EFES NEWSLETTER - SEPTEMBER 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".
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.
Press review
Much new information about employee ownership in August
2011, with 1.400 articles in this press review (on which
495 involving stock options and 313 about workers' cooperatives).
We made a selection of 50 remarkable articles in 15 countries:
Canada, Denmark, Finland, France, India, Italy, Kenya, Poland,
South Africa, Spain, Sri Lanka, Tunisia, UK, USA, Zimbabwe.
The EFES' press release about stock market plunge
in August was relayed in Italy, in France, in Belgium, in
Finland…
Denmark:
Famous Danish employee-owned company Unimerco is sold for
billions to Japanese conglomerate Kyocera.
Finland:
The employees of Talvivaara resolves to establish a personnel
fund to manage the earnings bonuses paid by the company.
France:
Bouygues employee share ownership funds hold 19.8% of the
company's share capital. CFDT Union proposes to set up a
workers cooperative to rescue SeaFrance ferries. New employee
share plan for Vinci and for AXA. Employee shareholders
facing stock market plunge, while companies multiply free
share awards and leveraged plans. Public deficit: Tax rates
will be increased on employee saving plans.
India:
Indian companies prefer employees stock options as a compensation
tool over other forms of equity-linked incentive plans.
The largest Indian workers cooperative was in Kerala.
Italy:
Employee share ownership is the great absent in Belusconi's
maneuver.
Poland:
The Polish Treasury Ministry's sale of one-third of coking
coal producer Jastrzębska Spółka Węglowa
is one of the largest deals in Poland this year, employees
getting 15% of JSW share capital.
South
Africa: Trade union Solidarity calls for employee share-ownership
schemes to play a greater role in transforming the mining
industry.
Spain:
Employee share plans for Spanish companies. Hotel Octavio
could be rescued through a new employee-owned company.
Sri
Lanka: The Employee Share Ownership Schemes (ESOP) available
to listed companies is a very positive move.
Tunisia:
Stock options for recovery?
UK:
IFS Proshare research: Sharesave schemes rise in popularity,
despite market turmoil. One particular organization has
had a major influence on the popularity of mutuals and employee
ownership in the UK; known as Job Ownership Ltd, the organization
founded in 1979 was the brainchild of journalist, Robert
Oakeshott, who died in June this year. Employee-owned paper
mill Tullis Russell to cut jobs. Employee owned companies’
shares underperformed in Q2 of 2011 according to the Employee
Ownership Index. Hebridean Jewellery has been sold to its
employees.
USA:
The pros and cons of employee ownership. Over the last decade,
the tension between the merits and drawbacks of employee
ownership has led to a public debate over how prevalent
employee ownership should be in North America.
Zimbabwe:
Mined workers are planning to go on strike over outstanding
employee share option schemes which have not be honoured
to them by the company.
The full press review is available
on:
http://www.efesonline.org/PRESS
REVIEW/2011/August.htm
|
A
political roadmap for employee ownership in Europe
The
EFES needs more members. Download the EFES membership form
What's
new on the EFES website?
EFES
NEWS distribution: 200.000
|