A Right to Request employee ownership? Nuttall review makes 28 recommendations to drive the “concept of employee ownership into the mainstream British economy”
The review by Graeme Nuttall of employee ownership has been published today by the Department of Business, Innovation and Science. The review makes 28 detailed recommendations aimed at introducing “the concept of employee ownership into the mainstream British economy” – a Coalition policy aim announced by the Deputy Prime Minister in January 2012, as we covered here.
The most eye-catching recommendation is that the Government should consider a “Right to Request employee ownership”, by the development of a voluntary code setting out best practice on requesting and agreeing employee ownership in a company, and by issuing a call for evidence on the introduction of a “statutory Right to Request consideration of an employee ownership proposal”. (Recommendations K and L.)
Market abuse: At what point does information become sufficiently precise to be “inside information”?
In Geltl v Daimler AG the European Court of Justice ruled on 28 June 2012 on an important case for the interpretation of the UK market abuse regime. The ECJ ruling emphasises that very careful thought is required when determining at what point in an ongoing process information becomes “inside information” and potentially announceable to the market.
The UK market abuse regime is contained in Part VIII of the Financial Services and Markets Act 2000, and in its current form reflects two EU directives (2003/6 and 2003/124). The ECJ judgment is here and the accompanying press release is here.
Mr Geltl’s case
The case arose from the sale of shares by Mr Geltl, a Daimler shareholder.