el 40,3% de los grandes grupos(1% al menos del capital). Por otra parte, 69,6% de los grandes grupos tienen stock options. Nuestra base de datos sobre el accionariado asalariado en los grandes grupos europeos ya esta completa. Enumera las cifras y el historial  de los planes de accionariado asalariado en los 2000 más grandes grupos europeos, en 27 países. Estos emplean un  poco mas de  29 millones de asalariados (correspondiendo a una población de 100-120 millones de personas, un cuarto de la población europea, si se considera que cada famillia represanta 3 o 4 personas). La base de datos permite analisis y comparativos (benchmarking) por países, sectores o entre listas definidas de empresas. Pinche aquí par obtener nuestras condiciones de utilización

  El TOP 2007 Accionariado Asalariado Europa
¿Vuestra empresa e socio del TOP 2007 Accionariado Asalariado Europa? La base de datos será puesta al dia para 2007. Se estendera a Rumania, Bulgaria y probablemente Turquía.La clasificación 2007 de las grandes empresas europeas de accionariado asalariado serán anunciadas en una conferencia especial de fin de año y mediante una publicación. Responda a nuestra solicitacíón de socios

  Marzo 2007 - El Consejo Europeo de los Ministros de Hacienda en favor de mas accionariado asalariado
Las empresas europeas con fuertes crecimientos tienen que dar a los trabajadores una parte más importante de sus beneficios so pena de abrir una crisis de legitimad del modelo economico europeo. La idea de nuevas iniciativas, como formulas de accionariado asalariado, para crear un vínculo mas directo entre beneficios de las empresas y participacón de los trabajadores, fueron discutidas el el ultimo consejo Ecofin. El debate también tomo acentos « thatcherianos », en referencia a la promoción de fórmulas de accionariado asalariado emprendidas por el ultimo Primer Ministro britanico. Más información

  El Informe Co-Co : Trabajo, Felicidad y Accionariado Asalariado
(The CoCo Report: Work, Happiness and Employee Ownership) Las empresas en lascuales los trabajadores estan implicados en la toma de decisión y en el capital son más productivas, porque los trabajadores se sienten mejor, segun un nuevo informe publicado en Gran Bretaña. El estudio muestra que la tasa de ausentismo esta más baja y los trabajadores están mas motivados en las « co-empresas ». El Gobierno británico  esta invitado en introducir nuevos icentivos fiscales para favorecer el lanzamiento de empresas de trabajo asociado. Descargar el informe completo

  Lanzamiento del primer OPCVM basado sobre el Indice de Accionariado Asalariado
Nada más haber sido lanzado en diciembre pasado por Eurnonext con la Federación Francesa de Asociaciones de Accionistas Asalariados, el Indice de Accionariado Asalariado ve el lanzamiento de un primer fondo de inversión basado sobre el Indice. Más información

  Febrero 2007 - Profundas diferencias entre las grandes empresas europeas
Grandes diferencias surgen en las empresas europeas en materia de accionariado asalariado. El mes pasado hemos visto el sector bancario. En promedio, un empleado de UBS detiene 87.000 € en acciones de empresa ; en la Deutsche Bank son 61.000 €, en la Société Générale 38.000 € ... en  Fortis 5.000 €, en ING 1.535 € ... Este mes vemos las cifras en el sector de los transportes  y de la logística (vean adjunto en la columna en la derecha)

  Mondragón Corporación Cooperativa
Mondragón Corporación Cooperativa encabeza el ranking europeo de empleo entre las 100 principales compañías con accionariado asalariado. Información detallada

  Pequeñas y medianas empresas
El Consejo de Normas Contables de Gran Bretaña
(Accounting Standard Board) acaba de anunciar una cierta flexibilidad importante en materia de exigencias de accionariado asalariado para las pequeña y medianas empresas. Información detallada

  Instituto Holandés por la Participacíon (NPI)
Pascale Nieuwland y Marjon Westerhof son los nuevos dirigentes del NPI.
Información detallada

