Thesis (M.Com. (Taxation))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2017 / Share incentive schemes have been used for many years as a mechanism to compensate, retain and attract talent by offering employees a stake in the business. Share incentives, however, usually contribute an increasingly larger portion of executive pay in comparison with general employees. The motive for larger share incentive based compensation is on the foundation that management must have a skin in the game in order for their interest to be appropriately aligned with shareholders. The Treasury and the South African Revenue Service (‘SARS’) have historically viewed share incentive schemes with suspicion. Treasury and SARS consider these schemes as salary conversion plans designed avoid tax. This has led to a litany of tax legislation that has sought to combat this so called avoidance. As things stand it appears the legislation is far too reaching and no longer reflects the commercial and economic reality of an increasingly entrepreneurial world. The aim of this research report is to ascertain whether the current tax policy is effectively discouraging employee share ownership. This paper will consider the impact of the current tax provisions on share incentive schemes for both the employees and their companies’. The United Kingdom offer tax advantages for employee share ownership plans thus the report will also include a comparison with the tax legislation governing share option schemes in the UK. The comparison will aid in recommending a more sensible and equitable way forward with regards to the taxation of share incentive schemes in South Africa. Key words: Share incentive plans, Section 8B, Section 8C, executive remuneration, equity based compensation / GR2018

The primary goal of development is to alleviate poverty, and thus improve people's lives. Co-operatives around the world are becoming used more regularly as a vehicle for such development. However, as a result of economic pressures, co-operatives have changed over the years, reflecting a more business-like approach in order to compete in a competitive market. As a result certain types of co-operatives come under the banner of 'new wave' co-operatives. This dissertation examines two such co-operatives and analyses what social and economic benefits accrue to individuals as a result of participating in rural co-operatives. It also reflects upon the 'managed' status of the co-operative and its implication for members. / Thesis (M.Soc.Sc.)-University of Natal, Durban, 1999.

Thesis (MAcc)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Share incentive schemes have become an important part of the remuneration package of employees in South Africa. Employers offer share incentive schemes to employees in order to attract and retain high quality workers while aligning the interests of the employees with those of the shareholders. Employees are motivated to participate in share incentive schemes due to the opportunity to invest in their financial future, as well as the opportunity to share in the economic success and growth of the employer company. Due to the increase in the utilisation of share incentive schemes to remunerate employees, the South African Revenue Service (the SARS) increased its focus on the taxation of such schemes. Section 8C of the Income Tax Act No. 58 of 1962 (the Act) was introduced by the SARS on 24 January 2005 to govern the taxation of share incentive schemes in South Africa. Prior to the introduction of section 8C, section 8A sought to tax the gains realised by employees participating in share incentive schemes, being the difference between the market value on the exercise date and the grant price. The tax liability incurred by employees in terms of section 8A did not tax the full gain eventually realised by employees upon vesting of the shares and the SARS sought to close this loophole through the introduction of section 8C to the Act. The employer company is required by the Fourth Schedule to withhold employees’ tax amounting to the gain realised by the employee in terms of section 8C of the Act. This assignment analysed the workings of the four share incentive schemes most commonly found in the South African marketplace, namely: share option scheme, share purchase scheme, deferred delivery share scheme and phantom share scheme. The current normal income tax legislation governing share incentive schemes in relation to