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  Even in France

14 million employee shareholders in the ESOP model in the US alone. Millions of employee shareholders in small and medium-sized businesses there, almost nothing here. Prosperity for them, peanuts here.
But what is really American about the ESOP model?
Is a Management Buy Out (MBO) an exclusively American phenomenon? Certainly not, it's finance, it's universal. Even in France.
Is a Leveraged Buy Out (LBO) an exclusively American phenomenon? Certainly not, it's finance, just as as two and two make four, it's universal. Even in France.
Is a fund or foundation where shares are held on behalf of employees an exclusively American phenomenon? Certainly not, it's universal. Even in France.


Is a shareholder who sells all or part of his shares to a foundation an exclusively American phenomenon? Of course not, it's happening everywhere. Even in France.
Are pension supplements deductible from corporate profits an exclusively American phenomenon? Certainly not, they are everywhere. Even in France.
Is a foundation where shares held on behalf of employees only become available when the employees leave the company an exclusively American phenomenon? See Austria, even in very large companies like Voestalpine or Erste Bank. See Sweden... Is it possible here? Clearly, yes. Even in France.
Thus, these are all the main ingredients of the ESOP model.
All this is possible in Europe as well. Without special legislation, with existing law. Even in France.
We are reminded that our friends at Equalis Capital in Paris were justly proud to announce a first a few years ago, a French ESOP (of the non-leveraged type, it is true). So, when will the first leveraged ESOP be launched in France?
The American aspect of the ESOP model is one aspect and one aspect only: they use it and we don't. Will we ever be able to stop this foolishness? Even in France?
How can this kind of employee share ownership plan be introduced in every European country? A group of European and American experts explain it in this issue.

Press review
We have a selection of 31 remarkable articles in 12 countries in September 2020: Austria, Canada, Germany, Denmark, France, Hungary, Ireland, India, Sweden, UK, USA, South Africa.
Austria: Employee share ownership should be made much more easy in Austria, especially for startups.
Canada: If workers own shares in the firms where they are employed, we can reduce inequality, economists say.
Germany: Fiscal incentives will be doubled from 360 to 720 annually (still peanuts compared to other European countries).
Denmark: Calling for more employee owned firms in Denmark.
France: Before the corona crisis, year 2019 was excellent for employee share ownership in France. New employee share plans for Veolia, for Michelin, for CapGemini, for Albioma, for Valeo, for Spie.
Hungary: New employee share plan for Dm-Ker.
Ireland: Global Shares announces that it plans major expansion of its operations.
India: How ESOPs work in India.
Sweden: Swedish unions promoting the Oktogonen employee share ownership foundation which holds 10% of Handelsbanken.
UK: Several new companies under the control of Employee Shareholding Trusts. Developments in various directions for the John Lewis family.
USA: A more equitable and just recovery with employee ownership.
South Africa: Express Airways employees form entity to bid for takeover of the airline.

The full press review is available on:


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   With best regards



Marc Mathieu
Secretary General
Avenue Voltaire 135, B-1030 Brussels
Tel: +32 (0)2 242 64 30 - Fax: +32 (0)2 791 96 00
Web site:
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 share ownership and participation in Europe.