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Financial Participation

According to most studies financial participation models are not widespread in Bulgaria. According to the data of the European Working Conditions Survey (2010), for example, both share ownership and profit sharing are less frequent in Bulgaria than in other European countries.

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Financial Participation

Employee financial participation in Bulgaria is largely a result of the privatization process started in 1990 and its development thereafter. The most important forms of employee financial participation emerged in the course of the mass privatization and the so-called ‘MEBO privatization’ processes. Profit-sharing schemes, as one form of financial participation, are quite rare in practice. Cooperatives, traditionally very strong in Bulgaria, currently represent just 1% of all registered companies.

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Transposition of the SE legislation in Austria (Final Report: October 2004)

Transposition of the Directive was completed in mid July. This was carried out by means of the Labour Constitution Act (new Part VI – Involvement of Employees in the SE; §§ 208 onwards) and published on 15 July 2004 in the Federal Law Gazette. It entered into force – for obvious reasons – on 8 October 2004.
The SE Statute was implemented in June 2004. It consists of a separate law (Law on the Statute of the European Company – SEG) and minor amendments to the Company Register Act (Firmenbuchgesetz). It also entered into force on 8 October 2004.

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Financial Participation

At the moment, there are no legal limitations to workers’ financial participation in Bulgarian companies. Neither are there any laws or tax benefits for financial participation schemes.

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Transposition of the SE legislation in Austria (Updated report: June 2004)

The company constitution in the European Company (Societas Europaea or SE) provides for a right to vote on the SE’s organisational structure (Art. 38). Companies can choose between two systems: (i) the dual or two-tier system of separate supervisory board and management board, which is customary in Austria, or (ii) the one-tier system, in which control and management are combined in one body (board or administrative body), used predominantly in Anglo-Saxon countries. This right to vote on the organisational structure of the company constitution is new in Austria. It is mandatory by law for national companies to adopt the dual or two-tier management system.

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Transposition of the SE legislation in Belgium (Updated Report: June 2004)

The regulation on the European Company Statute was adopted by ‘Arret Royale’ on 14 May 2004. Transposition of the SE Employee Involvement Directive will take place in Belgium by means of a collective agreement between the employers’ federations and the trade unions. The negotiations will be organised by the National Labour Council, first within the framework of a technical workgroup, then at the National Labour Council’s general meeting. At present (10 June 2004), the negotiations in the technical workgroup are almost completed and the first draft of the collective agreement is ready.However, a number of fundamental points of disagreement remain.

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Transposition of the SE legislation in Cyprus

Late in 2004 Cyprus joined the group of Member States which have transposed the SE Directive. As regards transposition, it is worth describing the process by which social-policy and employment-related legislation is formulated. In preparation for implementing Regulation 2157/2001 and transposing Directive 2001/86/EU, the Department of Industrial Relations at the Ministry of Labour drafted a law in the summer of 2004.

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Transposition of the SE legislation in Austria (Report: March 2004 )

Austria’s legislation implementing the SE Statute and the SE Directive is expected to be in place before August 2004 and to enter into force on 8 October 2004.
The legislation consists mainly of a new law on implementation of the SE Statute (Gesetz zur Ausführung der Verordnung (EG) Nr. 2157/2001 des Rates vom 8. Oktober 2001 über das Statut der Europäischen Gesellschaft, SE-Gesetz – SEG) and an amendment (new chapter) of the existing Labour Relations Act (Arbeitsverfassungsgesetz) regarding transposition of the SE Directive.

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Czech Republic

In the Czech Republic, the law on employee involvement in the European Company was adopted in December 2004.