03.05.2023: Since 2017 in France, SAPO has been a precursor of ESOP and EOT formulas
                     Roger Daviau publishes "La Démocratie au travail, la Sapo - Sté Anonyme à Participation Ouvrière"

25.10.2022: Graeme Nuttall - Celebrating the 10th anniversary of the Nuttall Review

In their new book, "Ownership: Reinventing Companies, Capitalism, and Who Owns What", Corey Rosen and John Case make the argument that capitalism is broken.
Wealth has concentrated while wealth insecurity has soared. Public companies are focused almost solely on the short term, while private equity firms focus on buying and flipping firms in just a few years.
Yet there is another model that eliminates that problems entirely: Employee ownership.




11.05.2022: France - Panorama de l'actionnariat salarié ERES 2022
07.05.2021: A Stake in Success - Employee Share Ownership and the Post-Covid Economy - Social Market Foundation, UK. The report sets out the case for an expansion of employee share ownership in the UK, and for the share ownership agenda to form a key part of a "fair and strong economic recovery" narrative as we emerge from the Coronavirus crisis.
14.11.2020: Building an Employee Ownership Economy - Discussion Paper due to Social Capital Partners, Canada, October 2020
24.07.2020: Tomás Neves, Universidade Nova de Lisboa, Portugal - Employee ownership: a novel approach to business, 2020
28.11.2018: Employee Share Ownership - The European Policy , Report for the European Commission DG Financial Stability, Financial Services and Capital Markets Union. The major goal of the European Union's policy in this area was for nearly thirty years defined as "employee share ownership for all". Indeed solid evidence shows that the benefits of such a policy are great not only for employees and for businesses, but for society in general. Despite significant progress in Europe, the goal is still far from being achieved, especially in SMEs. The "missing link" is a European Action Plan. It was requested by the European Council in 2000, announced by the Commission in 2002, prepared by a Pilot Project in 2014, yet it has still to be put in place.

Employee Share Ownership - Benefits and risks - Facts and Policies This publication brings together all the raw material relating to the benefits and risks of employee share ownership. It is mainly intended for social, economic and political actors and for researchers. The material covers all benefits and risks of employee share ownership as identified in academic studies and research works, by the European institutions' positions and publications, by prominent political figures, etc.
04.01.2018: More Than a Paycheck, by Dennis Campbell, John Case, and Bill Fotsch, Harvard Business Review, January-February 2018
04.01.2018: Employee Ownership: Building a Better American Economy, John Case, NCEO, 2017 - Stories, research results, and easy-access explanations of employee ownership and its potential to make our economy better
21.12.2017: Lawrence M and Mason N - Capital Gains: Broadening company ownership in the UK economy, IPPR

12.12.2017: UK: Employee Ownership Trust - Survey 2017
07.06.2017: Cosimo Carzoli - Piani di azionariato diffuso per i dipendenti in Italia - casi empirici
23.05.2017: Employee Ownership and Economic Well-Being, Nancy Wiefek, NCEO. This new research compares workers with employee ownership benefits to those without, and finds that those in the employee ownership group have 92% higher median household wealth, 33% higher income from wages, and 53% longer median job tenure.
23.05.2017: How Did Employee Ownership Firms Weather the Last Two Recessions? Fidan Kurtulus and Douglas Kruse, Upjohn Institute for Employment Research. Companies with employee stock ownership had only half as many layoffs as other companies during the last two recessions.
24.03.2017: Deutsches AktienInstitut - Employee Share Ownership as Pivotal Part of the Capital Markets Union
02.12.2016: Premier Baromètre de l'Actionnariat Salarié dans les Sociérés non cotées en France
20.10.2016: The European Parliament publishes a study on Spanish employee-owned "sociedades laborales"
01.08.2016: Ricardo Machado, Participación de los trabajadores en el capital de la empresa: su implementación y viabilidad en Portugal. Análisis de 14 países de la Unión Europea, Madrid, 2011

29.07.2016:  The Determinants of Employee Ownership Plan Implementation in EU Countries - the Quest for Economic Democracy: a first Look at the Evidence, Ricardo Bahia Machado, Organizacija, May 2016. Results report a strong correlation between employee ownership incidence and the index of economic freedom.
19.07.2016: Does Employee Stock Ownership Work? Evidence from publicly-traded firms in Japan, Takao Kato, Hideaki Miyajima and Hideo Owan, June 2016. Our fixed effect estimates show that an increase in the strength of the existing ESO plans measured by stake per employee results in statistically significant productivity gains. Furthermore, such productivity gains are found to lead to profitability gains...

14.02.2016: Virginie Pérotin: What do we really know about worker co-operatives?
21.04.2015: Answering the European Commission’s Green Paper on the Capital Markets Union, EuropeanIssuers, the European Private Equity & Venture Capital Association and the Federation of European Securities Exchanges published the EU IPO Report: "Rebuilding IPOs in Europe; Creating jobs and growth in European capital markets".

