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Auchan Tests Employee Stock Ownership Plan In China
January 12, 2007 |
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| Category: Labor
Auchan, a France-based retailer, has now begun to test its Employee Stock Ownership Plan in China in some pilot units.
A representative from the Auchan China says that more than 300 employees in the head office of Auchan China in Shanghai now hold stock in the company. Their aim is to ultimately have over 7000 employees in Auchan China hold a total of 16.2% of the stake of the company.
The employee stock ownership plan is named after Mulliez, the founder of Auchan, and the Mulliez family will hold the remaining 83.78%'s stake.
The quantity of stock purchasable by each employee is not fixed, but the amount should not exceed 70% of their total pay. The stock purchased by the employees should also not be sold within five years, and the owners can enjoy a dividend according to their proportions in the total stake.
As a large family-owned company, Auchan says it has maintained the tradition of sharing stocks with its employees instead of getting itself listed on stock exchanges. Entering China in 1999 with its first outlet opened in Shanghai, Auchan now has 16 stores in China and more than 7000 employees.
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