Govt, labour to review Companies Act to allow for greater worker ownership
Minister of Trade and Industry Ebrahim Patel has applauded companies which are implementing worker-ownership schemes to ensure employees have a stake in the company.
The minister revealed that through the scheme, over 150 000 employees now own a portion of the companies they work for.
“Through all of this work we are laying the foundations for deeper inclusion and strategic alignment between shareholders manage and workers so that we in fact build an inclusive economy,” Patel said on Friday.
He said government and labour representatives are looking at the Companies Act to ensure larger participation or worker ownership and representation in larger companies.
“This is a new initiative, and it builds on the excellent experience country like Germany which over the last 50 years has brought greater strategic unity between all stakeholders to promote the growth of German firms and the equitable sharing of all the players.”
The minister hosted a media briefing on worker ownership structures on Friday morning.
