NEWS

  Day after day, all news on the web about employee ownership

  June 2009 - 150 Members of the European Parliament
150 Members of the European Parliament and candidates from all political parties answered our Manifesto for the European elections. The last ten years saw a strong development of employee ownership in European companies. Strangely, this happened while a European policy for the promotion and the development of employee ownership was completely lacking. It is time to reconsider things and to relaunch a real European policy. This is a role for the new European Parliament. Detailed information

  June 2009 - Employee ownership or not employee ownership in the auto industry
For the first time Washington is looking to employee ownership in a unique form at Chrysler -- employees will have a stake in the company. However, what is it really? Employee ownership or not employee ownership? The United Auto Workers union will own 55% of Chrysler. What future for a union-controlled industry? Which place for employee ownership in the auto industry bailout? Same question for German unions and Opel in Europe. Detailed information

  Eighth European Meeting of Employee Ownership – Brussels, 18 May
The Eighth European Meeting of Employee Ownership will be held in Egmont Palace, in the center of Brussels on May 18, 2009. Registration and practical information

  March 2009 - Your country compared to others in 2008
Each European country can easily be compared to others regarding employee ownership in 2008, thanks to a set of ten graphs, using fully comparable information. Download country files

  February 2009 - Manifesto for the 2009 European Parliament Elections
The Employee Ownership Manifesto presents 6 practical proposals to all candidates to the new European Parliament and to the European Commission. All interested people are invited to express their support and answer our questions. Knowing that the European Union doesn't have the necessary competency in the matter, most proposals are addressed to the states. All reactions are published on the dedicated website. We already received a number of interesting reactions from MEPs and others: Glenis Willmott, Stephen Hughes, Brian Simpson, Bernard Lehideux, Robert Goebbels, Frédéric Lefebvre and others. Detailed information

  February 2009 - Economic Survey of Employee Ownership in European Countries in 2008
Assets held by employee owners fell to 240.2 billion Euro in 2008, compared to 283.3 billion in 2007, a serious decrease of 15.2%; however this was still quite more than the 206.2 billion in 2006. Employees share in companies capital stabilized on 2.63% in 2008, compared to 2.64% in 2007 and 2.32% in 2006. Europe had 9,1 million employee owners in 2008 compared to 8.5 million in 2007. This is a first information from the Survey of Employee Ownership 2008. The survey brings an exhaustive information about 2.533 European groups, gathering 259.000 companies and 32.4 million employees. See below a first graph showing that employee share plans continue to multiply among European companies. The full Annual Survey will be published on May 18, 2009, it is time for subscription! Subscription order

  February 2009 - Eighth European Meeting of Employee Ownership
The Eighth European Meeting of Employee Ownership will be held in Egmont Palace, in the center of Brussels on May 18, 2009. Detailed information

  February 2009 - New legislation in Germany
Finally they did !! The Bundestag voted the new legislation for the promotion of employee ownership on January 22. Detailed information

  January 2009 - Crisis as usual
Is the present crisis so different from others? No future, the end of the world, the end of the free enterprise economy, the end of (employee) ownership? As usual, the biggest crisis we've ever seen. As usual doomsayers and happiness mongers as well. As usual most were surprised while many had predicted. As usual bankruptcies, scandals, even surprising frauds, some billionaires suicides. Gesticulations as usual  and reflection. As usual some cry for freedom while others for more regulation. As usual, many look backwards while some look forwards. Get here a long-term vision of financial crisises 1929-2008

  January 2009 - Restructuring and rescuing distressed companies
Bailout plans are multiplying, involving employee ownership. However, all companies cannot be saved. Last month, Tribune Company went bankruptcy in the USA. One year ago, it was acquired through an ESOP (employee stock ownership plan) for 8.4 billion dollars. Tribune employees won't be losing anything from the company's employee ownership stock plan. However a bad story for ESOPs. What about the automotive crisis? Is employee ownership the future of automotive companies? Which future for employee ownership? This is a new big debate in the US. After the ESOP Foundation launched its "Employee Ownership Blog" some months ago, it is now turn for the US National Center for Employee Ownership. Both blogs give the opportunity to some of the most experienced experts to discuss the point: Michael Keeling, Corey Rosen, John Logue and John Hoffmire

  January 2009 - Faux pas at the European Commission
The recent call for proposals concerning employee ownership was corrupted. A double complaint was addressed to the European Ombudsman. Detailed information

  December 2008 - Time to buy (bis)
"Workers of the world unite. Don't down your tools but buy a slice of the action. There couldn't be a better time to start learning to love equity - owning shares and investing in business... It is counter-intuitive but with the stock market at rock bottom, this is a great moment for the British worker to swap being a wage slave for owning shares through employee share schemes or investing on the stock market. Taking part in cooperatives or partnerships could be explored too..." (British press). Just as we already pointed in October, it is remarkable that most debates about employee ownership are going in the same way: Time to buy.

  Panic at the European Commission
Difficult time to face. Too difficult for the present European Commission, at least regarding employee ownership. Ignorance, incompetency, what else? This has to be changed. We call for a renewed Commission with real competency in the matter. Letters were addressed to José Manuel Barroso and to Nicolas Sarkozy. See detailed information

  November 2008 - A political roadmap for employee ownership in Europe
A political roadmap for Europe was proposed in the framework of the French Presidency of the European Union. What should be done at European level to promote the development of employee ownership?  Should we set up a European model? The picture of  employee share plans in large European companies is highly fascinating. It is a general movement, involving all large companies in all countries. However, when considering the European states, it is still everyone for himself. What can be done for Europe? Which European model? Download

  Employee ownership for all
Employee ownership for all: This is the common theme linking all these articles about employee ownership in the world's press last month. Most discussions about the financial crisis, share options and executive pay. "Share options and participation for all" seems to be the way in France, Germany and others as well. Tax benefits for employee-owned companies are requested in Spain… See press review

  October 2008 - Time to buy
It is remarkable that most articles about employee ownership in the world's press tell about similar information: Time to buy. For a former Prime Minister, Maltese dockyards should be transferred to a workers' cooperative rather than to foreign ownership. Austrian Airlines: Unions ask for strategic employee ownership which could even be a reason to choose Air France-KLM's offer rather than Lufthansa. Alitalia: Big unions are more reluctant here than Austrian colleagues, but Pilots Union asks for significant employee ownership. Ireland: Eircom's Employee Share Ownership Trust, which alreay owns 35pc of the telecommunications firm, is considering a stake in its majority owner Babcock & Brown Capital. France: Long struggle to rescue Ledar Papermaker through a new workers' coop. Successful new employee share plans for AXA, Société Générale, EDF… Finally, the question is also coming from the USA: "Maybe it's time for Chrysler's employees to buy the company."

