ESOP A LEASING PRACOWNICZY
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Date
2000
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Wydział Prawa i Administracji UAM
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THE ESOP AND EMPLOYEES’ LEASING
Abstract
On July 13, 1990, the Parliament o f the Republic of Poland voted the law on privatization of
State owned enterprises. The law in question comprised a series of pro-employees dispositions
including a possibility for them to take over the enterprise for to use it against payment. Such
a technique has been defined as leasing-like privatization and became quickly - in quantitative
aspect - a leading path of privatization. The conception of employees’ privatization (which in
Poland has assumed concrete from of leasing-based companies) admitted that within the existing
legal order the property of a State owned enterprise was not univocally assigned to the State
because there is here an essential, virtual self-governmental component.
In Summer ’89 the idea of the ESOP (Employee Share Ownership Plan) - imported from the
USA - made its appearance in Poland. It was met with great enthusiasm in the employees’ milieu
of the country. It seemed to the advocates of the ESOP that the ideas of general employees’ share
ownership do perfectly meet expectations and conditions of Polish national economy. This idea was
perceived as a sui generis panacea - first of all of social character - for all the pains involved with
the process of systemic transformation. And despite of the fact that the American ESOP conceptions
have never been generally adopted in Polish practice - they were o f a very important impact
on developing of the so-called leasing-bome privatization.
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Ruch Prawniczy, Ekonomiczny i Socjologiczny 62, 2000, z. 4, s. 121-129