  Enero 2007 - El TOP 100 Accionariado Asalariado Europa en 2006
Las clasificaciones de las mas grandes empresas europeas estan ya disponibles, en función del peso del accionariado asalariado. Las empresas del Top 10 por capitalización son :UBS, Total, Novartis, Mondragon, Deutsche Bank, Société Générale, BNP Paribas, Crédit Agricole, AXA, Bouygues. Los asalariados detienen 6,16% de esas empresas, lo que representa una media de 43.357 Euros por asalariado.
Pinche aquí para las clasificaciones del TOP 100 Accionariado Asalariado Europa en 2006

  Sexto Encuentro Europeo del Accionariado Asalariado
El Sexto Encuentro Europeo del Accionariado Asalariado tuvo lugar en Bruselas los 14-16 de diciembre. Pinche aquí para todas las presentaciones de la conferencia

  Quiebras de empresas, derechos de los trabajadores y retomas de empresas por los asalariados - Una Estrategia para las Reestructuraciones
Era el tema del informe presentado conjuntamente en el Parlamento de Londres y de Bruselas por Anthony Jensen, Ithaca Consultancy et la Common Cause Foundation, con el apoyo  de la Federacion Europea del Accionariado Asalariado (Insolvency, Employee Rights & Employee Buyouts - A Strategy for Restructuring)

  Tres nuevos informes de investigación sobre el accionariado asalariado y la participación en Europa
Patrick Guiol & Jorge Munoz demostraron que una gestión de empresa de tipo participativo tiene un efecto positivo en terminos de salud publica (en frances)
Eric Kaarsemaker ha realizado un tratado a la vez teórico y empírico sobre el accionariado asalariado y la gestión de los recursos humanos, en el contexto de los países Bajos
Marco Caramelli redactó un estudio sobre los efectos del accionariado asalariado en el marco de las empresas multinacionales, con un enfoque actitudinal y intercultural (en frances)

  Nuevas lineas directices para los planes de accionariado asalariado en Gran Bretaña en 2007
La Asociazión de los Seguros Britanicos (Association of British Insurers) puso al día sus lineas directrizes en materia de remuneraciones de dirigentes y de planes de accionariado asalariado- estos se apliquan ampliamente al conjunto de las empresas britanicas. Pinche aquí para la información detallada

  Cambio para Job Ownership Ltd (Gran Bretaña)
Job Ownership Ltd cambio de orientación y de nombre. Será la Employee Ownership Association en http://www.employeeownership.co.uk/

  Noviembre 2006 - Con la participación de unos de los candidatos a la Presidencia de la República francesa 
Vengan tambien a Bruselas para la publicación de la primera clasificación de las 100 mas grandes empresas europeas de accionariado asalariado-Sexto Encuentro Europeo del Accionariado Asalariado 14-15 de diciembre 2006. Pinche aquí:
Programa y información pratica
  Información completa   ¿Cuales seran las empresas clasificadas en el TOP 100?

  Informe PEPPER III
La Comision Europea habia habierto la vía para una política europea para el accionariado asalariado con el Informe PEPPER I (1991) y el PEPPER II (1996). Ahora publica Inter-University Centre Split/Berlin un Informe PEPPER III, que describe la participación financiera de los trabajadores en los nuevos países y candidatos a la Unión Europea. Descargen aquí el informe

  Un desastre de la Comision Europea
Asi lo comenta un informe de expertos duranre una reunion sobre la participación financiera de los trabajadores. Descargen aquí el informe

  Octobre 2006 - Vengan celebrar en Bruselas el TOP 100 de la empresas europeas de accionariado asalariado
Al menú del Sexto Encuentro Europeo del Accionariado Asalariado (en Bruselas los 14-15 de diciembre 2006): Publicación del TOP 100 para el año 2006 y celebración de las empresas en el Palacio de la Bolsa de Bruselas. Por primera vez, una información sintética permitirá observar los desarrollos en todos los países de la Union Europea. Testimonios de una serie de empresas tipos. Testimonios de un panel de sindicatos europeos. Las travas a los planes de accionariado. Las reacciones de los representantes políticos.