  September 2008 - Employee ownership in tough times
"Investing employee retirement money in company stock is not just risky: It's idiotic" (in American  press). Yet in present times, numerous French companies are launching new global plans (see press review)… Many American companies are bought by employees through ESOPs… German government has now just decided for a new supportive legislation in 2009… French employees didn't reduce their employee savings so much, yet President Sarkozy encouraged them to spend it and to boost consumption… The chairman of British employee-owned retailer John Lewis Partnership promises no job cuts in tough times… All idiots?

  Finland – Germany - Spain
Finland brings a good example of employee ownership development in 2008. Compared to 2007, employees' share in capital raised from 1.56% to 1.89% (+21%) on average in the 61 largest Finnish companies. Due to troubles on financial markets, the market capitalisation of the 61 companies decreased from 215 to 213 billion Euro (-1%), while employees' shareholdings grew from 3.3 to 4 billions Euro (+20%). This is based on our survey of employee ownership in European companies, being now updated for year 2008. Things are not so good in Germany: Employees' share in capital appears to be unchanged in 2008 compared to 2007 (1.72%) – It is time for a better legislation. Things are even worst for Spain: Employees' share in capital decreased from 1.57% in 2007 to 1.45% in 2008.

  June 2008 - New research confirms employee-owned companies more productive
A new recent research on "Employee Ownership and Participation Effects on Firm Outcomes"  conducted by Brent Kramer, a doctoral candidate at the City University of New York, “provides strong evidence that majority employee-owned businesses have a significant advantage over comparable traditionally-owned businesses in sales per employee.” More information 

  June 2008 - Private Equity and employee ownership
Over the past decade, management and employee share ownership has become a standard way for  the private-equity industry. It can even be said that management and employee share ownership has become an established part of the private-equity toolkit. More information

  May 2008 - First Annual Economic Survey of Employee Ownership in European Countries
The Survey reveals that employee ownership is progressing at a quicker rate and with greater depth across Europe than expected. When considering recent trends, employee ownership is predicted to double within the next 5-10 years, from currently 8.2 million employee owners to 16 million and from currently 26.2% of all employees in large European companies to 40-50%, and finally capitalisation held by employees is predicted to rise currently from 2.35% to 4 - 4.5%. This is a sudden development in most European countries. However, some countries began earlier while others dawdled on the way. They can easily be compared to each others. Each country file can be downloaded and the full Annual Survey is now available. More information

  Seventh European Meeting of Employee Ownership - Brussels, 23 May 2008
The Seventh European Meeting of Employee Ownership was held in the prestigious Solvay Library, just near the European Parliament. Most presentations and documents are now available. More information

  The European Employee Ownership Top 100 in 2007
The new rankings or European top companies regarding employee ownership are now available for year 2007. More information

  March 2008 - Europe – USA and the hedge funds
USA: Some days ago, we got the "Statistical Profile of Employee Ownership" from the National Center for Employee Ownership in the USA. Employee Stock Ownership Plans (ESOPs) are the most popular employee ownership scheme in the US – they have now 9.774 ESOPs, with 11.2 millions employee owners, holding 630 billions Euro in assets. Looking at all other employee ownership schemes besides ESOPs, they have some 25 millions employee owners, holding more than 1.000 billions Euro in assets.
Europe: Considering the 2.500 largest European companies, we have now 8.2 millions employee owners across Europe, holding 260 billions Euro (see our first "Annual Economic Survey of Employee Ownership" will be soon made public).
Europe and USA: Employee owners hold now some 1.260 billions Euro, quite similar to the global capitalisation of all hedge funds across the world in 2007 (US$ 1.700 billions = 1.160 billions Euro).

  New legislation in Slovenia
On February 29, the Slovenian Parliament voted a new legislation for employee share ownership and financial participation. This is a first major change in the new Member States of the European Union. Most of them promoted  employee ownership when they privatised, 15 years ago, but nothing was done to support employee ownership in the longer term. Hence this strange situation, employee share ownership expanding in the first 15 countries of the European Union, while declining in the new ones.

  February 2008 - 80% of all European largest companies have employee share plans
80% of all European largest companies had employee share plans in 2007, coming from 50% in 2000,  20% in 1994, 10% in 1986... A quick and recent development. All European countries are involved without any exception. However, some of them began earlier while others dawdled on the way. We present the full picture in a set of graphs, so you can see what it is for each country. See graph

  Brussels, 23 May 2008 – Seventh European Meeting of Employee Ownership
The Seventh European Meeting of Employee Ownership will be held in Brussels on 23 May. The meeting will be the place for the publication of the ranking of the European Employee Ownership Top 100 for year 2007 and the full analysis of employee ownership across Europe in 2007. Would you like to attend – get detailed information here

  January 2008 - Promising year 2008
A lot of things seem promising for a new political impulse to employee ownership across Europe. Germany is going fast to a new legislation, Austrian Government is working hard, Prime Minister Jean-Claude Juncker of Luxemburg launched a call some weeks ago, the new All Party Parliamentary Group on Employee Ownership is in place in UK, some new Member States seem opening doors, for instance Slovenia (going to a new legislation for employee ownership in 2008), and the next French Presidency of the European Union could be a good opportunity.

