Aggregate data of employee-shareholding in Poland for 2014

Paweł Kawarski        28 April 2015        Comment (0)

The European Federation of Employee Share Ownership (EFES) has published on its website the annual report regarding employee-shareholding “Economic Survey of Employee Ownership in European Countries in 2014”. Across almost 160 pages there are more than 100 graphs and tables aggregating the data of 31 European countries (EU Member States plus Norway, Switzerland and Iceland) and providing for certain details on a per-country basis. This blog entry aims to report the most significant data regarding Poland.

European perspective

Before we go to the Poland-specific data, let’s take a look at the European landscape of employee-shareholding. First of all, the survey is based on the EFES’ own database of European employee ownership. The 2,509 largest companies were taken into account in 2014, of which 2,225 were listed (25% of all European listed companies) with a market capitalization of at least 200 million euro, they employ nearly 35 million employees (also counting employees in subsidiaries).

8,775,000 ordinary and executive employees hold 2.99% capital in European companies of a value of 301 billion euro. The “democratization rate” shows that more than 25.1% of employees are shareholders in their companies (30% in the UK and below 24% in continental Europe). 94% of companies had employee-share ownership, 53% had broad-based plans.

Poland’s performance

99 Polish companies were included in the Survey of which 96 were listed (they are named on p. 155), however, none of them were qualified by the EFES as “remarkable” (p. 31).

The 96 Polish listed companies had 104,808 employee-shareholders holding an average capital of 8,518 euro (below the European average of 20,000 euro) representing 0.71% of the capital (below the average of 2.99%). There were also 443 top executives being shareholders, each of whom held shares worth 5.2 million euro (below the European average of 14 million euro). The block of shares held by top executives accounted for 1.84% of the capital (data from Table 18).

One Polish company was highlighted in the Survey. Spółdzielnia Piekarsko-Ciastkarska based in Warsaw is mentioned in the list of “100 Top European majority employee-owned companies” (p. 38) ranked by number of employees. In fact, SPC is a workers’ cooperative. With 700 employees, SPC was ranked #59 on the list.

Even this brief summary allows us to conclude that there is massive potential to develop the idea of employee-shareholding in Poland, in particular, features such as value and share in capital held by employees fall well below 50% of the European standards. Also less than 20% of Polish companies have broad-based employee share plans, compared to the 53% European average, and less than 20% of Polish employees are employee-shareholders. For more specific data, readers are invited to analyze the survey themselves.

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