Agenda
Tentative Schedule
7 August, 2024
Registration
Coffee, tea, and pastries.
Symposium Convenes
Welcome to the Symposium and an explanation of the importance of the Symposium in a global context of public policy, non-governmental organizations and the private economy, and of this year's main themes.
Speakers
- Jonathan Michie, Pro-Vice-Chancellor, University of Oxford, President of Kellogg College and Director of the University of Oxford's Centre for Mutual and Co-owned Businesses
- James (Jim) Bonham, President, Employee Ownership Foundation and President & Chief Executive Officer of The ESOP Association (USA)
Talk on Lessons Learned in Previous Years at the Oxford Symposium on Employee Ownership
A summary of policy-making lessons learned so far on developing and maintaining good employee ownership policies.
Speaker
- Graeme Nuttall, International Ambassador, Employee Ownership Association
Talk on What policymakers consider as abusive or bad responses to policy measures
When the concept of promoting employee ownership surfaces within a public policy context, policymakers inevitably also consider the prevention of abuse. Government incentives for the creation or operation of employee-owned firms – preferential tax treatment, direct grant programs, contracting preferences, among others – demand the protection of public resources. Yet, ill-defined or overzealous government oversight can severely impede, even reverse, the intended inducement of greater employee ownership. It is unrealistic to expect regulation to control every aspect of converting companies to employee ownership and maintaining them as employee-owned.
Speaker
- Kendra Isaacson, Former Pensions Policy Director and Senior Tax Counsel, Senate Committee on Health, Education, Labor and Pensions
Break
(Coffee, Tea and Pastries)
Talks on Important Recent Policy Developments in the U.S.A, U.K. Canada and Slovenia and contributions from the room on key policy changes in other countries
These talks will cover the impact of the Work Opportunity, Readiness and Knowledge (WORK) Act, US regulatory actions, and state-level initiatives within the US; the outcomes of the U.K.'s consultations on its all-employee tax advantaged share plans and the employee ownership trust; Canada's employee ownership trust legislation and the introduction of employee ownership legislation in Slovenia.
Speakers
- James (Jim) Bonham, President & Chief Executive Officer, The ESOP Association
- James De La Vingne, Chief Executive Officer, Employee Ownership Association
- Tiara Letorneau, Steering Committee Member, Canadian Employee Ownership Coalition & Director Employee Ownership Canada
- Kosta Marco Juri, Head of Policy and Research, Institute for Economic Democracy
- Jens Jonatan Steen, Chief Executive Officer, Tænketanken Demokratisk Erhverv
Panel discussion on Achieving fairness in valuing companies and financing their conversion to employee ownership and policy measures to prevent abuses
We hear in detail about the American experience of achieving the right price and terms for a conversion to employee ownership using an employee stock ownership plan and the law and practice that protects Government and employees' interests including what has worked and what has not. We contrast this with the UK approach, of relying on general trust and tax law to prevent abuse on sales into an employee ownership trust, and alternative employee ownership models in America that are not subject to the rules of qualified retirement plans that govern all formal retirement plans, including ESOPs.
Speakers
- Jade Palermo, Director, and Employee Owner, Empire Valuation Consultants
- Regina Carls, Managing Director, J P Morgan Chase
- David Craddock, Technical Secretary, Liaison Education and Development Valuation Team
- Gerry Young, Founder Director, RVE Corporate Finance
Venue Transfer and Break
20 Minutes Walk
Working Lunch - Why employee ownership worked for me, as a company founder, my business and my employees
Speaker
- Dan Kenary, Founder Harpoon Brewery, Boston Massachusetts
Panel on Defining and Counteracting Potential Abuses of Tax Measures Intended to Support Employee Ownership Conversions
Panellists will identify behaviours that have or might lead to the abuse of tax measures that support employee ownership and explain how they are counteracted, including examining relevant rules regarding implementing a U.S.A. employee stock ownership plan; the U.K. statutory definition of an employee ownership trust and financing employee ownership trusts or other collective ownership vehicles.
