Employees could be given the right to request shares in the organisations they work for under proposals put forward by deputy prime minister Nick Clegg.
During a keynote speech to the CentreForum and the City of London Corporation on 16 January, Clegg outlined plans to boost employee share ownership by giving staff a universal right to request shares in the organisations they work for.
He also said he will set up a commission to investigate the most effective forms of mutual ownership to give organisations a guide to adopting employee shareholding.
Clegg said: “Liberals believe strongly in the virtues of the market but only if it is a market for the many, not a market for the few.
“We need more individuals to have a real stake in their firms. The 80s was the decade of share ownership. I want this to be the decade of employee share ownership.”
Paul Randall, partner at law firm Ashurst, said: “Share plans for all employees are long overdue for a boost. They were immensely popular in the 1980s and 1990s. Under the last government they were made over-complicated and unattractive.
“All the research indicates that employee-share ownership is good for employees, good for organisations and so good for the economy as a whole.”
Read more articles on employee share ownership
We have been in frequent contact with the government as they have been considering making such schemes easier for employers to implement and therefore available to more employees.
Share plans often strengthen employee/employer relationships and give all employees the ability to share in the success of the company they work for.
Companies benefit from a more engaged workforce when employees know their efforts are directly contributing to the value of the company and the value of their share holding.
In our experience, companies that operate employee share plans report greater employee engagement and an improvement in the interest in the performance of the business. This in turn can lead to better business performance and increased company value.
We look forward to hearing more details of these proposals and would encourage the government to consult widely to ensure that new arrangements will meet the commercial requirements of business of all sizes.
Catherine Wilson, Employment Partner at leading law firm, Thomas Eggar, provides a legal viewpoint on the plans.
“The perceived advantages of employee share ownership have been well documented and include greater employee motivation and loyalty. This in turn should improve employee retention and productivity as well as hopefully discouraging employment claims.
“The introduction of such a scheme can raise a number of legal issues. It is clear that if this new ‘right’ is introduced, employers will need to have a formal agreement in place to adequately deal with the allocation and disposal of shares. In the case of an unlisted company then any scheme would need to include the creation of an internal market for the shares to be sold. The costs associated with both the creation and administration of such a scheme could be quite considerable. Employers will also need to define who is entitled to qualify for share ownership, for example, what is an appropriate minimum service requirement and how the scheme should treat women on maternity leave, staff taking career breaks and those absent on long term sickness. Consideration will also need to be given as to the often vexed definition of good and bad leavers.
“Other legal implications are unclear at this stage. It is not clear whether employers will be permitted to require their employees to accept a lower salary in return for getting shares, thus requiring a change to the terms and conditions of employment contracts. Smaller employers may also fear a dilution of share ownership and the resultant lack of control over key business decisions. Historically, certain schemes attract considerable tax advantages if they are approved by HMRC but again it is not clear whether these tax benefits will apply to the new style schemes. Even employment law claims relating to dismissals may become slightly more complex as this additional benefit will need to be taken into account when calculating loss.
“Finally whilst a scheme seeking to reward those who contribute to the success of the business must generally be welcomed, the devil will be in the detail of the agreements and the legislative framework. Perhaps most importantly, some care will be required to manage employee expectations not least because of the unpleasant truth that shares may go down as well as up!”
Nick Clegg’s support is very welcome, but political support is only half the battle. There must be board-level support within companies as well to make employee ownership truly successful.
John Lewis enjoys board-level support for its employee-ownership initiative and, because of this, its marketing is built around communicating these ideas. However, where employee share schemes already exist in many FTSE 100 companies, they have become a business function rather than promoted by management.
We hope that more companies will seize the moment to celebrate their share schemes.
We are lucky in the UK that successive governments have recognised the advantages of share schemes. This means that workers can enjoy tax-efficient pay through HMRC-approved share schemes.”
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