  December 2007 - 14 European countries in 2007 – and Austria
Compared with a set of 14 European countries, employee share ownership seems low in Austria. We made a presentation last month in Vienna on invitation of Vice-Chancellor Wilhelm Molderer and Minister of Economics and Labour Martin Bartenstein, comparing employee share ownership in 14 European countries. This is based on most recent numbers, those of year 2006/2007 – a photography of European employee ownership in real time. See presentation

  All-Party Parliamentary Group on Employee Ownership in UK
British Parliament decided to set up a permanent All-Party Parliamentary Group on Employee Ownership. This looks a major political step for employee ownership in UK. The Group organised first a public inquiry, allowing us to express our requirements regarding employee ownership not only in UK but for the whole European Union. See inquiry

  November 2007 - Employee share ownership in business succession planning
It is known that ESOP – one of the most typical employee ownership scheme in USA, was particularly designed for business succession. In Australia, the Australian Employee Ownership Association (AEOA) has been vigorously promoting the role that employee share ownership can play in business succession planning. To support the development of employee share ownership in the SME sector, the AEOA has set up a special "resources" page to assist business consultants with advising on ESOP-based business successions and the expansion of employee equity in private companies. The articles, case studies and web-links appearing on this page will be useful for informing retiring business owners wanting to transition their business to their employees as part of a succession plan, as well as for those wanting to implement shared ownership of private businesses generally. See this new resources web-page
 
  Employee Ownership Blog
Creation of the Employee Ownership Blog in USA. The Employee Ownership Blog is dedicated to fostering an open discussion about employee ownership in the US while keeping readers informed of new developments on the legislative front and linking to relevant articles. Access to the blog 

  October 2007 - A trade unionist in the world of employee ownership
David Wheatcroft is a British trade unionist and an experienced practitioner in the employee ownership field. He just published a new paper: "Caring and sharing – the co-owned route to better care", a personal account of how an employee owned company – Sunderland Home Care Associates – was formed and has flourished. Of course such company is not listed – the paper tells how a regulated internal share market is used for employees who wish to sell or buy shares. Another aim of this report is to show national and local policy makers why the co-ownership model has so much to offer public services. Download  

  Soon coming - The European Employee Ownership Top 2007
Last year we set up a full database of employee ownership in all widest European groups, including detailed description and history of all share-based and option schemes in each group. Our database is presently being updated for year 2007. So we'll be able to see how employee ownership evolved from 2006 to 2007 in all 27 countries of the European Union. This year the database will cover all 2.500 widest European groups, on which 1.200 are already updated. In these 1.200 companies, we can mention that capitalisations held by employees rose by 29,8% in 2007. Of these capitalisations, executives held 19% in average and common employees 81% (but executives held 67% in Spain, 29% in Germany, 17% in Finland). Last year, many companies designed and launched new employee share and options plans. 44% did so in Denmark, compared to 39% in Ireland, 35% in Finland, and only 22% in Germany, 15% in Spain, 8% in Portugal… The database will be soon completely updated and we will publish our rankings for year 2007 and our detailed analysis through a publication and a conference in March 2008. Would your company be a sponsor for this publication and event? Sponsoring

  September 2007 - Employee share ownership - what's in it for you?
Is buying shares in your company a wise investment and a good way to keep your eye on management? In this interview for Rhodia Alliance OnLine (Rhodia's association of employee shareholders), we talk about the advantages of owning a stake in your company, whether criticism of your management is a bad career move, and we break down some of the mysteries and financial ins and outs of share ownership. More details

  New European Report
The European Foundation in Dublin just published a new report about financial participation of employees in the European Union. Conclusion: "There has been a clear trend of rising levels of financial participation over the five years between 2000 and 2005. In all countries there has been an increase, in some cases notable, in the percentage of employees participating… This indicates that the percentage of workers involved in financial participation schemes in Europe, although still low, is on the increase, suggesting that the phenomenon will probably become more significant in the near future." More details

  Political debate about employee share ownership in Germany
Two different proposals are discussed in Germany. The Christian Democratic Party has published a paper with a list of proposals to promote financial participation on the company level. The proposal of the Social Democratic Party has a different objective: They propose to establish a so called “Germany Fund”. A common proposal of the two governmental parties – that means a compromises – could be expected in autumn. More details

  Request to the new Member States of the European Union
EFES requests all new Member States to adopt a legislation allowing employee share plans based on international standards. Most countries answered positively. More information

  July 2007 - 2007 surveys in France and United Kingdom
France publishes its Sixth Annual Survey on employee savings plans. In 2007, 84% of Executives and 82% of employees consider employee share ownership as a good thing for companies (it was 79% and 80% in 2002). Download French Survey  UK released the results of its annual SIP (Share Incentive Plan) and SAYE (Save As You Earn) survey – the most common plans, a succesful story. More information about UK  

  And now Germany
From its start one year ago, Angela Merkel's Government plans to make up the time Germany had lost regarding employee share ownership. Both political parties of the big coalition had their own working groups. Now both proposals are on the table. Socialist SPD thinks to indirect employee ownership, free of risk, through a big "German Fund", managing employees savings and investing in German companies. Christian Democrat CDU/CSU is more inclined to favour direct employee share ownership. See more information in press review.

  Request to the new Member States of the European Union
EFES requests all new Member States to adopt a legislation allowing employee share plans based on international standards (annual employee share purchase plans, 20% discount price free of tax and social security, up to 5.000 Euro or 10% annual wage, 3 years blockage). We already got answers from Slovenia, Estonia, Latvia and the Czech Republic. More information

  June 2007 - Request to the new Member States of the European Union
EFES requests all new Member States to adopt a legislation allowing common employee share plans. Most new Member States have a bad opinion about employee share ownership and they don't have any adapted legislation. This makes things difficult, not only in these countries but in the European Union as a whole, because most new Member States being not interested or even hostile, political interest for employee share ownership fell dramatically also in Brussels !! More information

  Russian Employee Ownership Association
An international conference on employee ownership in Russia was held on June 7-8, 2007 in Rostov-on-Don, Capital of South Russia (city of Essenin, Tchekhov, Soljenitsin, etc), being hosted by the Rostov State Economic University. The Conference decided to set up a new Russian Association for Employee Ownership, and EFES will help. More information

  May 2007 - Explosive development about employee ownership in the world's press (May 2007)
7.560 articles about employee ownership in the world's press in April. When we launched our press review for the first time in October 2005, we got 597 articles. In March 2006, it was 1.090. In March 2007, last month, it was 2.090… Now with 7.560 articles, we have to change our methods. See press review below.

  Fever in USA, employee ownership schemes are especially topical
For the second time in a few weeks, employee stock ownership plans (ESOPs) figured prominently in high-profile deals. $8.2 billion deal for Chicago Tribune (21.000 workers – they will have 60% in hands). $5 millions deal for Chrysler with a possible bid by the United Auto Workers reviewing a proposal for employees and the union to buy 70 percent of Chrysler via an employee stock ownership plan… See more information in the press review below.

