On September 5, the Pennsylvania Center for Employee Ownership (PaCEO), in conjunction with the Pittsburgh City Council and the Heinz Endowments, launched the U.S.’s first citywide task force on employee ownership.
The new Benazir Employees Stock Option Scheme in Pakistan will provide employees with 12% of the government-owned shares in 80 state-owned enterprises at no cost to the employees.
Pam Chernoff, who has worked for the NCEO developing equity compensation programs since 2003, has taken a new position at the Certified Equity Professional Institute (CEPI). One of her main projects at the NCEO was the prep course for the CEP exam.
Parsons Corporation, a 100% ESOP-owned engineering company with 16,000 employees, has set the terms for its IPO. The ESOP will continue to own 80.8% of the shares. The offering is expected to raise over $500 million.
Researcher Suzanne Cromlish has been investigating ESOP companies that make acquisitions to determine what separates the long-term successes from the failures.
Over the period 1991 through 1996, the ACS employee ownership index has measured the shareholder returns in public companies with 10% or more broad employee ownership. The index has substantially outperformed market averages.
