This is the case particularly of the Auchan

Presidential campaign began, the reading of the programmes of the various candidates reveals a more profound mutation of the corporate law. While, during centuries, society has been exclusively developed as a group of Associates, employees integrate gradually but surely, this very limited circle of business "owners". Nicolas Sarkozy believes for example that an employee who has helped make the benefits of society must enjoy, as a work or free stock dividend. Ségolène Royal also wishes to develop the employee share ownership. All the candidates, with the exception of the extreme left, agree to propose measures for employees to access the status envied of holders of the capital. Moreover, this movement is not new. By the end of the 1960s, under the leadership of General de Gaulle, various laws had established the involvement of employees in the fruits of the expansion of companies, company savings plans or stock options plans. This mutation continues however to accelerate, inviting them to a reflection on the place of employees in companies.

Traditionally, the society is a grouping of people who decided to form a joint economic project, a company, for the primary purpose of develop it and to share the benefits. To become a member, the partners must allocate resources to that undertaking, or as property, either by allocating a portion of their time to the activity. In consideration of its contribution, the partner is entitled to a share of the profits, i.e. roughly to what remains after payment of the charges. If the company fails to achieve profits, the partner will have worked in vain and may even lose their invested savings. Conversely, the employee receives compensation regardless of the results of the activity. Classical economic theory concludes that the company must be controlled exclusively by the partners. If companies no longer had the vocation to make profits, no one would agree to become associated. Accordingly, only the associated Assembly is brought to appoint and revoke the leaders and the general policy of the company is naturally oriented towards the search for profits.

However, this analysis today tends to be questioned. Employees suffer but also risks than those of the partners, since they expose themselves to lose their jobs. In these circumstances, why would employees not entitled to participate in the control of the management of the company This apprehension of the sharing of power and the equity of the company, the principal leaders of political parties propose to strengthen, is supported by modern economic theory referred to as the Agency, which invites to transform employees into shareholders. As the company is designed to make profits, must find a way, if possible the most economical, that is, that employees seek to foster the growth of the firm. The proposed solution is to provide the staff associated with very advantageous status. By distributing free shares to employees, some companies provide even the possibility to become shareholder without scholarship untie. This conjunction of interests between the employee, to the fruits of his work, and the investor in the traditional sense of the term, does however makes sense on the condition that the employee actually benefits growth gains.

Indeed, if companies are good profit for the development of the company and share them among their members, no text does distribute dividends. Even if the accounts reveal important distributable profits, it is rare to attend massive payments, businesses, quite rightly, tend to favour the self-financing and to preserve their cash. In these circumstances, how could employees hope to enrich themselves through their actions It would, in theory, to sell.

But the question rebounds. Who is ready to buy and at what price When shares are listed on a market, no difficulty arises. In the contrary case, the solution is more delicate. Nevertheless, some companies have find effective mechanisms. This is the case particularly of the Auchan. Thirty years ago, the President of this society, Gérard Mulliez, clearly understood that the development of the employee share ownership was a great way to motivate and retain staff by associating it with the fruits of the present and future growth. 98 of the workers are shareholders, even though the company has not been lodged in the stock market to preserve its independence. Contributors hold the shares via a mutual fund with financial means for redemptions. Is not rated, Auchan is the subject, each year, an assessment by a Committee of experts, which allows to fix the price of the shares. Without stock market fluctuations, portfolio of employees thus increased by more than 40 in five years. This type of business draws, perhaps, the future model of commercial society, in which serenity coexist two categories of investors: partners who contribute to the financing of the activities in the long term and salaried Associates to work is both a contract of employment, establishment of a personal capital and release of an associated input.