Speakers
- Jane Page, Former Policy Advisor, HM Treasury
- Jaspal Pachu, Partner, CMS
- David Binns, Special Projects Consultant, ESOP Services, Inc.
Break
Coffee, Tea, Sweets
Panel discussion on Post-Transaction abuse prevention
Having arrived at fair financial terms for a conversion to employee ownership and satisfied any employee ownership tax requirements, is anything more needed to create good quality employee ownership? We hear from America of what can go awry with post-transaction control, the use of profits, re-leveraging, re-purchase obligations, diversification strategies, executive compensation and seller warrants and the extent to which regulations can prevent problems. In discussion, panelists will explore the topic with further examples and the policy solutions to them.
Speakers
- Miguel Paredes, President & Founder, Prudent Fiduciary Services, LLC
- Christopher (Chris) McDermott, Chief Executive Office, Cambridge Weight Plan Ltd.
- Campbell McDonald, Chief Executive Officer, Ownership at Work
Day 1 Overview of Findings and Conclusory Remarks
Speaker
- Graeme Nuttall, International Ambassador, Employee Ownership Association
Free Time
Reception and Dinner
Talk on A Philosophical Look at Employee Ownership
Speaker
- John Hoffmire, Director, Carmen Porco Chair in Sustainable Business, Center on Business and Poverty
8 August, 2024
Networking
Coffee, tea, and pastries.
Opening Remarks on the Popularity of Employee Ownership Among Politicians, Businesses and Communities
Speaker
- Campbell McDonald, Chief Executive Officer, Ownership at Work
Panel on Alternatives to Relying on Vendor and Bank Finance and whether these businesses can still be called employee-owned?
Louis Kelso imagined employee ownership as a mechanism by which the profits generated through the work of employees would provide the capital to purchase ownership. As employee ownership grows in popularity and appeal, and government policies are created to incentivise growth, what it means to be truly employee owned becomes relevant. Where does the continuum of ownership start and end to fit within the definition and spirit of employee ownership? How employee ownership is financed is where this issue becomes key. Panellists will discuss what alternatives exist and what more should be done to finance conversions to employee ownership beyond vendor and bank finance, including the use of intermediate ownership funds and other innovative lending measures and examine whether these prejudice a company's employee ownership status. Is there a minimum percentage of ordinary share ownership that must be held by or on behalf of all employees to deliver genuine employee engagement and other benefits of employee ownership?
Speakers
- Jon Shell, Chair, Social Capital Partners
- Barbara Wight, Chief Executive Officer, Taylor Guitars
- Michael Brownrigg, Co-Founder and Partner, Apis & Heritage Capital
- John Eckersley, Founder and Chair, Castlefield Partners Limited
Break
Coffee, Tea, Beverages
Panel on Getting what they deserve – ensuring generations of employees derive the true benefit of their company's success
Every system of employee ownership has strengths, yet what are the differences in ensuring employees derive financial benefits from their company? How can commercial freedom be balanced with protecting employees' interests? Panelists will explain the enhanced pay and other rewards provided to employees in employee-owned companies and examine, in particular, profit-sharing through employee stock ownership plans, other tax-advantaged and non-tax-advantaged employee share plans and receiving cash bonuses from employee ownership trust owned companies, with an emphasis on regulatory provisions that help or hinder these mechanisms.
Speakers
- Cindy Turcott, Retired Chief Executive Officer, Gardener’s Supply Company
- Sarah Andersen, Co-Author, Financial Freedom Day Report
- Gary Shorman, Chairman and Chief Development Officer, Eagle Communications
- Katja Božič, State Secretary at the Ministry for Finance, Slovenia
Break
Coffee, Tea
Panel and contributions from the room on Measures to Achieve Greater Recognition and Popularity of Employee Ownership Among Businesses and the Wider Population
Panellists will explore if employee ownership policies need to be designed with the aim of achieving greater popularity, as well as being effective, including results from The ESOP Association’s expansive market research study into attitudes towards employee ownership, how to get support from other trade bodies, examining how Government supported regional employee ownership centres should communicate with the business sector and communities; whether official accreditation of employee-owned companies helps and whether some official guidance should be aimed at employees rather than owners.