employees was examined by considering literature contained in the Act, amendment bills and acts, case law and other material. Based on current income tax legislation, the tax implications of each of the four selected share incentive schemes was determined and compared in order to determine which of the selected share incentive schemes are most tax efficient in relation to the employee. It was concluded that the share option scheme and the deferred delivery share scheme are the most tax efficient schemes in relation to the employee. Based on case studies conducted, along with an analysis of the current income tax legislation contained in the Act, the share option scheme and the deferred delivery share scheme resulted in the lowest overall tax liability for employees. It was further concluded that employers will be required to revisit the structuring of their current share incentive schemes in order to ensure that any dividends paid to employees in terms of the schemes will remain exempt in terms of the amended section 10(1)(k)(i)(dd). The assignment includes recommendations relating to how share incentive schemes can be structured to be more tax efficient. / AFRIKAANSE OPSOMMING: Aandele-aansporingskemas het ’n belangrike deel van die vergoedingspakkette van werknemers in Suid-Afrika geword. Werkgewers bied aandele-aansporingskemas aan werknemers om sodoende hoë-kwaliteit werkers te lok en te behou terwyl die belange van die werknemers met dié van die aandeelhouers belyn word. Werknemers word gemotiveer om aan aandele-aansporingskemas deel te neem vanweë die geleentheid om in hul finansiële toekoms te belê, sowel as die geleentheid om in die ekonomiese sukses en groei van die werkgewer-maatskappy te deel. Weens die toename in die aanwending van aandele-aansporingskemas om werknemers te vergoed, het die Suid-Afrikaanse Inkomstebelastingdiens (die SAID) sy fokus op die belasting van welke skemas verskerp. Artikel 8C van die Inkomstebelastingwet Nr. 58 van 1962 (die Wet) is deur die SAID op 24 Januarie 2005 ingestel om die belasting van aandele-aansporingskemas in Suid-Afrika te beheer. Voor die instelling van artikel 8C het artikel 8A gepoog om die winste gerealiseer deur werknemers wat aan aandele-aansporingskemas deelneem, te belas, synde die verskil tussen die markwaarde op die uitoefeningsdatum en die toekenningsprys. Die belastingaanspreeklikheid aangegaan deur werknemers ingevolge artikel 8A het nie die volle wins uiteindelik gerealiseer deur werknemers ten tye van vestiging van die aandele belas nie, en die SAID het gepoog om hierdie skuiwergat te sluit deur die instelling van artikel 8C in die Wet. Daar word van die werkgewer-maatskappy verwag om werknemersbelasting ingevolge die Vierde Bylaag te weerhou ten bedrae van die wins deur die werknemer ingevolge artikel 8C van die Wet gerealiseer. Hierdie studie het die werking van die vier mees algemene aandele-aansporingskemas in die Suid-Afrikaanse mark geanaliseer, naamlik: die aandele-opsieskema, aandeleaankoopskema, uitgestelde-leweringskema, en die skyn-aandeleskema. Die huidige normale inkomstebelastingwetgewing wat aandele-aansporingskemas ten opsigte van werknemers beheer, is ondersoek deur die literatuur in die Wet, wysigingswetsontwerpe en wette, beslissings en ander materiaal in oënskou te neem. Gebaseer op huidige inkomstebelastingwetgewing is die belastingimplikasies van elk van die vier geselekteerde aandele-aansporingskemas bepaal en vergelyk om sodoende te bepaal watter van die geselekteerde aandele-aansporingskemas die mees belastingdoeltreffend ten opsigte van die werknemer is. Daar is gevind dat die aandele-opsieskema en die uitgestelde-leweringskema die mees belastingdoeltreffende skemas ten opsigte van die werknemer is. Gebaseer op gevallestudies wat uitgevoer is, tesame met ’n analise van die huidige inkomstebelastingwetgewing vervat in die Wet, het die aandele-opsieskema en die uitgestelde-leweringskema gelei tot die laagste algehele belastingaanspreeklikheid vir werknemers. Daar is verder tot die gevolgtrekking gekom dat daar van werkgewers verwag gaan word om die strukturering van hul huidige aandele-aansporingskemas te hersien om sodoende te verseker dat enige dividende wat aan werknemers in terme van die skemas betaal word, vrygestel sal bly ingevolge die aangepaste artikel 10(1)(k)(i)(dd). Die studie sluit aanbevelings in oor hoe aandele-aansporingskemas gestruktureer kan word om meer belastingdoeltreffend te wees.