  Netherlands Participation Institute
New website for the Netherlands Participation Institute which promotes employee ownership in the Netherlands on http://www.snpi.nl/

  Bangladesh: New worker-owned garment factory
The Institute of Integrated Rural Development promotes worker ownership in the textile industry and in roadside tree plantations More information  

  April 2007 - Employee ownership in largest European companies
87% of all largest European groups have employee share ownership and 82,6% have plans to develop it more, while 49% have broad based plans (all employees plans). Employee share ownership is significant in 40,3% (employee owners holding more than 1%). On the other hand, 69,6% use stock options. Our database of employee ownership in European companies is now complete. It gathers the numbers and the detailed history of employee share plans in the 2.000 European widest groups, in 27 European countries. This is 29 millions employees (corresponding to 100-120 millions people, some 25% of the whole European population, if you consider that a family sizes 3-4 persons). The database can be used for benchmarking about countries, branches or a defined list of companies as well. You can ask us here for conditions

  The European Employee Ownership TOP 2007
Would your company be partner of the European Employee Ownership TOP 2007? The database will be updated. It will also be expanded to Romania, Bulgaria and probably Turkey. The ranking of the TOP employee ownership companies will be published through a celebration conference at the end of the year, a dedicated website and a publication. Call us for partnership

  March 2007 - The European Council of Finance Ministers calls for more employee ownership
European companies must give workers a bigger share of their soaring profit or risk igniting a “crisis in legitimacy” in the continent’s economic model, Germany’s finance minister warned on last Ecofin Council of Ministers. The idea of using initiatives, such as employee share ownership schemes, to increase the link between profit and worker benefits was discussed, the debate having even some “Thatcherite overtones” – a reference to the former British prime minister’s promotion of employee share ownership schemes. Here more information 

  The CoCo Report: Work, Happiness and Employee Ownership
Companies where workers have a say in decisions and a stake in ownership are more productive because staff are happier, according to a new report in the UK. The study found absence levels were lower and workers were more committed in "co-owned" companies. The British Government was urged to introduce tax incentives to encourage the launch of more  co-owned companies. Download the full report 

  First Investment Fund based on the employee share ownership index
In December, Euronext together with the French Federation of Employee Shareholders' Associations launched its Indice de l'Actionnariat Salarié (Employee Share Ownership Index). They launch now a first investment fund based on the index. Here more information

  February 2007 - Small and Medium-Sized Enterprises
The UK's Accounting Standard Board announced a major relaxation of the requirements for Share Based Payments for smaller companies. Here more information

  Netherlands Participation Institute
Pascale Nieuwland and Marjon Westerhof are the new Directors of the NPI. Here more information

  January 2007 - The European Employee Ownership Top 100 in 2006
The rankings of European biggest companies considering employee ownership are now available. The Top 10 companies for capitalisation held by employees are: UBS, Total, Novartis, Mondragon, Deutsche Bank, Société Générale, BNP Paribas, Crédit Agricole, AXA, Bouygues. Employees hold 6,16% of those companies, which means 43.357 Euro by employee in average.
Click here for The European Employee Ownership Top 100 rankings in 2006

  Sixth European Meeting of Employee Ownership
The Sixth European Meeting of Employee Ownership was held in Brussels on December 14-16. Click here for all presentations of the conference

  Insolvency, Employee Rights & Employee Buyouts - A Strategy for Restructuring
A new report by Anthony Jensen, Ithaca Consultancy and The Common Cause Foundation

  Three new original research works about employee ownership and participation in Europe
• Patrick Guiol & Jorge Munoz made the demonstration that participative management contributes to better public health (French report)
• Eric Kaarsemaker gave a theoretical and empirical treatise about employee ownership and human resource management and the Dutch context
• Marco Caramelli made an attitudinal cross-cultural approach about the effects of employee ownership in large multinational companies

  New British guidelines on employee share plans in 2007
The Association of British Insurers updated its guidelines on executive remuneration and employee share plans. Click here for detailed information

  Job Ownership Ltd (UK) changed
Job Ownership Ltd decided to change its strategy and name. It is now the Employee Ownership Association on http://www.employeeownership.co.uk/

  November 2006 - With the participation of one of the candidates to the French Presidency
Publication of the first ranking of the TOP 100 European employee ownership companies, during the Sixth European Meeting of Employee Ownership - Brussels 14-15 December 2006. Click below for: Programme and practical information   Whole information   These companies will probably belong to the first TOP 100 ranking

  PEPPER III Report
The European Commission opened doors for a European policy regarding employee ownership, with PEPPER I Report (1991) and PEPPER II (1996). Now the Inter-University Centre Split/Berlin publishes the PEPPER III Report, describing employee financial participation in the new Member and Candidate Countries of the European Union. Download here

  A European Commission's disaster
This is how an expert describes his participation to a European Commission's group of experts on financial participation. Download here

  October 2006 - Come in Brussels for the celebration of the TOP 100 European employee ownership companies
On the menu of the Sixth European Meeting of Employee Ownership (Brussels 14-15 December 2006): Announcement of the TOP 100 for year 2006 and celebration of companies at the Brussels Stock Exchange Palace. For the first time, a complete survey of employee ownership will be available, for all countries of the EU. A number of companies case studies from various countries. Unions' testimonies. Obstacles to employee share plans. Reactions of a panel of high political representatives. Many services providers in the field will be present. Click below for:
Whole information
Registration form
Programme and practical information
Reimbursement of your travel and accommodation expenses

  Your company in the European TOP 100 ?
Which companies will be at the top of the TOP 100 for year 2006? Companies of the TOP 100 will be celebrated during a gala dinner in the Brussels Stock Exchange Palace on December 14 evening.
These companies will probably belong to the TOP 100

  New reports about employee ownership in European countries
New reports were recently published about employee ownership in Austria, in France, and in Germany

  September 2006 - Sixth European Meeting of Employee Ownership
The Sixth European Meeting of Employee Ownership will be held in Brussels on December 14-15-16, 2006. The meeting will announce the ranking of all Europe's widest employee ownership companies: The European Employee Ownership Top 100 - 2006. For the first time, a complete survey of employee ownership will be available, for all countries of the EU. Click here for detailed information and draft programme

  Your travel and accommodation expenses could be reimbursed !!
Thanks to our sponsors, EFES will be able to cover your travel and accommodation expenses for the Sixth European Meeting of Employee Ownership. Click here for detailed information.

