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ESOP Association Canada August 2019 Newsletter
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Powerful Ideas from the June Employee Ownership Conference

The 2019 Canadian Employee Ownership Conference was a great success.  We welcomed attendees to Toronto, Ontario and are pleased to report that responses to our post conference survey were the most positive we have ever received. One comment seems to sum it up: “I came with 20 questions and had all of them answered.”  

We asked attendees to share with us
the most powerful ideas or thoughts from the conference that they can apply in their business and here is some of what they shared with us:

  • Communicate often and early
  • Transparent financials
  • The key is to develop ownership thinking
  • Keep the ESOP simple and easy to join
  • at the root, esops are about creating an HR effect so hire some professionals that have the HR expertise to walk you through it and do it right
  • Financial education of team is important
  • 3rd party advisor to help get it done is important
  • Make sure that the structure fits with your goals
  • It should provide a boost to morale if created and maintained properly
  • That there is an ESOP community and the shared experience and challenges can be worked through by accessing this community (which extends past the legal and accounting service providers)
  • Communicate, communicate, communicate!
  • ESOP does not affect valuation
  • We can still acquire businesses even as we roll out the esops
  • The importance of communication in the implementation and the realistic expectation for participation rates
  • Planning and communication are important in any ESOP undertaking
  • Communicate, Celebrate
  • The best practices such as financial literacy training for employees and an ownership culture
  • the ESOP is a huge employee engagement vehicle
  • Can design the ESOP to match our goals, and communication is critical
  • New thinking re possible structural changes to existing ESOP program
  • Stock ownership is more effective when supported with participatory HR policies and culture
 

Shareholders' Agreements Govern Employee Share Rights on Termination

"The Ontario Court of Appeal confirmed in Mikelsteins v. Morrison Hershfield Limited that the terms of a shareholders' agreement govern an employee's rights with respect to his or her shares on termination. Contractual rights under a shareholders' agreement cannot be conflated with an employee's entitlement to damages for wrongful dismissal. Employers can take comfort that employee rights with respect to shares purchased under a shareholders' agreement will be governed by the agreement, including on termination."

Source:  The ESOP Centre Members-Only Newsbrief July 2019 (Full details available here)

 


Save the Date - June 1-3, 2020

Mark your calendar now and join us in Regina, SK June 1-3, 2020 for the 2020 Canadian Employee Ownership Conference

 

Thank You to our 2019 Conference Sponsors

 


Join our Canadian Employee Ownership LinkedIn Group

We invite you to join our LinkedIn group: Employee Share Ownership – Canada. The purpose of this group is to provide a forum where business owners and employees can read, learn, and share information about employee share ownership plans (ESOPs).  We look forward to seeing you in the group.



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