Lembit Öpik MP, the Liberal Democrats' Shadow Secretary of State for Business, Enterprise and Regulatory Reform, said the Liberal Democrats strongly support employee share ownership but said work was still needed "...to adjust the culture of some businesses in the UK who are not used to sharing the rewards of success."
Before becoming an MP, Öpik was an HR Manager for Procter & Gamble where he was involved in the implementation of an all employee share plan at the organisation.
Speaking at the recent ifs ProShare annual conference, Öpik said:
"Some companies may not offer their employees a share scheme because they ask themselves why should they give something away that they don't have to? This short sightedness needs to be addressed. Most commentators realise that employee share ownership schemes are not only an effective remuneration device but lead to better motivated staff and lower levels of staff turnover - it's a win-win situation."
Öpik also observed that: "The press often appear fixated on the issue of share options for executives which could have a negative impact on all employee share plans."
Fiona Downes, Head of Employee Share Ownership at ifs ProShare, responded:
"We are naturally pleased that Lembit has voiced such a strong commitment to employee share ownership.
We certainly take on board his comments that there are still some companies who don't yet appreciate the benefits of employee share ownership but it's also important to recognise that many companies do - and that over 5 million employees in the UK are benefiting as a result.
ifs ProShare will continue to do all it can to raise awareness of the benefits of employee share ownership and we look forward to many more companies offering their employees a chance to participate in such schemes in the future."
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