This work collected four years of financial data from an employee-owned firm and a traditionally-owned firm from the same industry. The data were then organized to provide measures of three dimensions of corporate performance: (1) employee turnover, (2) productivity, and (3) profitability. Based upon a review of the literature, employee stock ownership plans (ESOP) are reported to enhance corporate performance after their adoption. Additionally, ESOPs are purported to perform better than traditionally-owned companies. This dissertation developed hypotheses to ascertain whether or not the particular ESOP used in this study conformed to these expectations. The first set of three hypotheses was tested using multiple regression techniques to determine if the ESOP experienced a reduction in turnover, an improvement in productivity, and an increase in profitability following its conversion to employee-ownership. The results of the regressions found that there was no incremental significance. There was no improvement noted in the performance of the ESOP firm. Another component of this investigation was to determine whether improvements in corporate performance were temporary or permanent phenomena. This portion of the research was rendered superfluous when no improvements were available for analysis. The final question that was examined was whether the ESOP would demonstrate better performance than a traditionally-owned control firm during the post-intrusion period. There was no significant difference discovered in productivity and profitability. A marked difference was identified in terms of turnover. However, it was the traditionally-owned firm which performed better than the employee-owned firm—the opposite of what was predicted. These findings, although interesting, had to be evaluated as inconclusive because of innate differences between the treatment and control firms. The variance between the two companies may be attributed to such factors as company size and marked differences in their respective labor markets. The ESOP used in this study did not demonstrate any of the changes in performance that had been predicted.

Tout d'abord, cette recherche examine le capitalisme partagé, le développement théorique et historique de la participation des salariés, et les droits de propriété. Deuxièmement, la thèse analyse empirique sur les perspectives de l'actionnariat salarié. Premièrement, la période du 19ème siècle jusqu'au début du 21ème siècle en Allemagne est recherchée. Nous essayons de répondre à la question : "Est-ce que les décideurs politiques en Allemagne veulent créer une société de propriétaires ?" Au cours de la recherche, nous montrons l'hypothèse "L'actionnariat salarié est un critère des pères fondateurs de l'Allemagne afin de stabiliser Allemagne socio-économique après la Seconde guerre mondiale. Supporté bien évidemment par une étude qualitative de recherches d'archives historiques. En Allemagne, il est évident que les pères fondateurs ont poursuivis "Wohlstand für Alle" à travers les actions des citoyens. Deuxièmement, cette recherche examine la relation entre l'actionnariat salarié et le WACC. La thèse analyse le conflit entre les parties prenantes internes et externes, qui est représenté par le cours des actions d'une entreprise en supposant un marché efficace. Nous émettons l'hypothèse : «Un pourcentage plus élevé d'actions détenues par les salariés provoque un WACC inférieur" Ceci est confirmé par un modèle de régression quantitative fixe de panneau d'effet dans le cas de l'indice Société des Bourses Françaises 120 et l'indice 500 de Standard & Poor. / Firstly, this research examines shared capitalism, the theoretical and historical development of employee participation, and ownership rights. Secondly, the thesis analyzes empirically perspectives on employee stock ownership. First, the period from the 19th century until the beginning of the 21st century in Germany is researched. We attempt to answer the question: "Did policy makers in Germany want to create a society of owners?" During the research we prove the hypothesis "Employee ownership was a criterion of Germany's founding fathers in order to stabilize Germany socio-economically after the Second World War." We confirm it through a qualitative study of historical archive researches. In Germany, there is clear evidence that founding fathers pursued "Wohlstand für Alle" through citizen's shares. Second, this research examines the relationship between employee stock ownership and the weighted average cost of capital. The thesis analyzes the conflict between internal and external stakeholders, which is represented through a company's stock price assuming an efficient market. We hypothesize: "A higher percentage of shares held by employees causes a lower WACC." This is confirmed through a quantitative fixed effect panel regression model in the case of the Société des Bourses Françaises 120 index and Standard & Poor's 500 index.

