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EFES NEWSLETTER - MAY 2014
Transparency
It is usually considered in large European companies that
employee share ownership has to be developed, leading to better
performances and better governance. Top Executives are commonly
the first employees to be encouraged in this way. More and
more companies have "shareholding guidelines", requiring
Top Executives to hold up to 100-300% of their annual salary
in shares of the company, so as to align employees' and shareholders'
interests. The 2.200 largest European companies employ some
8.800 Top Executives, each of them owning 13 million Euro
on average in shares of his company. 77% of all large European
companies are fully transparent about this (see graph). However,
the lack of transparency is flagrant in a number of European
countries: Greece, Luxemburg, Austria, Belgium, Germany and
some others. A detailed chapter about this can be found in
the European Survey of Employee Ownership in 2013. More
information
Download
Press review
We have a selection of 33 remarkable articles in 7 countries
in April 2014: France, Germany, Italy, Poland, Spain, UK,
USA.
France: Steria and Sopra groups going to merge with
the support of employee shareholders. New employee share plan
for Atos. The French Federation of Employee Shareholders'
Associations calls to go back to higher fiscal incentives.
Successful employee buyouts as workers cooperatives.
Germany: Compared to other European countries, employee
share ownership is still weak in Germany.
Italy: Missed opportunity for employee share ownership
in Banca MPS. Telecom Italia should increase the employees'
stake to 3-4%.
Poland: HSW employees invited to sell their shares
before term.
Spain: New employee share plan for Telefonicá.
UK:
Waitrose has released an advert highlighting the company's
employee ownership structure and the benefits of its ethos
to customers. The brave new world of “simplified” employee
share plans.
USA: ESOP miracles. The most popular strategy in the
United States for building employee ownership is called the
Employee Stock Ownership Plan (ESOP). The tax advantages are
pretty overwhelming.
The full press review is available
on:
http://www.efesonline.org/PRESS
REVIEW/2014/April.htm
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