The Report points out the fact that the number of employee shareholders was recently declining in Europe. As the EFES evidenced, these changes are clearly related to the regressive fiscal policies in many European countries.
However, European companies need investment, to grow, to enter new markets, to develop new products and to create jobs. A healthy European capital market attracting long-term investors (especially households, employees and pension savers) is a critical route to channel such investment. More generally, "the links between savers, the original providers of capital, and the financial markets, which allocate that capital, have become less coherent".
The Report recommends that policymakers set the goal of creating an equity culture in Europe. That Member States should be encouraged to use tax policy to encourage long-term investing, providing tax incentives to encourage investment for the longer-term in equity. That fiscal incentives should be provided to support the development of employee share ownership across Europe.
13.05.2015: Etude Eres Actionnariat Salarié 2015 en France et en Europe
31.03.2015: Deutsches Aktieninstitut: Zeit zum Handeln – Mitarbeiterkapitalbeteiligung und Belegschaftsaktien endlich fördern
05.03.2015: Annual Economic Survey of employee share ownership in European Countries in 2014
19.11.2014: Société Française des Analystes Financiers, Octobre 2014: Avancées et menaces pour l'actionnariat salarié en 2014

28.05.2014: Focus sur l'actionnariat salarié coté en France et en Europe
28.05.2014: Etude actionnariat salarié DEBORY ERES: la France toujours championne d'Europe
15.11.2013: Employee Representation on Boards in Large European Companies in 2013 - The Numbers

10.07.2013: Rectification about the European Parliament's Study on "Employee Financial Participation and Companies' Proceeds"

26.06.2013: Employee share ownership - The European background (all European reports, studies, etc)

  Joseph Blasi, Richard Freeman, Douglas Kruse
        The Citizen's Share - Putting Ownership back into Democracy

  Disponible el libro "La participación financiera de las personas trabajadoras"
Ya está disponible en la web de Confesal la versión en pdf del libro "La participación financiera de las personas trabajadoras en la empresa" financiado por Confesal y la EOI y elaborado por Asle. Se trata de una publicación derivada del estudio realizado por la Agrupación de Sociedades Laborales de Euskadi, con el objetivo de poner en valor la cultura de la participación como medio para alcanzar una mayor cohesión social y favorecer el desarrollo y la competitividad de las empresas, así como incrementar el grado de conocimiento en España sobre la participación financiera de las personas trabajadoras. Leer más

11.06.2013: ETUC position on conditions for employee financial participation, as adopted on 5-6 March 2013
09.04.2013: Guide 2013 de l'actionnariat salarié, de l'épargne et de la gouvernance      

14.11.2012: British Government response to the Nuttall Review: Next steps for employee ownership in the UK
31.10.2012: Report on "Employee Financial Participation and Companies' Proceeds" - Economic & Scientific Policy Directorate of the European Parliament
06.07.2012: The Nuttall Review of Employee Ownership
                  The British Government adviser on employee ownership publishes its report, including his 28 recommendations
                  to promote employee ownership in the UK, in line with the British Governments' aim of shifting employee ownership
                  into the mainstream of corporate Britain.
04.07.2012: The employee ownership advantage: benefits and consequences, BIS Department for Business Innovation & Skills + Cass Business School, July 2012
05.05.2012: Employee Financial Participation in Public Services in the European Union
30.04.2012: Report of the public hearing in the European Parliament on March 22, 2012
05.04.2012: Democratic Enterprise, Ethical business for the 21st century, by Diarmuid McDonnell, Elizabeth Macknight and Hugh Donnelly, Co-operative Education Trust Scotland & University of Aberdeen
06.12.2011: Curriculum Library on Employee Ownership (CLEO)
20.09.2011: Luboš Blaha - Spät k Marxovi? (sociálny štát, ekonomická demokracia a teórie spravodlivosti)
20.09.2011: Lubos Blaha - Back To Marx? Welfare State, Economic Democracy and Theories of Justice
20.07.2011: Shared Capitalism at Work
                  Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options
                  by Douglas L. Kruse, Richard B. Freeman and Joseph R. Blasi, editors
                  Published in April 2010 by University of Chicago Press © 2010 by the National Bureau of Economic Research
                  419 pages, ISBN: 0-226-05695-3
20.07.2011: Employee Ownership and Shared Capitalism
                  New Directions in Research
                  Edited by Edward Carberry
                  Cornell University Press, 2011
                  352 pages, ISBN: 978-0-913447-03-1
19.07.2011: Finland: The impact of Personnel Funds (doctoral thesis by Christina Sweins)
29.06.2011: France - Capital Ingenium publie son "Rapport 2010 de l'Actionnariat Salarié et de l'Epargne Salariale"
27.05.2011: Universität Leipzig - Literaturangaben auf das Mitarbeiterkapitalbeteiligungsgesetz
13.05.2011: Our friends of the ESOP Association started a YouTube channel
15.04.2011: Employee ownership in Australia
24.01.2011: Die voestalpine-Mitarbeiterbeteiligung 2000-2010
16.12.2010: Twelve Bogus Reasons Not to Do an ESOP (and Seven Good Ones)
29.11.2010: PEPPER IV Report - complete version
 Exercising employee shareholders' rights - Esercitare i diritti degli Azionisti dipendenti (32 pages in English and Italian)
18.06.2010: Le Centre d'Analyse Stratégique du Gouvernement français a publié son rapport "Améliorer la gouvernance d’entreprise et la participation des salariés"