L'objectif de cette thèse est de contribuer à la compréhension des enjeux de l'épargne salariale pour les politiques de rémunérations dans les entreprises en France. Une mise en perspective historique et théorique permet d'abord d'identifier les motivations conduisant les entreprises à développer un dispositif alliant l'intéressement et le PEE. Ensuite, nous explicitons à travers une modélisation théorique de type « Principal-Agent » les caractéristiques d'un contrat associant l'intéressement à un PEE. Les prédictions théoriques qui en découlent sont enfin validées par une étude empirique sur des données individuelles d'entreprises et de salariés. A partir d'une estimation par appariement sur le score de propension, les résultats révèlent que les entreprises qui intègrent à leurs politiques de rémunérations un dispositif alliant l'intéressement et le PEE versent en moyenne des salaires de base plus faibles, compensés par le versement d'une prime d'intéressement. Par ailleurs, celui-ci s'accompagne d'un impact positif et significatif sur le profit mais d'un effet non significatif sur la productivité du travail des entreprises. Il existe néanmoins une corrélation positive entre la mise en œuvre du dispositif et la productivité du travail pouvant avoir pour origine un effet de sélection. Ces travaux nous invitent à défendre la thèse selon laquelle l'instauration par les entreprises d'un dispositif alliant le partage du profit et le PEE vise non seulement des effets d'incitation mais aussi des objectifs de maîtrise des coûts salariaux. Au-delà, lorsque le PEE donne lieu à la constitution de l'actionnariat salarié, il permet aux entreprises de poursuivre des objectifs de stabilisation du capital. / This dissertation aims at shedding a new light on the analysis of the effects of profit sharing and employee ownership plan on wages practices in France. We firstly purpose a survey of the theoretical foundations of profit sharing and employee ownership plan. By considering institutional and macroeconomic changes in France since 1980, we secondly develop an historical analysis of the financial participation. In this context, we argue that a system based on both profit sharing and employee ownership plan is not only designed as an effort incentive scheme but also as a risk transfer device. We thirdly develop a Principal-Agent model to determine the optimal characteristics of a contract based on both profit sharing and employee ownership plan. Our hypothesis is then tested on an original matched employer-employee database concerning French firms. Using a Propensity Score Matching method which allows controlling for potential selection bias, we show that such a contract has no significant impact on the labour productivity but a positive one on the firm's benefit. We finally find a negative impact on the employee's base wage but no significant effect on the total earnings.

Thesis (MScAgric)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: It is generally acknowledged that South African commercial agriculture will have to be restructured to integrate the previously disadvantaged communities in the agricultural economy of the country. This is so because of the prevailing disparities between agriculture amongst the black societies and the traditional "white" commercial agriculture. After the inception of the ANC governance in 1994, affirmative action measures viz inequalities and inequitable access to resources and markets became necessary to remove these imbalances. However, it is not seen as a quick fix; it will take decades to eradicate the imbalances created during the period of apartheid rule. A farmworker equity-sharing scheme (FWESS) was first introduced at the Whitehall farm in the Grabouw area of the Western Cape in 1992. The South African Department of Land Affairs adopted this strategy in the face of land reform as one of the major Land Redistribution for Agricultural Development programmes to provide basic support to the farmworkers in order to enable them to participate in the financial stakes of the commercial farming in South Africa. The main research objective of this study was to evaluate the performance of FWESSs and assess the contribution of the programme to the improvement of the living