voestalpine Employee Participation
Since the year 2000, the management and the works council of the voestalpine Group have been engaged in the joint development of an innovative concept that surprised many at the time. The idea was to let the employees participate in the company through shares owned by them, to turn them into a stable core shareholder by pooling their voting rights, and to allow them to benefit from the success of voestalpine as individual shareholders.
At present, the voestalpine Employee Participation extends to the approximately 21,500 employees from all 53 companies of the voestalpine group in Austria and to approximately 1,200 employees from 57 companies in other countries. On their behalf, approximately 23.5 million individual share certificates in total – corresponding to 13.5 % of the voting rights – are pooled and managed by a private foundation. The foundation also holds 1.7 million private shares (1.0 %) of employees. Representing 14.5 % of the voting rights of voestalpine AG in total, the voestalpine Mitarbeiterbeteiligung Privatstiftung is therefore the largest Employee Participation in Austria, both in terms of voting rights percentage and share value.
For further information about the basic principles of Employee Participation in Austria and internationally, please visit the following webpage:
Employee Participation counts on the support of management and works council
The management and the works council developed the model jointly, and both are still fully in support of the Employee Participation scheme. It is regarded as an example of “social partnership” in action – the internal cooperation between employer and employee for which voestalpine is well known.
“At voestalpine, it is the people who make all the difference. They are at the heart of our success. Hence our conviction that our employees should share in this success”, says Dr Wolfgang Eder, Chairman of the Executive Board of voestalpine AG, about the motivation behind the model.
Having been able to successfully develop such a unique scheme in spite of the sometimes diverging interests truly is special.
Executive Board Member voestalpine Mitarbeiter-beteiligung Privatstiftung