14.05.2010: German Unions Confederation DGB: Belegschaftskapital als attraktiver Baustein einer Krisenlösung (employee ownership as a solution to the crisis)
01.01.2010: Jens Lowitzsch - PEPPER IV Report "Benchmarking Financial Participation of Employees in the EU-27"
02.07.2009: - Newsletter 2009-06 - Bücher mit den Themen der Vergütung oder Beteiligung von Mitarbeitern
15.06.2009: Li Xing & Gorm Winther - Crisis, Opportunities and Alternatives. This book proposes an examination of how globalization and transnational capitalism have reshaped the terrain and parameters of social, economic and political relations both at the national and the global levels,  including a discussion about Mondragon's development.
10.06.2009: Australia - Employee Share Ownership and the Progressive Economic Agenda
27.01.2009: Jens Lowitzsch - PEPPER IV Report Summary - Benchmarking of Employee Participation in Profits and Enterprise Results in the Member and Candidate Countries of the European Union
27.01.2009: Jens Lowitzsch - PEPPER IV Report - Full Strasbourg Edition
17.04.2008: Belgique: Les plans d'"actionnariat salarié" se popularisent
26.03.2008: L'Actionnariat salarié, par Amélie Bruder, Editions Maurice Aumage, Paris 2008
06.03.2008: Anthony Jensen, University of Sydney - Spain pioneers Sustainable Democratic Corporate Governance Business Model with Sociedades Laborales

8.10.2007: Nieuw boek van August Van Put          
                    "Participatief ondernemen - De ontbrekende hoeksteen voor de Top van Lisabon"
18.10.2007: "Les effets de participation des salariés sur la performance des entreprises", Xavier Hollandts - thèse de doctorat soutenue à Lyon le 4.9.2007
22.03.2006: Erik Poutsma and others: Changing Patterns of Employee Financial Participation in Europe 2006 - A survey among listed firms in Six European Member States
26.01.2006: Pinsent Masons is the author of the share scheme "bible" - "Employee Share Schemes" published by Sweet & Maxwell (UK)
17.10.2005: Stock options: The European Commission – DG Enterprise and Industry organised a study on employee stock options, leading to the conclusion in 2003 that: Employee stock options can help to promote entrepreneurship (click to get the full document)    This conclusion was based on a Final report by the Expert Group on Employee Stock Options  and on the DG Enterprise study on Employee Stock Options in the EU and USA
05.10.2005: France: Report to the French Prime Minister by deputies Cornut-Gentille and Godfrain "une ambition: la participation pour tous"
05.10.2005: France: les propositions de la FAS
15.09.2005: European Foundation Dublin: Financial Participation in the EU: a benchmarking study of Slovenia
29.08.2005: The EUROPEAN EOLE REPORT (Report of the Fifth European Meeting of Employee Ownership)
30.06.2005: The Mondragon Co-operative Research Conference 2005 was held in Mondragon on 28 June. We noticed 3 remarkable papers:
- Entry, exit and the business cycle. Are coops different? by Virginie Perotin, Leeds University Business School.
- The business of co-operative education: Master of Management - Co-operatives and credit unions, by John Chamard, Stephen Dutcher and Tom Webb, Saint Mary's University. Tom Webb took part in the first stages of our EOLE Programme.
- Challenges and opportunities for Mondragon co-operatives in the face of globalization, by Isabel Uribe and Ignazio Iribar, Mondragon University.