standards of the previously disadvantaged individuals, viz farmworkers. This was achieved through a survey, which included five FWESSs administered by the Cape Town regional office of the Department of Land Affairs (DLA). Interviews were conducted amongst the ordinary farmworkers, members of the board of worker trustees and the original owners. Among other things, the motivations, characteristics of governance, socio-economic factors and financial performance of the schemes were evaluated. It is evident from the investigation that the original owners are in the forefront in the initiation of the equity-sharing schemes on their farms. Job security was shown as the most important motivation by some farmworkers for their participation in equity-sharing schemes, while other shareholders (original owners) indicated that the initial capital injection in the business and the empowerment of the farmworkers through capital appreciation and dividends was the most important motivation. Equity-sharing schemes are a relative new concept in farms that were included in this study and after the initial negative impact with the change in the management of the organisation, the schemes are faring good financially. / AFRIKAANSE OPSOMMING: Dit word algemeen erken dat die Suid-Afrikaanse kommersiële landboubedryf herstrukturering sal moet ondergaan om voorheen-benadeelde gemeenskappe by die landbou-ekonomie van die land te integreer. Dit is toe te skryf aan die ongelykhede wat ten opsigte van die landboubedryf tussen swart gemeenskappe en die tradisionele "blanke" landboubedryf bestaan. Na die bewindoomame van die ANC-regering in 1994, is maatreëls vir regstellende aksie ten opsigte van ongelykheid en onregverdige toegang tot hulpbronne en markte in werking gestelom hierdie ongelykhede uit die weg te ruim. 'n Kitsoplossing is egter nie moontlik nie; dit sal tientalle jare neem om die ongelykhede wat gedurende die apartheidsbewind geskep is, uit te wis. Die eerste plaaswerker kapitaaldelingskema is in 1992 op die Whitehall-plaas in die Grabouw-distrik van die Wes-Kaap ingestel. Die Suid-Afrikaanse Departement van Grondsake het hierdie strategie as een van die hoofprogramme vir grondherverdeling vir die ontwikkeling van die landboubedryf aanvaar, om basiese steun aan die plaasarbeiders te verleen om hulle in staat te stelom 'n deel in die finansiele belang van die kommersiële landboubedryf in Suid -Afrika te verkry. Die hoof navorsingsdoelwit van hierdie studie was om die uitwerking van die plaaswerker kapitaaldelingskema te evalueer en die bydrae van die program tot die verbetering van die lewenskwaliteit van voorheen-benadeelde individue, naamlik plaasarbeiders, te beoordeel. Dit is bewerkstellig deur middel van 'n opname wat die vyf plaaswerker kapitaaldelingskemas wat deur die Departement Grondsake se streekkantoor in Kaapstad geadministreer word, te betrek. Onderhoude is met gewone plaasarbeiders, lede van die raad van arbeidertrustees en die oorspronklike eienaars gevoer. Evaluering is onder andere gerig op die motivering agter deelname aan die skemas, kenmerke van die bestuur daarvan, sosio-ekonomiese faktore en die finansiële prestasie van die skemas. Dit het uit die ondersoek duidelik geword dat die oorspronklike eienaars die voortou geneem het met die inisiriëng van die kapitaaldelingskemas op hul plase. Werksekuriteit is as die belangrikste motivering deur plaasarbeiders gegee vir die deelneming aan die kapitaaldelingskemas, terwyl die ander deelnemers (oorspronklike eienaars) die aanvanklike kapitaal-inspuiting in die boerderyen die bemagtiging van die plaasarbeiders deur kapitaalappresiasie en dividende as die belangrikste motiverings aangedui het. Kapitaaldelingskemas is 'n relatiewe nuwe konsep by boerderye wat in hierdie studie betrek is en na die aanvanklike negatiewe bëinvloeding met die verandering in die bestuur van die organisasie, is die skemas besig om finansiël goed te vaar.