Información completa
Boletin de inscripcion a la Encuentro
Programa y información pratica
Vuestros gastos en viaje y alojamiento podrán ser reembolsados

  ¿Esta vuestra empresa en el TOP 100 Accionariado Asalariado Europa? ¿Cuales seran las empresas clasificadas en los primeros puestos del TOP 100 para el año 2006?
Podeis ya encontrar una primera lista pinchando aquí

  Nuevos informes sobre accionariado asalariado en los países europeos
Nuevos informes fueron publicados recientemente sobre accionariado asalariado en Austria, en Francia, y en Alemania

  Septiembre 2006 - Sexto Encuentro Europeo del Accionariado Asalariado
El próximo Encuentro Europeo del Accionariado Asalariado se celebrará en Bruselas los 14-15 de diciembre 2006. La conferencia sera la ocasión de hacer publicas las nuevas clasificaciones de las mas grandes empresas europeas de accionariado asalariado, el TOP 100 Accionariado Asalariado Europa - 2006. Pinche aqui para info

  Vuestros gastos en viaje y alojamiento podrán ser reembolsados !!
Gracias a nuestros patrocinadores, la FEAS podrá tomar a cargo los gastos del viaje y del alojamiento para un centenar de personas.
Vean aqui el informe detallado

  Julio 2006 - Sexto Encuentro Europeo del Accionariado Asalariado
El próximo Encuentro Europeo del Accionariado Asalariado se celebrará en Bruselas los 14-15-16 de diciembre 2006. La conferencia sera la ocasión de hacer publicas las nuevas clasificaciones de las mas grandes empresas europeas de accionariado asalariado, el TOP 100 Accionariado Asalariado Europa - 2006. Pinche aqui para info

  Las empresas del Top 100 Accionariado Asalariado Europa decidieron de poner en pie un grupo de lobbying
El montaje y la gestión  de los planes de accionariado asalariado multinacionales son dificiles y costosos. Las empresas se mueven en una selva de obligaciones y reglamentos nacionales movedizos donde los gestionarios y responsables de planes tratan de superarla con sus medios y gastos en abogados. Muchas mejoras y excepciones pueden ser logradas, permitiendo reducir las dificultades y los gastos. La primera reunion del grupo de lobbying indentificó las prioridades. Vean aqui el informe detallado

  Junio 2006 - El Top 100 Accionariado Asalariado Europa - 2006
clasifica  las empresas europeas en función  de dos criterios de selección relativos al accionariado asalariado. Genera dos clasificaciones :
EUROPA EMP 100:  las empresas estan ordenadas en función del nombre de trabajadores empleados en las empresas detenidas al menos por el  50%  de los accionistas asalariados. Esta participación puede ser la consecuencia de un ESOP, de un plan de ahorro en acciones u otros planes de accionariado asalariado, o todavia de una cooperativa de trabajadores asociados.
EUROPA CAP 100: les empresas estan ordenadas en función de la parte en capital detenido por los accionistas asalariados, en millones de EURO. Esta clasificación integra todas las mas grandes empresas, parcialmente o totalmente detenidas por los asalariaos, cualquiera que sea el porcentage detenido. Esta participación puede ser la consecuencia de un ESOP, de un plan de ahorro en acciones u otros planes de accionariado asalariado, o todavía la constitución de una cooperativa.

  Mayo 2006 - Encuesta Internacional sobre el Accionariado Asalariado y los Valores en el Trabajo
El CREGO - Centro de Investigación en Gestión de las Organizaciones de la Universidad de Montpellier II realiza una encuesta internacional sobre el accionariado asalariado y los valores en el trabajo. El objectivo de este trabajo es de aportar respuestas a varios problemas practicos como los efectos del accionariado asalariado sobre la motivación y el compromiso de los asalariados con sus empresas, o la importancia de los valores culturales en la percepción y los comportamientos de los asalariados hacia el accionariado. Esta encuesta se dirige a todos los asalariados (accionistas y non accionistas), de empresas cotizadas que ofrecen una forma de accionariado asalariado. Rellenar el cuestionario toma unos 15 minutos y la información recogida será estrictamente anónima y confidencial. Pinche acqui por el encuesta.


 

 


 

 

Contact
FEDERACION EUROPEA DEL ACCIONARIADO ASALARIADO
EFES - EUROPEAN FEDERATION OF EMPLOYEE SHARE OWNERSHIP
Avenue Voltaire 135, B-1030 Bruxelles
Tel: +32 (0)2 242 64 30 - Fax: +32 (0)2 808 30 33
E-mail: efes@efesonline.org
Website: www.efesonline.org
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.