  A new platform for employee ownership in Austria
A new platform published a strong study on employee ownership and participation schemes in Austria. See on Plattform Mitarbeiterbeteiligung Österreich

  July 2006 - Top European companies set up a lobby group
Design and management of multinational share plans are very difficult and expensive. The management of multinational schemes is confronted with a huge range of constraints and changeable national rules for which managers and directors of schemes are poorly equipped and frequent use of expensive legal advice is necessary. Many improvements or exemptions could be achieved, hence lower complexity and costs. The first meeting of the lobby group allowed participants to define priorities. Click here for detailed information.

  The European Employee Ownership Top 100 2006
It will be designed with respect to two rankings of Europe's largest companies, considering employee ownership.
EUROPA EMP 100: Companies are ranked by number of employees. Ranking Europe's largest companies that are 50% or more employee-owned through an ESOP, Share Purchase Plan, or other Broad-Based Ownership Plan, or as a workers' co-operative.
EUROPA CAP 100: Companies are ranked by equity held by employees, in millions Euro. Ranking Europe's largest companies that are partly or totally employee-owned through an ESOP, Share Purchase Plan, or other Broad-Based Ownership Plan, or as a workers' co-operative.

  April 2006 - International Survey on Employee Share Ownership and Work Values
The CREGO - Research Center in Management of the University of Montpellier II, is carrying out an international survey on employee share ownership and work values. The goal of this research is to give some insight to several practical issues like the one of the effects of employee ownership on employee motivation and organisational commitment or the impact of cultural values on employees’ perceptions and behaviours towards employee ownership. The survey is aimed at all employees (both shareholders and not shareholders) of traded companies which offer some employee share ownership plan. Filling the questionnaire, takes about 15 minutes and the information gathered is strictly anonymous and confidential. You are invited to take part, clicking here.

  30.06.2005: The Mondragon Co-operative Research Conference 2005 was held in Mondragon on 28 June.
We noticed 3 remarkable papers:
- Entry, exit and the business cycle. Are coops different? by Virginie Perotin, Leeds University Business School.
- The business of co-operative education: Master of Management - Co-operatives and credit unions, by John Chamard, Stephen Dutcher and Tom Webb, Saint Mary's University. Tom Webb took part in the first stages of our EOLE Programme.
- Challenges and opportunities for Mondragon co-operatives in the face of globalization, by Isabel Uribe and Ignazio Iribar, Mondragon University.

  05.03.2005: USA - The ESOP Association Urges President's Advisory Panel on Federal Tax Reform to Promote the Ownership Society Through Employee Ownership
WASHINGTON, March 4 /PRNewswire/ -- Today, The ESOP Association submitted comments and recommendations to the President's Advisory Panel on Federal Tax Reform that encourages the Advisory Panel to be consistent with President Bush's goal to encourage and promote an "Ownership Society" in the United States. See on http://www.esopassociation.org

  18.02.2005: Committee for Effective Employee Ownership: practical guidelines for employee ownership
In 2004, the National Center for Employee Ownership (NCEO); the Beyster Institute at the Rady School, UC San Diego; and the Global Equity Organization (GEO) created the Committee for Effective Employee Ownership (CEEO). The CEEO's primary goal is to devise principles intended to help companies and investors make appropriate, economically sound choices about the distribution of equity among employees. In addition, the CEEO seeks to provide general guidelines on how companies can best use broad employee equity ownership plans to create more productive and rewarding workplaces. The CEEO bases each of the principles in this document on objective research by scholars, advisors, and the National Center for Employee Ownership; the principles are not simply our opinion or philosophy. The CEEO does not propose these principles as the basis for laws or regulations. Instead, it believes that market-proven benefits of responsible employee ownership can prove themselves without rhetoric. In order to make this happen, business and investment leaders need a deeper understanding of how these various approaches to employee ownership operate. The findings of the CEEO are available at www.nceo.org/ceeo       You can also get the full document available here in pdf (49 pages).

  17.09.2004: Report of the High Level Group of Experts on cross-border obstacles to financial participation of employees for companies having a transnational dimension
The need to reduce, through concrete measures, the obstacles to the introduction of financial participation throughout the Union for enterprises established in several countries has been stressed by the Communication of the European Commission proposing a general framework for promoting financial participation in Europe in July 2002. The report of the high level group of independent experts set up against this background deals with the various forms of financial participation used in the European Union, the obstacles to cross-boarder spread of financial participation and the proposals that would help to reduce the obstacles and promote financial participation at Union level.
Available in pdf format in : EN / FR / DE

  JUNE 2004: FOR THE NEXT RENEWAL OF THE EUROPEAN PARLIAMENT AND THE EUROPEAN COMMISSION
In 1998, when the European Federation of Employee Share Ownership was< set up, it was said that some 10% of American employees held shares of their enterprise; they are now 23,3%. Some weeks ago, the Australian Government launched a programme to double employee share ownership in Australia, from 5,5% of employees today to 11% in 2009.
Today, performances studies have multiplied and we can now consider with no doubt that when it is practiced in good conditions, employee ownership brings to enterprises a gain of performances estimated at 2% of additional annual growth on average. On the European Union scale, this would represent millions of additional jobs. In this way the development of employee ownership could be an important factor for the Lisbon Strategy.
Today, we are far from a European awareness and a strong mobilisation. Scepticism or indifference still dominate in many European countries. The contrast is obvious in comparison with the United States, Australia and other parts of the world. A political willingness of the European Union has still to crystallize.
We recommend that Europe gives itself a voluntary objective of industrial policy : reach 10 % of employee ownership in the whole European Union in 2010. In this way, a whole combination of means have to be implemented at the Union level, in the Member States and in the regions.
We particularly insist on the followings :
1. The implementation of a community organ (agency ? institute ? committee ?) for the promotion and the development of employee ownership. In this way, we applaud the proposal of the European Commission Experts Group, chaired by Jean-Baptiste de Foucault, to install a European Committee for Financial Participation of Workers.
2. An adapted legislation must be applied in each country of the European Union. In this way too, we applaud the proposals of the Experts Group of the Commission chaired by Jean-Baptiste de Foucault.
3. Enterprise transfer and salvation of failing enterprises are situations where employee ownership has proved its worth. Employee buyouts schemes should get particular support. These formulas are not only to be supported for themselves but also because they are favourable to the diffusion and promotion of employee ownership, in all enterprises of the Union's countries.