Thesis (MAgricAdmin)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: The study evaluated farmworker equity-sharing schemes administered by the Worcester regional office of the Department of Land Affairs in the Western Cape. The objectives were to investigate the performance of farmworker equity-sharing schemes against recent literature, to evaluate the motivation for the establishment of these schemes and whether they served the purpose for which they were established. Through investigating the role these schemes play in improving the farmworkers ' livelihood, the study investigated the changes farmworkers experienced on the farm since the establishment of the schemes. The perceptions of farmworkers regarding the schemes were also investigated. The study found that at all the farms evaluated there was a lack of formal training to all the levels of farmworkers, including committee members and shareholder workers. These farms did not have the funds to finance training programmes for their farmworkers. Poor training impeded farmworkers to utilise their skills and participate in decision making on the farm. Contrary to the objectives of financial participation and farmworker equity-sharing schemes, most of these schemes did not achieve the broad objectives of the participation schemes such as empowering their workers. Living and working conditions seem to have improved on most of the farms although some farms seem to have experienced no change at all. The ESTA Laws could be the cause of the improvements in housing and working conditions but not the implementation of the farmworker equity-sharing schemes. Respondents did not seem to experience discrimination due to gender. Financially the schemes are not performing well. This is evident from the number of schemes that were liquidated due to financial problems and for which financial statements could not be obtained. These schemes face various institutional and structural challenges, which includes financial challenges. / AFRIKAANSE OPSOMMING: Hierdie studie het plaaswerker-aandeelhouerskemas wat deur die Worcesterstreekskantoor van die Departement van Grondsake in die Wes-Kaap bestuur word, geëvalueer. Die oogmerke van die studie was om die verrigting van plaaswerkeraandeelhouerskemas teenoor onlangse literatuur te ondersoek, om die motivering vir die vestiging van hierdie skemas te evalueer en te bepaal of hulle wel die doel dien waarvoor hulle gevestig is. Deur die rol van hierdie skemas in die verbetering van plaaswerkers se bestaan te ondersoek, het die studie ook ondersoek ingestel na die veranderinge wat sedert die vestiging van die skemas deur plaaswerkers ervaar is. Die plaaswerkers se persepsies van die skemas is ook ondersoek. Die studie het bevind dat daar by al die plase wat betrek is 'n tekort aan formele opleiding aan al die vlakke van plaaswerkers was, met inbegrip van komiteelede en aandeelhouer-werkers. Hierdie plase het nie oor die fondse beskik om opleidingsprogramme vir hulle plaaswerkers te finansier nie. Swak opleiding strem plaaswerkers in die toepassing van hulle vaardighede en in hulle deelname aan besluitneming op die plaas. In stryd met die doelwitte van finansiële deelname en plaaswerker-aandeelhouerskemas het hierdie skemas nie in hulle doel geslaag nie. Woon- en werksomstandighede op die meeste plase het blykbaar sedert die vestiging van die skemas verbeter, alhoewel sommige plase skynbaar geen vemaderinge ondergaan het nie. Die Wet op die Uitbreiding van Sekerheid op Verblyfreg kan 'n verklaring vir die verbetering in behuising en werksomstandighede wees, en nie noodwendig die implementering van die plaaswerker-aandeelhouerskemas nie. Respondente het volgens alle aanduidings nie diskriminasie op grond van geslag ondervind nie. Die skemas presteer finansieel nie goed nie. Dit is duidelik uit die getal skemas wat as gevolg van finansiële probleme gelikwideer is en waarvoor finansiële state nie verkry kon word nie. Hierdie skemas staar verskeie institusionele en strukturele uitdagings in die gesig, waaronder ook finansiële uitdagings.

