EFES NEWSLETTER - OCTOBER 2008
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."
Much new information about employee ownership in September
2008, with 1.446 articles in this press review (on which
500 involving stock options and 280 about workers'
cooperatives). We made a selection of 57 remarkable
articles in 15 countries: Algeria, Austria, Belgium, China,
France, Germany, India, Ireland, Italy, Malta, Malawi, Turkey,
UK, USA, South Africa.
Algeria: Government doesn't like employee shares.
Austria: Austrian Airlines: Unions ask for strategic
employee ownership (like in Voestalpine or Flughafen Wien)
which could even be a reason to choose Air France-KLM's
offer rather than Lufthansa.
Belgium: Employee share ownership is a key-element
for the succesful retail chain Colruyt.
Germany: Employee share ownership should be the right
way for Germany.
India: Much questions about the financial crisis
and employee owners risks, "the Achilles heel of employee
Italia: In Alitalia airlines, big unions are more
reluctant than Austrian colleagues, but Pilots Union asks
for significant employee ownership.
Malta: For a former Prime Minister, Maltese dockyards
should be transferred to a workers' cooperative rather than
to foreign ownership.
Turkey: Turkish Weekly observes that shared capitalism
schemes, in which workers are given larger financial stakes
in their employers, are growing in popularity.
United Kingdom: Very good news for the hundreds of
thousands of employees who sign up to a SAYE scheme each
USA: Carnage continues. Employee-ownership was at
the core of Lehman Brothers' culture, they have to face
a $10 billion in losses. Does employee ignorance undermine
shared capitalism? On the other hand, results from the Employee
Ownership Foundation's 17th Annual ESOP Economic Performance
Survey prove the decision to become employee-owned means
enhanced company performance and greater wealth creation
for employee owners. In 2008, 92.4% of survey respondents
reported that creating employee ownership through an ESOP
(employee stock ownership plan) was "a good business
decision that has helped the company." The highest
figure erver reported in the 17 years this survey has been
conducted. Finally, "maybe it's time for Chrysler's
employees to buy the company."
South Africa: Distributing mining wealth through
employee ownership seems fairly crucial for sustainable
The press review is available
This is how much an employee held in 2007, on average, in
UBS 83.000 €
SocGen 49.000 €
BNP Paribas 38.000 €
Total 55.000 €
Novartis 61.000 €
Mondragon 56.000 €
CréditSuisse 84.000 €
AXA 46.000 €
Vinci 24.000 €
CréditAgricole 40.000 €
new on EFES website?
NEWS distribution: 105.000