  20.04.2004: The Australian Government recently announced a scheme to double employee share ownership (ESO) in Australian workplaces from 5.5 per cent now to 11% in 2009. They set up a very good website on: http://www.workplace.gov.au/Workplace/WPDisplay/0,1280,a0%253D0%2526a1%253D517%2526a2%253D634,00.html

  02.02.2004: Owners At Work draws the attention on the prestigious award that the Ford Foundation presented to John Logue, Director of the Ohio Employee Ownership Center. See on http://dept.kent.edu/oeoc/PublicationsResearch/OwnersAtWork.htm
... and these are now growing together our OEOC and EFES trees !!!.

.

  19.03.2004: Letter to all European Governments. On the occasion of the forthcoming renewal of the European Commission, EFES calls for a transfer of the competence related to employee ownership and employee financial participation along with the management of the sub-programme on employee financial participation of budget-line B3-4003 to DG Enterprise.

  04.03.2004: A main conference on employee financial participation in Europe, Paris, April 28-29, 2004. Organised by the French organisation "Europe et Société". Most speakers beeing EFES members: Erik Poutsma, Jean-Claude Mothié, etc. Here the draft programme in pdf. Registration on line on www.europeetsociete.com Contact: Jacques Moreau, Executive Manager, europeetsociete@wanadoo.fr

  26.02.2004: The European Commission has released its new Action Plan setting out Europe’s agenda for entrepreneurship in the years to come, published here in the 11 Community languages.

  13.02.2004: EFES Secretariat in Brussels got the visit of two Polish students in the framework of a Leonardo Programme led by the University of Cracow (Prof essor Ryszard Stocki). They spent 31/2 months in Brussels, helping EFES to build our Polish website and to translate all documents of the European Union concerning employee ownership and financial participation of workers. A good experience for EFES. Below Maja Bobruk and Ola Michalik with some members of the teams of EFES, EFES Belgium and L'Associatif Financier. Just click for a better view:

  02.02.2004: Mondragon Corporación Cooperativa renewed completely its website. It is now full of information in English, French, German, Spanish and Basque. See on http://www.mondragon.mcc.es/

  28.01.2004: Marco Caramelli (University of Montpellier, France) is developing a cross-cultural study of the attitudinal effects of employee stock ownership plans He looks for support.

  22.01.2004: Conference on employee financial participation in Europe, Paris, April 28-29, 2004. Organised by the French organisation "Europe et Société". They are still looking for speakers from EO companies in UK, Spain and other countries. Some EFES members are already registered as speakers: Erik Poutsma, Jean-Claude Mothié, Marc Mathieu. Here the draft programme in pdf. Registration on line on www.europeetsociete.com Contact: Jacques Moreau, Executive Manager, europeetsociete@wanadoo.fr

  07.01.2004: Employee ownership continues to be widely growing in the US. 23.3% of all employees working for for-profit companies report owning stock in their companies (this is 23 million employees); the number is 12,0% in companies employing less than 50 employees; it is 25,1% in companies between 50 and 499 employees; it is 38,7% in companies employing more than 500 people. How much do employees own actually: the mean is 84.409 $, which is 99,6% of their average annual pay. You find the complete results of this survey on page http://www.nceo.org/library/widespread.html

  5.9.2003: There are still many legal and political obstacles for employee share ownership in Europe. You find here the August issue of the European Financial Services Regulation. EFSR is a monthly magazine specialised in financial and legal cross European matters. In this month’s issue, EFES made a contribution attempting to address the various legal and political obstacles that promotion of employee financial participation encounters in Europe. The article calls for a more active involvement of the European Commission. It points the obstacle due to the dual management of the DG Enterprise on one hand and the DG Employment & Social Affairs on the other. This could be changed with the installation of the new Commission in 2004.

  BELGIUM WILL ENCOURAGE THE USE OF THE SPANISH MODEL OF THE"SOCIEDADES LABORALES"
Some ten years ago, Spain set up a new original corporate model - the Sociedades Laborales - employee owned companies. This model allowed Spain to start with 17.000 new companies, creating 105.000 new jobs within the last ten years, in all regions, all sectors in industry and services. A major success ! Most are small and medium-sized enterprises. Many of them are resulting from transfers of businesses or rescue plans. More recently, a lot of them are also new starters.
This model is based on the best practices in employee ownership.
A new Belgian government was installed in July 2003.
Following an information given by EFES (we organized an international conference at the Belgian Parliament), Prime Minister Guy Verhofstadt confirms that Belgium will encourage the use of the Spanish model.
Prime Minister's letter is available in 4 languages (NL/EN/FR/ES) (pdf).

  THE EUROPEAN PARLIAMENT AND THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE ARE NOW DISCUSSING OF EMPLOYEE SHARE OWNERSHIP AND PARTICIPATION (January 1, 2003)
Let's first remember: In 1999 we launched a call to put employee share ownership on the European political agenda. Belgian Prime Minister Guy Verhofstadt promised to put the point on the table during the Lisbon Summit, and he did.
The promotion of employee financial participation was then on the European Social Agenda and the European Commission had to make a communication and an action plan; the Commission published its communication on July 5, 2002 (see here below).
The European Parliament and the European Economic and Social Committee are now discussing of the Communication and preparing their own opinion.

  EUROPEAN ECONOMIC AND SOCIAL COMMITTEE
The EESC set up a dedicated working group and the draft opinion of the EESC is well advanced, Mario Sepi (Italy, CISL) doing a very good work as the EESC Rapporteur. The preliminary draft opinion is here available in English, French, Spanish, and Italian (PDF). The EESC will decide on its opinion in its Plenary Session of February 26-27, 2003, after that the Section for Employment and Social Affairs will have discussed of the draft opinion on February 5. This is of high interest, the EESC beeing the voice of the European social partners.

  EUROPEAN PARLIAMENT
Winfried Menrad (Germany) is the Rapporteur. He already produced some good working documents. You can see the most recent working document here in English and in French (PDF), or in other languages (Spanish, Danish, German, Greek, Italian, Nederlands, Portuguese, Finish, Swedish), clicking on page http://www.europarl.eu.int/meetdocs/committees/empl/20021209/empl20021209.htm
The Parliament will hold various working sessions on the point, going to a conclusion in May or June 2003.