Two major books for employee ownership and participation !
Click for our privilege offer :

10.06.2005: About the role of employee ownership in local economic development in Australia
28.02.2005: Committee for Effective Employee Ownership, the full document (49 pages, pdf)
26.10.2004: European Foundation Dublin: Financial participation in the EU: Indicators for benchmarking
06.09.2004: European Foundation Dublin: Financial participation for SMEs: barriers and potential solutions
15.06.2004: A must: Robert Oakeshott's new book: "Jobs & Fairness. The logic and experience of employee ownership." Robert is Britain's leading expert on employee ownership. You can order this book, clicking here.
18.05.2004: European Foundation Dublin: Financial Participation: the role of governments and social partners
20.02.2003: New major document: Report for the European Parliament, by Virginie Pérotin and Andrew Robinson:
Employee Participation in Profit and Ownership: A Review of the Issues and Evidence, Report for the European Parliament (60 pages, PDF)
02.11.2002: Employee ownership, motivation and productivity (PDF). A research report for Employees Direct from Birkbeck and The Work Foundation. By Jonathan Michie, Christine Oughton and Yvonne Bennion. November 2002. 34 pages. A wonderful research on EO companies cases in UK.
01.08.2002: Combining Participation in Decision-Making with Financial Participation: Theoretical and Empirical Perspectives, by Stephan Cludts. Proefschrift voorgedragen tot het behalen van de graad van Doctor in de Toegepaste Economische Wetenschappen. Katholieke Universiteit Leuven, Faculteit Economische en Toegepaste Economische Wetenschappen, Nummer 168, 2002, 352 pages.
10.06.2002: A workers introduction to the Share Incentive Plan (PDF), by David Wheatcroft, June 2002
01.04.2002: Participatory Ownership and Management in Greenland and other Arctic Regions, by Gorm Winther and others
01.03.2002: Maria Jarosz, TEN YEARS OF DIRECT PRIVATIZATION IN POLAND, Warsaw 2000, 294 pages.

A WORKER INTRODUCTION TO EMPLOYEE OWNERSHIP (by David Wheatcroft) (45 pages. Second Edition available into COG's library)
15.12.2001: "Recent trends in employee financial participation in the EU", joint publication by the European Commission together with the European Foundation Dublin
15.03.2001: The European Company statute and employee participation (Evelyne Pichot)

A terrific handbook explaining global stock plan creation, compliance and communications in 12 European countries and others (Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland, UK), in 2 volumes.

01.12.2000: By Erik MAALOE, member of the EFES Board (Denmark):
'THE EMPLOYEE OWNER," 477 pages, ISBN 87-500-3519-3. Academic Press, Copenhagen 1998 James Allen.
Employees are becoming major investors in their own businesses. More than 17 million U.S. employees now own over $650 billion in stock of their own working place. This has lead to the founding of "The European Federation of Employee Share-holders" earlier this year. A wealth of data shows that companies that combine ow-nership with a high degree of worker involvement, perform far better than other companies in the same sector. This study shows what happens when workers and management together buy their workplace. It describes how tough it is move from the adversarial 'we-them' culture to one of caring and sharing. The study is unique as a longitudinal study of a culture in the making and challenges experienced by different actors within the company have rarely been revealed in such detail revealing the emerging values of ownership culture: honesty and willingness to inform and listen to what may be a concern to others.

“The Employee Owner” offers a wealth of detailed observations on the development of employee ownership in a fairly diverse sampling of US manufacturing companies, - small and large - union and non-union. It provides useful lessons and principles of action for those interested in studying or introducing an ongoing culture of participatory ownership. The author/interviewer has collected a candid and revealing statement from rank-and-file workers, managers and union representatives. He tries to provide objective observations on how the participatory ownership process has actually developed over time in these companies - showing “warts and all”, while avoiding taking sides. He seems genuinely sympathetic to all parties and their respective concerns (Norman G Kurland, Center of Economic And Social Justice, Washington DC).
... thorough and intensive field work, the authors listens literally to a multitude of stories and points of view about the participation experience (Report from HBK prize winning jury).
Very important fieldwork, fascinating field material and interesting theoretical ideas (William Foote Whyte, Emeritus Professor Cornell University).
Exciting as a crime story .. Participation in new perspectives .. A source of inspiration for new ideas (Jens Genefke, Review in Management To day (DK).

"A tremendous book”  (Marc Mathieu, European Federation of Employed Share Ownership).
This is good reading not only for those interested in employee ownership but also for students of organizational change (Erik Poutsma, Review in Economic and Industrial Democracy).

02.11.2000: French bibliography: click on Prométhée (France)
By Patrick GUIOL, member of the EFES Board (France): La démocratie dans l'entreprise: une utopie? in Revue Panoramiques, n°46. Click here:
15.11.1999: A company perspective on financial participation in the EU - Objectives and obstacles
September 1996: Report PEPPER II – Promotion of Employee Participation in Profits and Enterprise Results (including participation to capital) in the Member States, Communication of the Commission, COM(96)0697
September 1991: the Commission publishes Report PEPPER 1 – Promotion of Employee Participation in Profits and Enterprise Results.






For information and contact
Avenue Voltaire 135, B-1030 Brussels
Tel: +32 (0)2 242 64 30 - Fax: +32 (0)2 808 30 33
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.