ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 2008

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1 ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 28 INTRODUCTION TO COUNTRY FILES Employee ownership is progressing faster and stronger across Europe than anyone could expect. This is a quick and recent new development in most European countries. However, some countries began earlier while others dawdled on the way (see Graph 1). The new Annual Survey for year 28 shows that employee ownership declined a bit on the threshold of the financial crisis, from to 24.2 billion Euro (-15.2). However, this was still much more than the 26.2 billion one year before. As a percentage, employees' share stabilized on 2.63 in the capital ownership structure. Considering recent trends, employee ownership is going to double within the next 5-1 years, from 9.1 million employee owners now to 16 millions, from 28.2 of all employees in large European companies now to 4-5, and capitalisation held by employees going to raise from 2.63 now to 4-5. This is the main conclusion of the economic survey of employee ownership in the European countries in year 28. This survey is based on information about each of all large European companies which also means a similar information for each of all European countries. Furthermore, it is based on information given by companies themselves in Annual Reports which means a quick information and a high quality. The full version of this Annual Survey is available at the European Federation of Employee Share Ownership. NORWAY (NO) Compared to other European countries, employee ownership is still low in Norway, but changes are on the way. Considering the global percentage of capital held by employees in large companies, it is still low with 1.55 in Norway compared to 2.63 in Europe and 4.52 in France (Graph 2). However, 86 of large Norwegian companies have some employee share ownership, not far from the 85.1 in Europe or even the 1 in Ireland or Finland (Graph 3). On a positive note too: 49 of large Norwegian companies have "broad-based" employee share plans (all-employee plans), not far from the 51.9 in Europe but 86 in France (Graph 4). Good dynamics: 4 of large Norwegian companies launched new employee share plans in 27/8 compared with 36.6 in Europe (but 53 in Belgium or 52 in Denmark, The Netherlands and the UK) see Graph 5. It is a fact that changes are quite recent in Norway compared to other European countries: Irish large companies launched their first employee share plan in 1995 on average it was only in 21 in Norway (Graph 6). Norway appears also close to the European average regarding stock options: 63 of large Norwegian companies have stock option plans, compared with 64.6 in Europe but 97 in Ireland (Graph 7). As a consequence, Norway is still low for the proportion of employee owners amongst all employees, with 2 compared with 28.2 in Europe and 46 in France (Graph 8). Finally, Norway is also increasing when considering companies with "significant" employee ownership: 48 in Norway compared to 53.9 in Europe (but 75 in France) see Graph 9.

2 Graph 1

3 , CAPITAL HELD BY EMPLOYEES IN EUROPEAN COMPANIES (29 European countries largest European groups companies million employees) CY SL 5, FR 4, 3, 2,63 GR UK EU IT PL IE CH AT ES BE 2, NM NO DE SV HU NL FI 1, SK LU DA PT, RO LV MT BG LT EE CZ RO LV MT BG LT EE CZ SK LU DA PT NM NO DE SV HU NL FI ES BE GR UK EU IT PL IE CH AT FR CY SL

4 ,1 EUROPEAN GROUPS HAVING EMPLOYEE OWNERSHIP (29 European countries largest European groups companies million employees) BE DE PT CZ IT ES EU NO HU DA CH SL FR NL SV UK FI IE 7 6 LT MT GR AT NM CY 5 4 LV PL EE SK LU RO BG RO BG LV PL EE SK LU LT GR MT AT NM CY BE DE PT CZ IT ES EU NO HU DA CH SL FR NL SV UK FI IE

5 1 EUROPEAN GROUPS HAVING BROAD-BASED EMPLOYEE SHARE PLANS (29 European countries largest European groups companies million employees) 9 FR 8 CZ UK ,9 IT BE LV DE NL ES FI AT MT SK CH SV NM NO CY EU SL IE DA HU 2 1 PT BG GR PL EE LT LU RO EE LT LU RO PL BG GR PT IT BE LV DE NL ES FI AT MT SK CH SV NM NO CY EU SL IE DA HU CZ UK FR

6 6 EUROPEAN GROUPS HAVING LAUNCHED NEW EMPLOYEE SHARE PLANS (29 European countries largest European groups companies million employees) 5 SV FI FR UK NL DA BE 4 36,6 EU NO IE 3 CH DE 2 EE PT CY IT AT MT PL GR 1 LU CZ NM HU SL ES BG LT LV RO SK LV RO SK LU CZ NM HU SL ES BG LT EE PT CY IT AT MT PL GR CH DE EU NO IE SV FI FR UK NL DA BE

7 Number of years 14 WHEN DID THEY LAUNCH THEIR FIRST EMPLOYEE SHARE PLAN? (listed groups having employee share plans) (29 European countries largest European groups having employee share plans million employees) IE SL UK FR NL BE EU MT HU DE CH NM SV CY FI PT NO DA CZ AT LV IT ES LU GR PL RO BG EE LT SK

8 1 EUROPEAN GROUPS HAVING STOCK OPTION PLANS (29 European countries largest European groups companies million employees) UK IE 9 8 SV BE FI NL DA 7 64,6 DE NO CH FR EU CY 6 5 LU IT 4 PL PT AT GR MT 3 ES HU 2 1 SL CZ RO EE NM BG LT LV SK BG LT LV SK SL CZ RO EE NM ES HU PL PT AT GR MT LU IT DE NO CH FR EU CY DA SV BE FI NL UK IE

9 5 EMPLOYEE OWNERS AMONGST ALL EMPLOYEES (29 European countries largest European groups companies millions employees) 45 FR 4 35 UK 3 28,2 EU CY 25 IE FI CH SV 2 NL NO BE DA DE AT 15 1 PT LV SK NM PL HU CZ IT SL MT ES GR 5 BG EE LT RO LU BG EE LT RO LU PT LV SK NM PL HU CZ IT SL MT ES GR NL NO BE DA DE AT IE FI CH SV EU CY UK FR

10 European Federation of Employee Ownership EUROPEAN GROUPS HAVING "SIGNIFICANT" EMPLOYEE OWNERSHIP (EO>1) (29 European countries largest European groups companies million employees) IE UK FR CZ CY HU 6 53,9 IT EU SL FI 5 4 DE PT BE DA SK SV AT CH ES NM NL NO 3 LU PL EE GR 2 1 LT BG LV MT RO BG LV MT RO LT LU PL EE GR DE PT BE DA SK SV AT CH ES NM NL NO IT EU SL FI HU IE UK FR CZ CY

11 European Federation of Employee Share Owneship 1 CAPITAL HELD BY EMPLOYEES: EXECUTIVES' AND NON-EXECUTIVES' SHARES (29 European countries largest European groups companies million employees) 9 8 TOP EXECUTIVES NON-EXECUTIVES EE LT RO LU BG GR IT NO PL CZ ES PT IE UK SV DE EU HU NL AT CH BE DA FR NM CY FI MT SL LV SK