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Les déterminants de la représentation des actionnaires salariés au Conseil d’administration ou de surveillance

Author

Listed:
  • Xavier Hollandts

    (CRCGM et IFGE - Kedge Business School - Kedge BS - Kedge Business School)

  • Zied Guedri

    (Strategy & Business Policy - EM - EMLyon Business School)

  • Nicolas Aubert

    (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon)

Abstract

L a participation des salariés au capital des entreprises dans lesquelles ils travaillent – l'actionnariat salarié – est un phénomène mondial qui connaît aujourd'hui un développement important. Aux Etats-Unis, près d'un sala-rié sur quatre est un actionnaire salarié (National Center of Employee Ownership (NCEO), 2006). En France, cette proportion s'établit à environ un salarié sur dix (Fédération française des associations Actionnaires salariés et anciens Salariés (FAS), 2006). La diffusion des mécanismes d'ac-tionnariat salarié s'est accrue au cours des deux dernières décennies en raison notamment de réformes législatives qui ont accélérées son développement (ERISA de 1974, Delaware Act de 1988 aux Etats-Unis; en France : lois de privatisa-tion de 1986, loi Fabius de 2001, loi Fillon de 2003, loi sur la participation et l'actionnariat salarié du 30 décembre 2006). L'actionnariat salarié a comme particularité d'être aussi bien soutenu par les gouvernements successifs que par les chefs d'entreprises. Pour les premiers, l'actionnariat salarié permet de soulager significativement les systèmes publics de financement des retraites en transférant une partie de la charge sur l'épargne individuelle des salariés. Pour les entreprises, l'actionnariat salarié offre une batterie d'avantages permettant de fidéliser et motiver les salariés tout en stabili-sant le capital et en limitant l'impact des variations boursiè-res sur la prise de décision stratégique (Desbrières, 2002). Les salariés ont progressivement détenu une part de plus en plus significative du capital de leur entreprise au point de souvent devenir des actionnaires de référence. La loi du 30 décembre 2006 est venue consacrer la place gran-dissante de l'actionnariat salarié en garantissant désormais au moins un poste d'administrateur (ou de membre du conseil de surveillance) aux actionnaires salariés lorsqu'ils détiennent collectivement au moins 3 % du capital de l'en-treprise

Suggested Citation

  • Xavier Hollandts & Zied Guedri & Nicolas Aubert, 2011. "Les déterminants de la représentation des actionnaires salariés au Conseil d’administration ou de surveillance," Post-Print halshs-01256775, HAL.
    • Handle: RePEc:hal:journl:halshs-01256775
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01256775v2
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