|  Home  |  What's new on this site  |  About us  |  About employee ownership  | Links  |  News  |  What we do  |  



223 pages
evolution 2006-2019
main findings of census 2019
more than 100 tables and graphs
democratization rate in various countries
list of all most remarkable companies
ordinary employees and top executives
employee representation on boards
discrimination in voting rights
ownership control
listed companies
and much more

An exhaustive picture based on the EFES database (the 2.750 European companies gathering 96% of employment in all European listed companies).




in partnership with

  Further progress last year for employee share ownership in Europe

In addition to all the information on employee share ownership and employee share plans, this Survey includes chapters on corporate governance (in particular employee representation on board) and the ownership structure of all large European companies.

The Survey reveals further progress last year for employee share ownership in Europe. The rate of growth increased for the number of employee shareholders, with 7.2 million people in large European companies (Graph 1). If one adds one million employee shareholders in SMEs, the total figure reaches 8.2 million.

They held 350 billion Euro in May 2019, increasing to 400 billion Euro in early 2020. Assets held reached 50.000€ per person in 2019, and 27.000€ in 2019 if top executive are excluded, compared to 13.000€ in 2009, an increase of 113% when the European stock exchanges rose by 58% over the same period, - a good illustration of the benefits of employee share ownership for European employees.

The development of employee share ownership in large European companies continued in 2019. More and more of them are organizing employee share plans (Graph 2). In 2019, 94% of all large European companies had employee share ownership, of which 89% had employee share plans of all kinds, while 52% had "broad-based" plans for all employees, and 62% had stock option plans. Finally, 31% of all large European companies launched new employee share plans during the year, a proportion that keeps increasing year by year.

Obviously, this development responds to the general demand of employees and companies. However employee share ownership is still much more widespread and more democratised in France, in the UK and in Nordic countries than in Central/Eastern and Southern countries. Unfortunately, the European Commission has still not taken any initiative for convergence in this area.

Graph 1

Graph 2

On the other hand, the new Survey reveals that two significant employee shareholding ratios have been impacted recently - the rate of democratisation of employee share ownership in Europe and the stake held by employees in the ownership structure of European companies. This started a year ago but is much more marked now. It is due to very specific and unexpected causes, in particular in French listed companies.

Finally, the number of large workers' co-operatives is falling everywhere in Europe, while other forms of employee share ownership are flourishing. The UK and France are the only European countries showing recent but significant growth in the number of majority-employee-owned unlisted companies. The number of such companies in the UK increased from 36 in 2014 to 90 in 2019. This is mainly due to the introduction in 2014 of legislation promoting the new Employee Ownership Trust structure. In France, it is caused rather by the many combined Management and Employee Buy-Outs.

Your comments

"Bravo pour ce rapport très clair et complet !"

"Wow, what a great work. Congratulations. That's very helpful for our activities!"

"Salve vi invio la mia tesi magistrale sull'azionariato dei dipendenti in Italia e vi ringrazio perché dal vostro lavoro ho potuto prendere spunti interessanti."

"Anyway thanks to you and your hard work, and your wonderful reports - I am an associate professor now, so thank you very much for your help. Now I am preparing this version in English, so I try to put the most recent data."

"That's really great work! Congratulations and thank you. I think the survey is very helpful for the discussion here in Germany. We will publish it on our homepage and distribute the paper in our network. Best wishes"

"Merci pour ce travail récurrent si précieux !"

"Remarkable work ! Thanks and congratulation".

"Nous sommes en phase de finalisation du texte concernant une saisine au CESE en France. Votre publication pourrait nous être fort utile."

"Muchas gracias por la información y felicitaciones..."

"I would be very eager to update my analysis based on new data."

"Can you provide data on individual companies, e.g. in an excel spread sheet, so we can see which companies have stock options? This would be very useful for our statistical analysis."

"Sans votre soutien précieux, en m'aidant à constituer la base de données statistiques ayant permis la réalisation des deux études quantitatives longitudinales de l'impact de l'actionnariat salarié sur la performance des grandes entreprises françaises cotées, ma thèse n'aurait pas pu voir le jour."

  Database of European companies
The data are available for analysing companies, for benchmarking, for market research, as well as for research work and teaching, and for macroeconomic analysis. The database gathers economic and financial information about employee ownership in the 2.750 largest European companies, including listed and non-listed companies. More information

  The European Employee Ownership Top 100
The European Employee Ownership TOP 100 is designed with respect to two rankings of Europe's largest companies, considering employee ownership. In the EUROCAP100 ranking, companies are ranked by equity held by employees, in million Euro. In the EUROEMP100 ranking, companies that are 50% or more employee-owned are ranked by number of employees. Both rankings are published in the Economic Survey.

Each European country can easily be compared to others through a specific country file, using a set of 10 graphs, using fully comparable information.


  Economic Survey 2018
  Economic Survey 2017
  Economic Survey 2016
  Economic Survey 2015
  Economic Survey 2014
  Economic Survey 2013
  Economic Survey 2012
  Economic Survey 2011

  Economic Survey 2010
  Economic Survey 2009
  Economic Survey 2008
  Economic Survey 2007





For information and contact
Avenue Voltaire 135, B-1030 Brussels
Tel: +32 (0)2 242 64 30 - Fax: +32 (0)2 791 96 00
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.