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Written question asked by Andrew Love (Labour) on Thursday, 8 November 2001, in the House of Commons. It was due for an answer on Tuesday, 13 November 2001. It was answered by Ruth Kelly (Labour) on Tuesday, 13 November 2001 on behalf of the Treasury.

Treasury

Question
To ask Mr Chancellor of the Exchequer, how many employees of (a) mutual, (b) co-operative and (c) employee trust award companies would benefit if the present rules were changed to permit such organisations to participate in employee share ownership plans; what plans there are to expand ESOPs in this way; and if he will make a statement. - Inc figures.
Answer

Mr. Love: To ask the Chancellor of the Exchequer how many employees of (a) mutual, (b) co-operative and (c) employee trust award companies would benefit if the present rules were changed to permit such organisations to participate in employee share ownership plans; what plans there are to expand ESOPs in this way; and if he will make a statement. [14464] Ruth Kelly: Employees of registered industrial and provident societies which are co-operatives are already able to participate in the Share Incentive Plan introduced last year. Companies such as mutual organisations and trust-owned companies that do not issue shares are not able to participate. We estimate that some 70,000 staff are employed by mutual organisations and around 60,000 are employed by trust owned businesses in the UK. We have not yet been able to devise a way in which the link between share ownership and company performance might be reflected in such corporate structures.

Secondary information

Type
Written question
Reference
374 c608W; 14464
Session
2001-02
Subjects
Companies Cooperatives Eligibility Staff Mutual societies Shares Trusts Shareholders Employee ownership
Contains statistics
Yes
Link
View this Written question on www.publications.parliament.uk