  New Employee Ownership Legislation in UK (November 2002)
A new Employee Ownership Legislation was passed in UK Parliament on November 7th and will take place from 6th of April 2003. It will provide tax concessions for companies who transfer shares to an employee trust. Small and medium sized companies seeking to become partly or full employee owned will benefit from the new legislation. It also ensures that employee representatives can be appointed as trustees of trusts set up to manage employee share schemes. Full details are on the Inland Revenue web site www.inlandrevenue.gov.uk/shareschemes

  News from Washington (October 2002)
We were in Washington from October 6 to 11 for the First International Conference of the Capital Ownership Group, with some 100 participants. The COG is the global forum of Employee Share Ownership, whose EFES is the main European component. The objective is to promote employee share ownership as a main actor for "Fix globalization - Make it more inclusive, democratic, accountable and sustainable".Were present for EFES: Adrian Celaya, David Erdal, Henk Kool, Marc Mathieu, Erik Poutsma, Vic Thorpe, Pierre Vanrijkel, David Wheatcroft.All main US employee share ownership organizations were present, as well as people from Australia, South Africa, China, Colombia, Chili, etc.The participation of Mark Levin, of the Cooperative branch of the ILO (International Labour Organization, an UNO Agency) was relevant, as well as those of various people representing American trade unions and their pension funds. Clearly, there is a place for a global EO organization, acting at world level, and pressing the world organizations - ILO, World Bank, IMF, etc - in favour of employee share ownership and participation. The global level is now the field where a lot of debates take their full place : sustainability, Corporate Social Responsibility, Corporate Governance, etc.COG's team: Deborah Olson, John Logue, Dan Bell, Steve Clem and others.

  News from Italy (October 2002)
We were invited to a very good conference held in Milano on Monday October 14. It was organized by Fabi and Fiada (our friends Fabrizio Garberi, Gualtiero Di Re, and others) and Banca Popolare di Milano, 70 people attending. We were able to see how far they are in Italy from considering the need or urgency of a legislation on financial participation or employee share ownership. Probably progress will be done in this way in the following months thanks to Fabi and Fiada. ( Fabi is the trade union of bank employees; Fiada is the Italian Federation of EO Associations).

  BUDAPEST, February 28-March 2, 2002
SUCCESS OF THE FIRST CONFERENCE OF THE CENTRAL AND EASTERN EUROPEAN NETWORK FOR PROMOTING EMPLOYEE OWNERSHIP AND PARTICIPATION
The conference held in Budapest on February 28-March 2, 2002 was the main event and an important part of the project initiated by the European Federation of Employee Share Ownership to develop a network of individuals and organisations interested and active in promoting employee ownership and participation in the ten applicant Central and Eastern European Countries.
There were 55 participants on the conference from 18 countries, particularly all candidate Central and East European Countries (Bulgaria, Czech Republic, Estonia, Hungary, Lithuania, Poland, Romania, Slovakia , Slovenia – 10 countries except Latvia) and some EU Member States (Belgium, France, Luxemburg, Ireland, Italy, Netherlands, Spain, United Kingdom) and even from the USA.
The conference gave the possibility to assess the situation concerning employee ownership and participation in the applicant CEE countries, to exchange information on the legal background and best practices on national and company level in the Member States and in the USA. This was the first time that representatives of almost all candidate countries were present and actively contributing to a joint initiative.
Within the framework of a workshop participants outlined the goals of the network for the next 3 years and for the coming year, expressing the great need for the continuation of the joint effort. The major aim of this joint effort is establish and maintain an active, and sustainable network, which is capable to connect all, who are committed to and interested in promoting employee ownership and participation. It should contribute to the dissemination of information about policy, research, and best practices in systematic and regular way, and as widely as possible in the ten applicant CEECs and in the Member States. To this end all the materials presented during the conference and the results of the planning workshop will be available soon in the website of the CEEO Network – www.efes-ceeo.net

  THIRD EUROPEAN MEETING OF EMPLOYEE SHAREOWNERSHIP THE HAGUE (NETHERLANDS) 25-28 APRIL 2001
ORGANIZING THE INTERNATIONAL EXCHANGES OF INFORMATION ON EMPLOYEE OWNERSHIP AND PARTICIPATION
This main event of our programme 2000/2001 was a success, involving more than 100 participants of 19 countries. Our p rogramme 2000/2001 is mainly dedicated to the ORGANIZATION OF THE INTERNATIONAL EXCHANGES OF INFORMATION ON EMPLOYEE OWNERSHIP AND PARTICIPATION. The European Action Programme issued from the European Workshop of 30 April 1999 at the European Parliament, Brussels, placed the focus on this main priority. A particular accent was put on the implication of the social partners, trade unions as well as employers.
The European Commission together with the European Foundation for the Improvement of the Living and Working Conditions opened the meeting, announcing new major developments in European PEPPER policies in 2001. Professor Erik Poutsma was the main author of PEPPER II Report, and he is the main author of the new report that the Foundation and the Commission will publish in May on "Recent trends in employee financial participation in the EU".The Commission announced a "Communication on Financial Participation" and an action plan to be published later in 2001. These will be prepared through a wide consultation of all interested actors.
Members of the European Parliament Philippe Herzog (France) and Ieke van den Burg (Netherlands) made strong presentations supporting employee ownership and participation.
All main organizations implied in international exchanges of information about employee ownership and participation were present, explaining their activities and projects:
- the European Foundation in Dublin (the European research institution representing Member States and social partners);
- the International Labour Organization;
- the NCEO;
- the Capital Ownership Group;
- the GEO - Global Equity Organization;
- the International Associationfor Financial Participation.
Evelyne Pichot made a clarifying presentation on the new status for the European company: click here on PICHOT.
EFES held its Board meeting and Second annual general meeting of members. Report of the Board, accounts 2000 and budget 2001 were approved as well as the action programme for coming months. Some minor changes were decided in the Board and Executive Office.