Speakers
- James (Jim) Bonham, President, Employee Ownership Foundation and President & Chief Executive Officer of The ESOP Association
- Deborah (Deb) Oxley, Former Chief Executive Officer, Employee Ownership Association
- Rhodri Packman, Market Development Director Cwmpas
Venue Transfer and Break
20 Minutes Walk
Working Lunch – Canada’s Road Map to Employee Ownership
Speaker
- Jon Shell, Steering Committee Member, Canadian Employee Ownership Coalition
How Media Could Cover Employee Ownership
Panellists will share their views on when and why employee ownership could be newsworthy. The challenge for this panel, which is different than for all the others at the Symposium, is that we will assume that no or few tax benefits for employee ownership are available in certain countries. How, in this environment, can the media play a role in going beyond reporting on employee ownership that works or fails, or whether or not government ministers are talking about employee ownership? The real question this panel will answer is: Can and should activist media representatives effectively create demand for employee ownership as a means to address: business succession, income and wealth inequality, and general problems of low productivity in business sectors?
Speakers
- Mitali Mukherjee, Director, Journalist Programmes, Reuters Institute for the Study of Journalism
- Chevaan Daniel, Executive Group Director, Capital Maharaja Group
Break
Coffee, Tea, Patries
Session on What National Employee Organisations Need From Their Governments to Support Employee Ownership
Delegates respond to what they have heard at the Oxford Symposium on Employee Ownership 2024 by sharing their main asks of their respective governments:
- Australia - Employee Ownership Australia
- Canada - Canadian Employee Ownership Coalition
- Denmark - Demokratisk Erhverv
- Ireland - Irish ProShare Association
- Japan - Japan Employee Ownership Association
- Mexico - Centro de Capital Incluyente
- Netherlands - Stichting Nederlands Participatie Instituut
- Poland - Forum Rozwoju Akcjonariatu Pracowniczego
- Scotland - Scotland for Employee Ownership
- Slovenia - Inštitut za Ekonomsko Demokracijo
- South Africa - Southern Africa EO Association
- Spain - Agrupacion de Sociedades Laborales De Euskadi
- U.K. - Employee Ownership Association
- U.S.A. - The ESOP Association
- Wales - Cwmpas
Senior Politicians on Why It is All Worth the Effort and Their Party Supports Employee Ownership
The U.S.A and U.K. have longstanding bi-partisan and all-party support for employee ownership measures. Senior politicians will explain what, in particular, attracts their party to supporting employee ownership and why it has been, and continues to be worth supporting robust policies for Employee Ownership.
Speakers
- Senator Tony Loffreda, Senate of Canada
- Igor Feketija, State Secretary at the Ministry for Labour, Slovenia
- Baroness Bowles of Berkhamsted, House of Lords
Day Two Review and Learnings
Speaker
- Graeme Nuttall, International Ambassador, Employee Ownership Association
Free Time
Photography, a Video and the Chatham House Rule
A product of the Symposium will be a video that records what we discuss and there will be a photographer.
You may ask the photographer not to take your picture if you would prefer not to be photographed. You can also speak to John Hoffmire about this and he will help you. This may also be an issue as individuals take photos with their camera phones for social media purposes. Please speak up if you have concerns. Finally, if you would prefer not to be filmed by the videographer, you can do one or both of these things: [sit at the Symposium in a place where the video camera is pointing at your back, and/or sit in the seats near the video camera so that it will not capture your image].
The Chatham House Rule may be invoked from time to time. If this happens people can talk about what they have learned when the Rule applied but no-one may quote another person without their permission, unless the video, which would be approved by all those filmed, made public an individual's opinion.