EFES NEWSLETTER - JULY 2009
to the new European Parliament
10 years of (no) European policy, time has come to assess
the situation and to re-launch a dynamic policy for developing
employee ownership across Europe. 150 Members of the European
Parliament and leaders from all political parties expressed
their support to the Employee Ownership Manifesto for the
2009 European elections. Healthier economy, sustainability,
better governance are the key points in most supporting
messages from all parties. Proposal
to the new Parliament
Much new information about employee ownership in June
2009, with 1.610 articles in this press review (on which
557 involving stock options and 402 about workers' cooperatives).
We made a selection of 70 remarkable articles in 13 countries:
Australia, Austria, American Samoa, Belgium, Canada, France,
Germany, Ireland, India, Spain, United Kingdom, USA, South
Back from budget chaos for employee share schemes. For budgetary
reasons, the new government suddenly decided to axe tax
concessions for employee share ownership. However, they
had to go back thanks to pressure from trade unions, advocacy
groups and tax experts. Trade unions are backing the government's
proposed changes to employee share ownership schemes, saying
they are now fairer.
Airline's unions sign deal to take 10% stake in Air Canada.
Altedia-BNP Paribas' Annual Inquiry 2009 confirms trust
in employee savings and employee ownership. New employee
share plan for CapGemini, Vinci, Areva. Employee shareholders
express their votes in general meetings, executive remunerations
being discussed. Cases multiply involving workers cooperatives
for bailouts, with some good or bad stories: Laroche-Peltier,
Fonderie Jayot, Pamco, Parquets Marty, Aubade.
Demanding a capital stake in a troubled company may seem
like an odd thing to do at the depth of the recession, but
for German workers it is fast becoming a powerful rallying
cry. The idea of Mitarbeiterbeteiligung — employee
participation in either the capital or the profits of their
company — is catching on among trade unions. Dedicated company
set up for employee's shareholding in Opel. On the other
hand, Germany passes law imposing limits on executive pay.
New episode for Eircom's soap. A number of companies are
planning to drop out of the race to acquire Eircom after
the employee share ownership trust (Esot) decided to back
the bid of Singapore Technologies Telemedia and the Communication
Workers Union has given its support.
Employee ownership should be encouraged, in part because
worker-owned companies tend to restrain pay at the top.
Employee stock ownership, but not control ?? Now, with General
Motors and Chrysler in bankruptcy and the union a major
shareholder in both through its retiree health fund, life
has become a lot more complicated for the Automobile Workers'
Union. On the other hand, maybe there is a future for older
industrial cities: Cleveland's worker-owned boom creating
green jobs. Times are changing for SAIC: Shareholders approve
the conversion of preferred shares - which have greater
voting rights and are owned only by employees - into common
shares. The move would essentially end the last vestige
of employee control over the science-and-engineering company.
Finally, a professor wants to abolish Employee Stock Ownership
The full press review is available on:
political roadmap for employee ownership in Europe
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NEWS distribution: 125.000