Employee Share Ownership: Just a Theory or Truly Sustainable Entrepreneurship?

The experts at GUBERNA, the Institute for Directors, also contributed to the book. With authors such as Rachel Feller, Sandra Gobert, Arnaud Hubert, and Konstantinos Sergakis, the contribution not only provides a clear framework for employee share ownership, but also demonstrates how to implement this model successfully in practice. As a partner in this project, GUBERNA sees its role as helping to develop a solid governance model that not only inspires companies but also provides practical tools to make employee participation truly sustainable. 

In theory, it sounds simple. Set up a system where employees acquire shares, and watch engagement and motivation skyrocket. But as GUBERNA sharply points out: without a clear governance model, employee share ownership remains an empty promise. What if employees have no say in decision-making? What if no one truly understands what these shares actually represent? 

Seven Fundamentals That Make the Difference 

If there is one thing the GUBERNA chapter makes clear, it is this: without a solid foundation, employee share ownership remains a model without real impact. It all comes down to seven essential pillars, known as the ‘governance invariants’.

It starts with a clear mission and vision. A beautiful idea on paper is not enough; there must be a shared narrative that aligns company goals and employees’ interests. Without this shared compass, employee share ownership becomes a rudderless project.

Then there is the matter of role distribution. When employees become shareholders, they must know exactly what their ownership means and what responsibilities come with it. Expectations must be crystal clear from day one.

Transparent decision-making and communication is a third element. Employee share ownership can only work if employees have access to the right information and are involved in relevant decisions. Transparency is not optional; it is a fundamental requirement. 

In 2022, Wallonie Entreprendre (then still a department of SoGePa) launched a thorough study into the potential of employee share ownership. Under the leadership of Jérôme Danguy, Frédéric Erpicum, and Lionel Persyn, the landscape was carefully mapped out. This initial analysis quickly led to concrete projects at Technord and Automation & Robotics, supported by Wallonie Entreprendre and previously by the SRIW. 

The need for a practical guide became evident. The result is this vademecum, built from contributions by various experts and business leaders, meticulously coordinated by Claudia Vella from Wallonie Entreprendre. Not just a theoretical work, but a hands-on guide for companies truly committed to making employee share ownership work.