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Employee Share Ownership in Privatized Companies : Assessing the Potential for Esops in Mongolia

By Binns, David M.

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Book Id: WPLBN0000697383
Format Type: PDF eBook
File Size: 207,473 KB.
Reproduction Date: 2005

Title: Employee Share Ownership in Privatized Companies : Assessing the Potential for Esops in Mongolia  
Author: Binns, David M.
Volume:
Language: English
Subject: United Nations., United Nations. Centre for Economic and Social Information, AID project impact evaluation report
Collections: United Nations Library International Aid and Funding Collection
Historic
Publication Date:
Publisher: United Nations Library International Aid and Funding

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Binns, D. M. (n.d.). Employee Share Ownership in Privatized Companies : Assessing the Potential for Esops in Mongolia. Retrieved from http://www.worldlibrary.in/


Description
Excerpt: The use of employee stock ownership plans (ESOPs) and related strategies for providing employees an opportunity to acquire partial ownership in the companies where they work has grown in popularity over the past two decades. This is particularly true in ...

Table of Contents
TABLE OF CONTENTS ABBREVIATIONS AND ACRONYMS............................................................................................ i EXECUTIVE SUMMARY ............................................................................................................... i SECTION I: INTRODUCTION.......................................................................................................1 SECTION II: RATIONALE FOR THE USE OF ESOPs IN PRIVATIZATION ................................ 3 A. Broadening Capital Ownership............................................................................................. 3 B. Addressing Labor Concerns ................................................................................................. 3 C. Financing Employee Share Acquisition................................................................................ 3 D. Improving Enterprise Performance....................................................................................... 4 E. Employee Ownership and Corporate Governance ............................................................... 4 F. Promoting Long-Term Ownership......................................................................................... 4 G. Facilitating Employee Ownership in the Private Sector........................................................ 4 SECTION III: ESOPs AND RELATED EMPLOYEE STOCK PLANS ........................................... 7 A. Direct Share Purchase Strategies ........................................................................................ 7 B. Employee Stock Options ......................................................................................................7 C. Stock Grants......................................................................................................................... 7 D. ESOPs and Employee Trusts............................................................................................... 8 E. Leveraged ESOPs................................................................................................................ 8 SECTION IV: INTERNATIONAL BEST PRACTICE FOR ESOPs .............................................. 11 A. Employee Ownership Requires Policy Support .................................................................. 11 B. Balance Privatization and Revenue Goals ......................................................................... 11 C. Integrate ESOPs into Overall Privatization Strategy .......................................................... 12 D. Provide Credit to Finance ESOP Transactions .................................................................. 12 E. Facilitate Long-Term Capital Appreciation, not Short-Term Speculation............................ 12 F. Do Not Dictate Permissible Levels of Employee Ownership .............................................. 12 G. Involve Employee Groups from the Beginning of the Process ........................................... 13 H. Ensure Fairness of Opportunity, Not Necessarily Equal Outcomes ................................... 13 I. Balance Employee Ownership and Control ......................................................................... 13 J. Use Different Employee Ownership Strategies as Circumstances Merit ............................ 13 K. Employees Should Not Be Buyers of Last Resort .............................................................. 13 L. Establish Reliable Valuation Procedures ............................................................................ 13 M. Maintain Transparency of the Process............................................................................... 13 N. Be Prepared to Manage Differing Expectations ................................................................. 14 O. ESOP Legislation Helps But is Not a Prerequisite ............................................................. 14 SECTION V: SAMPLE ESOP INCENTIVE................................................................................. 15 A. Incentives for Companies ...................................................................................................15 B. Incentives for Employees....................................................................................................15 C. Credit Support for Companies ............................................................................................ 15 D. Credit Support for Employees ............................................................................................ 16 SECTION VI: PRACTICAL CONSIDERATIONS FOR IMPLEMENTING ESOPs IN MONGOLIA17 A. Policies Regarding the Use of ESOPs in Privatization Transactions.................................. 17 B. Employee Trust Funds and Related Employee Stock Plans .............................................. 17 C. Rules governing the operation of ESOPs........................................................................... 17 D. Fiduciary Standards and the Roles and Responsibilities of Plan Trustees ........................ 18 E. Valuation Standards and Procedures................................................................................. 18 F. Sample Plans...................................................................................................................... 18 SECTION VII: CONCLUSION..................................................................................................... 19 ANNEX A: SUMMARIES OF SELECTED COUNTRY-SPECIFIC LAWS GOVERNING ESOPs23

 

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