chester

Chester 01244 405 555

Grosvenor Court
Foregate Street Chester
Cheshire CH1 1HG
DX: 19990 Chester

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Shrewsbury 01743 443043

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Oxon Business Park
Shrewsbury SY3 5HJ
DX: 148563 Shrewsbury 14

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Airport City, Manchester 0161 537 3324

Offices 204 and 205
Manchester Business Park
3000 Aviator Way
Manchester M22 5TG

Employee shareholder agreements must include a statement detailing the loss of employment rights

3rd July, 2013

On 1 September 2013, employee shareholder status is due to be implemented as a new employment status through the introduction of the Growth and Infrastructure Bill 2013. The Act will insert a new section 205A into the Employment Rights Act 1996.

For those looking to enter into or offer an employee shareholder agreement the following considerations must be borne in mind:
• An offer of employee shareholder status must include a statement explaining the rights attaching to the shares and the employment rights which would be sacrificed;
• The individual must receive advice about the offer from an independent solicitor, barrister, legal executive, union official or advice centre. The employer must meet reasonable costs incurred in receiving this advice, regardless of whether the offer is accepted; and
• Individuals agreeing to the offer of employee shareholder status will be entitled to a seven-day “cooling off” period from the day legal advice is received.

For further information or advice in relation to managing the new employee shareholder status, please contact Helen Watson on 01244 405565 or send an email to [email protected]

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