The Nuttall Review of Employee Ownership, published by the Department for Business Innovation and Skills (BIS), makes recommendations that could help business owners plan for the future of their company after they retire, ACCA (the Association of Chartered Certified Accountants) has said.
Andrew Leck, head of ACCA UK said: 'The Review cites an excellent example of an entrepreneur who is planning for retirement, has no family who could take the reins and doesn’t want to sell to a competitor. Employee ownership can smooth this transition. Ensuring that the business continues after the owners’ retirement helps to retain competition in the market and that is good for consumers and the economy.
'There are many competitive advantages of employee ownership including greater employee engagement and commitment. All business owners realise the important role that employees play in the success of a business, and they also know the cost of having a disengaged workforce. Employee ownership can help make a business even more successful. Business owners should not be put off exploring the benefits of ownership.
'The recommendation in the report for BIS, working with ACAS, to encourage employer and employee groups to develop a voluntary Code of Practice, setting out best practice on requesting and agreeing employee ownership in a company, is a good first step in this regard.'
The Nuttall Review was announced by Norman Lamb, Minister for Employment Relations and follows on from the Government’s drive to highlight the concept and benefits of employee share ownership.
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For more information, please contact:
Ray Allger, ACCA UK Newsroom
+ 44 (0)20 7059 5788
+44 (0) 7540 919 819
Notes to Editors
- To read The Nuttall Review, click on the link in the 'Related Links' section, left of this article.
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
- We support our 154,000 members and 432,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
- Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.