Thesis (MPhil)--University of Stellenbosch, 2005. / ENGLISH ABSTRACT: The South African wine industry has a history of super-exploitation. Wine farm labour practices such as paternalism, tied housing, tied employment and the tot system have maintained farm worker communities in a trapped and dependent position. Within these trapped farm worker communities social pathologies such as alcohol abuse, a highly unstable family life, illegitimacy and illiteracy are common. On an individual level, members of these communities are predominantly low in selfconfidence, self-esteem, self-reliance etc. On a communal level, domestic violence, child battering, drunken brawls, knife stabbings etc. are common in farm worker communities. In response to these conditions in wine farm worker communities, a number of initiatives have been launched within the South African wine industry. This research study focuses on one of these initiatives, called the New Beginnings project. As one of the first projects of its kind, it succeeded in releasing a farm worker community from its trapped and dependent position. This was the outcome since the project succeeded as a community development process. The community development process is essentially about building or increasing social capacity. The building of social capacity refers to a process whereby both agency and solidarity are increased within a community. Agency or capacity building has to do with the building of values, attitudes, knowledge, skills and personal qualities, e.g. self-esteem and self-reliance, of individual community members, while solidarity has to do with the building of cohesion, trustful relationships and connectivity among various community members. The New Beginnings project illustrates that community development practice that abide by guiding principles that aim to achieve both agency and solidarity building within a community, would eventually result in the sustainability of the project. / AFRIKAANSE OPSOMMING: Die Suid-Afrikaanse wynbedryf het ‘n geskiedenis van super-eksploitasie. Arbeidspraktyke soos paternalisme, gebonde behuising, gebonde indiensneming asook die dopstelsel het verseker dat plaaswerker-gemeenskappe in ‘n gevange en afhanklike posisie gehou word. Die gevolg is dat sosiale euwels soos alkoholmisbruik, ‘n hoogs onstabiele gesinslewe, onwettigheid asook ongeletterdheid algemeen voorkom in hierdie gevange plaaswerker-gemeenskappe. Op ‘n indiwiduele vlak, het die oorgrote meerderheid lede van hierdie gemeenskappe min selfvertroue en selfwaarde. Op ‘n gemeenskaplike vlak, kom gesinsgeweld, kindermishandeling, dronkmansbakleiery en messtekery algemeen voor in plaaswerker-gemeenskappe. As teenvoeter vir die bogenoemde toestande in plaaswerker-gemeenskappe, is verskeie inisiatiewe aan die gang gesit in die Suid-Afrikaanse wynbedryf. Hierdie navorsingstudie fokus op een van hierdie inisiatiewe, genaamd die ‘New Beginnings’ projek. As een van die eerste projekte van sy soort, het hierdie projek daarin geslaag om ‘n plaaswerker-gemeenskap vanuit sy gevange en afhanklike posisie te bevry. Die resultaat van die projek was juis moontlik omdat die projek as ‘n gemeenskapsontwikkelings- proses geslaag het. Die gemeenskaps-ontwikkelings-proses gaan hoofsaaklik oor die bou of vermeerdering van sosiale kapasiteit. Die bou van sosiale kapasiteit verwys na ‘n proses waartydens beide agentskap en solidariteit binne ‘n gemeenskap vermeerder word. Agentskap of kapasiteitsbou het te make met die skep van waardes, houdings, kennis, vaardighede asook persoonlike eienskappe, bv. selfwaarde en selfstandigheid, van indiwiduele gemeenskapslede, terwyl solidariteit te doen het met die bou of skep van samehorigheid, betroubare verhoudings en ‘n eenheidsgevoel tussen verskeie gemeenskapslede. Die ‘New Beginnings’ projek wys dat gemeenskapsontwikkelings- praktyk wat hou by die riglyne om beide agentskap en solidariteit binne ‘n gemeenskap te bou, uiteindelik tot die volhoubaarheid van die projek aanleiding sal gee.

企業內勞資雙方所扮演的角色屬於社會夥伴的形式，此種社會夥伴關係的發展，牽涉到整體經濟發展的成果分配形式；然而社會經濟的發展不應僅以工資及盈餘作為分配企業經濟成果的唯一管道，加上我國近年來貧富差距不斷的擴大，政府應當盡可能擴大勞動者的儲蓄，直接參與生產資本的投入，分享企業的經營成果，以創造更多的社會財富分配管道。 所謂勞工財務參與乃勞工參與企業經營成果之形式，不論是以利潤分享或是股票持有的形式，均得以自歐盟過去十五年的議程之間所見。因此，本研究透過比較研究之方式，以歐盟六個成員國（包含法、德、 英、愛爾蘭、荷蘭及比利時）為研究對象，藉此分析其勞工財務參與制度及社會夥伴觀點。此外，本文歸納整理歐盟成員國實施勞工財務參與所產生之問題，並介紹其建議解決方法，作為我國參考之經驗。 最後，本研究自歐盟勞工財務參與之角度，將我國企業內勞工財務參與計劃之內容（包含年終獎金、利潤分享計劃及員工所有權計劃三種類型）作一比較後，提出相關制度缺失；透過檢視歐盟勞工財務參與之八大原則，我國於制度上缺乏平等原則，成為圖利少數管理人員之工具。因此，為有效推行我國勞工財務參與制度，本研究建議勞資政三方自以下方向著手：一、政府層面：明確定義計劃中「勞工」之範圍，董監事兼具勞工身分者應排除適用；條件式地提供稅賦誘因，以促進計畫的實施；儲蓄理財制度的健全發展，協助勞工財產之形成。二、勞工層面：加強勞工財務參與之教育宣導，增進勞工的認知；建議政府設立專責主管單位監督勞工財務參與計畫之設立及運作，以確保計畫之公平性。三、雇主層面：促進企業實施勞工財務參與制度；實施廣泛勞工基礎的財務參與計劃，避免淪為少數高階人員自肥的工具；不應限制計劃的投資標的，分散投資風險性；並訂定實施辦法及專責機構辦理，以便於企業推行、增加勞工的參與率。