为什么员工持股很重要

November2022 Why Employee Share Ownership Matters A Recap OfThe Case In 2022 Authors Professor Michael MainelliExecutive Chairman, Z/Yen Group Simon MillsSenior Associate, Z/Yen Group Contents 1.Foreword.....................................................................................................12.Executive Summary.....................................................................................23.Preface........................................................................................................44.What Is Employee Share Ownership?..........................................................55.What Are Employee-Owned Companies?....................................................76.Why Would A Company Choose Employee Share Ownership?....................87.Why Would Staff Choose Employee Share Ownership?...............................98.How Does Employee Share Ownership Benefit Society?............................10Expanding Frontiers.....................................................................................10Changing Systems........................................................................................11Service Delivery............................................................................................12Communitarian............................................................................................139.What Are The Disadvantages of Employee Share Ownership?..................1610.Public Policy Frameworks For Encouraging Esops...................................18Education.....................................................................................................18Taxation.......................................................................................................18Legislation....................................................................................................19Research......................................................................................................22Appendix A–Esop Timeline.............................................................................24Appendix B–Significant Studies On The Case For Employee Share Ownership.........................................................................................................................28 Why Employee Share Ownership Matters 1.Foreword Explaining the benefits of employee share ownership these many years hasmade me realise how easily abig concept can be pigeonholed in a small box.The concept of employee share ownership ought to start from a moralperspective, not least sharing risks and benefits with fellow economic agents.The benefits attach to a number of levels, from the micro tothe macro. At a micro level, employee share ownership seems fair, encourages cohesion,promotes productivity, and provides financial security.At a macro level,employee share ownership encourages longer-term thinking, promotes nationalproductivity, and aids moves to‘sustainability’. At an international level, anyonepromoting various forms of‘caring’,‘compassionate’, or‘stakeholder’capitalismor‘third ways’should take a long, hard look at providing more fervent supportfor employee share ownership. Yet, too often the pigeonhole becomes‘tax’.Employee share ownership is agood thing to promote even if you don’t believe that tax is a necessarypromotional tool. If you do believe that employee share ownership is deservingof tax advantages, then don’t lose sight of the wider goals. That’s why I welcome this booklet. It attempts to restate the widest case foremployee share ownership regardless of national boundaries. It attempts to re-connect the employee share ownership movement with its deeper benefits,connecting open market economies with environmental, social, and governancestandards, in turn linked to long-term sustainability goals. I hope this booklet promotes discussion that reminds people deep in somethicket of government policies,accounting rules, tax advice, or human relationsissues, that their work is part of a big and noble attempt to use that innovativefeature of joint-stock companies, the ability to share ownership, for social good. Malcolm HurlstonCBELifePresident,Esop Centre 2.Executive Summary An Employee Stock Ownership Plan (Esop) is a mechanism to facilitate employeeshare ownership (ESO) in a company. Employees are each allocated a quantity of shares which are held for themaccording to the terms of theEsop. The funds to purchase these shares for theEsopcan come from the employees themselves, contributions from theemployer, or from external loans. Esops benefit employees by enhancing their engagement with how theircompany is run, as well as giving them direct financial reward for theirproductivity and innovation. Esops benefit companies through enhanced employee recruitment andretention, and improved economic performance. From a national policy perspective,Esops can be a powerful instrument forpromoting stakeholder capitalism, improving enterprise