September 28, 2018
Jeremy Corbyn, leader of the UK’s opposition Labour Party, revealed plans to mandate companies to open one-third of their board seats to union workers elected by employees and to give shares to their workers of up to £500 each.
“The balance of power has shifted against workers,” Corbyn claimed. “That has allowed a reckless corporate culture to fester which is damaging Britain’s economy. Labour will turn the tide and give workers more control and a real say at work. By ensuring businesses reserve a third of board seats for workers, we’ll help transform our broken economic model, as part of our plans to rebuild Britain for the many, not the few.”
A second Labour proposal would see the creation of “inclusive ownership funds,” BEERG reports in the Global Labor Newsletter. Under the plan, firms would have to put at least one percent of their shares into the fund every year up to a maximum of 10 percent. Employees would receive the first £500 of any rise in share prices with the remainder being used as a “social dividend” to be spent on public services by the government.