  Employee ownership:  SAM/Dow Jones launches a new " responsible "  EO stock index
Sustainability Assets Management (SAM), the Swiss rating cabinet which manages Sustainability Dow-Jones Index jointly with the Dow-Jones company, has just launched the " Dow-Jones Employee Ownership Index ", a new stock index devoted to European companies having the best policies regarding employee share ownership.  According to the official release published by Dow-Jones, "employee share ownership presents many advantages of which companies are increasingly conscious, in particular while allowing, in a flexible way, to interest employees durably in the economic health of their company (...) Employee shareholders become more conscious of the strategic decisions and their implications."  The index counts 30 European securities of 10 countries (among which SAP, British Airways, Crédit Suisse, DaimlerChrysler, Royal Dutch Petroleum and United Utilities) and 6 French companies (Rhodia, Dexia, Société Générale, Aventis, Bouygues, Lafarge, and Technip).  Selected companies were chosen among the 600 companies of the DJ Stoxx 600 according to their answers to a questionnaire on employee ownership; the criteria are: the features of the employee share ownership program (30% of the note), its magnitude compared to the total number of employees and the capital (20%), the commitment of management in the program (20%), the quality of the communication around the program (20%) and finally the transparency of information (10%).  Let us note that bank ABN AMRO in Frankfurt makes it possible to invest in this index, calculated by Dow-Jones in a daily way.  
Information:  http://www.sam-group.com/e/susindex/eoindex.cfm  

  THIRD EUROPEAN MEETING OF EMPLOYEE SHARE OWNERSHIP THE HAGUE (NETHERLANDS) 25-28 APRIL 2001
ORGANIZING THE INTERNATIONAL EXCHANGES OF INFORMATION ON EMPLOYEE OWNERSHIP AND PARTICIPATION
This is the main event of our programme 2000/2001. Just click here for the PROGRAMME OF THE MEETING (pdf ADOBE).
Our programme 2000/2001 is mainly dedicated to the ORGANIZATION OF INTERNATIONAL EXCHANGES OF INFORMATION ON EMPLOYEE OWNERSHIP AND PARTICIPATION. The European Action Programme issued from the European Workshop of 30 April 1999 at the European Parliament, Brussels, placed the focus on this main priority.
The project aims to organize the exchanges of information on employee ownership and participation, in particular legislation and practices. A particular accent will be put on the implication of the social partners, trade unions as well as employers.
The initiative is highly innovative:
- in Europe, there are scattered information efforts, but none at such a scale, or with the same degree of involvement from the various actors in more than 20 European countries (EU and associated countries).
- in the United States, significant initiatives have been taken and information exchanges are expanding quickly, although they essentially address the needs of American firms.
The Third European Meeting of Employee Shareownership will:
- develop a system of information exchange adapted to European needs (methods, content, management, dissemination and exchanges) by using existing European and American know-how;
- a very broad consultation of all those concerned in Europe, in particular the social partners, and a large mobilisation, in order to develop tools that could satisfy the needs of all interested parties;
- involve, for the first time, more than 20 countries (all of the countries of the European Union and the partner countries of Eastern and Central Europe) in a joint effort to exchange information on workers’ financial participation.
The THIRD EUROPEAN MEETING was prepared through an international seminar of experts in Paris on 8-9 December 2000 (see more details hereafter), and a follow-up meeting will take place in Brussels in October 2001.
Furthermore, a lot of specialised net-meetings will be held during the programme. The organization and the results of the programme will be spread particularly through the implementation of a big European internet portal giving access to information databases and to links with the relevant sites in Europe and in the world. The programme will associate all member organizations of the EUROPEAN FEDERATION OF EMPLOYEE SHAREOWNERSHIP, as well as the social partners of the European countries. It will be co-financed by the European Commission, and by public and private sponsors.

  23.2.2001: SOCIAL PARTNERS
Involving social partners, trade unions and employers organizations is a priority for EFES. We registered a database of 350 social partners of the European Union countries, being now able to send them our electronic newsletters. To be registered as a European social partner in this database, please call us.

  EFES BOARD SEMINAR OF EXPERTS, Paris 8-9 December 2000
The Board of EFES held an international seminar of experts in Paris on 8-9 December 2000 to prepare the next Third European Meeting of Employee Shareownership (The Hague 26-27-28 April 2001).
The seminar allowed the Board to be informed of the main initiatives and projects of international exchanges of information on employee ownership and participation:
- the NCEO and the "International Equity Compensation Database" project
- the Capital Ownership Group (COG)
- the Global Equity Organization (GEO)
- the International Association for Financial Participation (IAFP)
- the projects coming from the European Commission and the European Foundation in Dublin.
The seminar was highly productive and it opened large perspectives of cooperation between EFES and the other organizations. The report of our experts seminar is available, clicking here on: PARIS.

  EFES MAIL NEWS N°6 – 11.10.2000

  EFES MAIL NEWS N°5 - 24.10.2000
We have the great pleasure to inform you that EFES - the EUROPEAN FEDERATION OF EMPLOYEE SHAREOWNERSHIP will collaborate in the conference in Paris on November 17 and 18 by the EUROPEAN EMPLOYMENT LAWYERS INSTITUTE (IES), on the subject: " Employee shareholding in Europe: Mode of management of modish management? Profit sharing or power sharing? "

  EXECUTIVE OFFICE OF EFES
Janos LUKACS, HUNGARY
David ERDAL, UNITED KINGDOM
Kris LUDWINIAK, POLAND
Henk KOOL, NETHERLANDS
Pierre VANRIJKEL, BELGIUM
Mauro BOSSOLA, ITALY
Patrick GUIOL or Serge CIMMATI (to be confirmed), France
 
The Executive Office called Pierre VANRIJKEL to be its President.
 

  FIRST STEPS…
We launched our first call to set up a European Federation in 1997. On 7 & 8 May 1998, we held the FIRST EUROPEAN MEETING OF EMPLOYED SHAREHOLDERS, under the Presidency of Belgian Prime Minister Jean-Luc Dehaene and  Deputy Prime-Minister Janusz Tomaszewski of Poland. 248 people were present, coming from 28 countries, and they took the decision to create the European Federation. After that, a first board of around 30 people was held,  to organize the federation and discuss the project of its statutes. On 30 April 1999, we had our FIRST EUROPEAN WORSHOP FOR EMPLOYEE OWNERSHIP AND PARTICIPATION at the European Parliament, Brussels, with an EUROPEAN ACTION PROGRAMME as a conclusion. Finally, the statutes of EFES were adopted by the first general meeting of members, during the SECOND EUROPEAN MEETING OF EMPLOYED SHAREHOLDERS, in Warsaw on 12-13 November 1999. The Belgian Government gave his recognition to EFES as an international not-for-profit organization by a King’s Arrest of 1.1.2000.

For information and contact
EFES - EUROPEAN FEDERATION OF EMPLOYEE SHARE OWNERSHIP
FEAS - FEDERATION EUROPEENNE DE L'ACTIONNARIAT SALARIE
Avenue Voltaire 135, B-1030 Brussels
Tel/fax: +32 (0)2 242 64 30
E-mail: efes@efesonline.org
Web site: www.efesonline.org
EFES' objective is to act as the umbrella organization of employee owners, companies and all persons, trade unions, experts, researchers, institutions looking to promote employee ownership and participation in Europe.