We gave our annual Achievement Award to Calibre, whose video won for its creativity, humor, and energy. Bridges Health was the runner-up, with an energetic and inclusive video.
Several California Assembly and Senate members have written letters to the leaders of the Assembly Budget Committee urging inclusion of a $36.5 million appropriation to fund a one-time effort to support employee ownership in the state. A major tax bill in Colorado would provide $10 million in tax credits for conversion to employee ownership.
In what would be the most significant step forward by a state yet, Senator Josh Becker introduced the Expanding Employee Ownership Act, which would provide outreach, financing, and technical assistance for conversions to employee ownership.
On September 29, 2022, Givernor Newsom signed the California Employee Ownership Act. A broader version of the bill previously passed the Senate. The bill had unanimous support in both houses.
TD’s employees—partners, as the company calls them—own all the shares through an employee stock ownership plan. Its business model has made it not just successful financially, but one of the most consistently honored “best place to work” companies.
Highlights:
IBM to appeal stock ruling to Supreme Court
DOL Wants to Set Lower Bar than Court for ESOP Lawsuits
Sellers and Company Can Be Held as Fiduciaries Even When Independent Trustee Hired and Be Based on When Actual Knowledge Occurred
Change is hard even when it's necessary. Just because you have “always done it that way” doesn’t mean it is the right way or even works very well. Sometimes you need to reflect and do a gut check. Does this feel good? Am I getting the value I need or want from the effort?
Our friends at the Employee-Owned S Corporations of America (or ESCA) have reported that they've had constructive dialogue with the IRS regarding their recent press release on ESOPs
Clif Bar is being bought by Chicago-based food giant Mondelez in a transaction that will pay $580 million for the ESOP-held shares, almost double their 2020 value.
