„Holding zadruga“ Predlog modela zadružnog radničkog akcionarstva u Srbiji

Lakić, Aleksandra and Savanović, Aleksandra and Knežević Bojović, Ana and Reljanović, Mario and Končar, Lara (2023) „Holding zadruga“ Predlog modela zadružnog radničkog akcionarstva u Srbiji. Zajedničko – Platforma za teoriju i praksu društvenih dobara. ISBN 978-86-82308-04-1

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Abstract

A democratic enterprise is any enterprise that is managed by its workers and at the same time owned by them (collectively or privately). The most common legal form of democratic enterprise is the cooperative, which is characterized by collective worker ownership and joint management based on the principle „one member, one vote”. Different forms of employee share ownership that we encounter in practice depart from the ideal model of a democratic enterprise, and usually involve worker’s participation in ownership but not in management. On the other hand, cooperatives have certain shortcomings in terms of institutional design, related to problems of access to ownership, sustainability of worker ownership, and insufficient investment in capital assets, which leads to difficulties in terms of economic sustainability. The model of cooperative employee share ownership, the applicability of which is examined here in the legal framework of the Republic of Serbia, introduces institutional innovations that directly address these problems: entry into ownership is financed out of future profits, so that every worker can afford to become an owner; the rollover system facilitates the entry of new workers into ownership and allows faster access to the financial benefits of membership; while individual capital accounts, as a basis for establishing individualized collective ownership, record individual investments in capital assets and encourage further investments. The first part of the analysis presents the basic features of the existing employee share ownership practices and their main characteristics, and describes the cooperative employee share ownership model in more detail. The second part of the research examines the possibility of applying this model in Serbia, and proposes a „holding cooperative” model that could be implemented within the framework of domestic legislation.

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