Research & Insights

A Spanish lesson in ownership and voice

As employee ownership gains traction across the political spectrum, Tom Powdrill draws on a groundbreaking Spanish initiative to argue that ownership alone isn't enough. Examining the report from Spain's International High-level Expert Committee on Democracy at Work, convened to activate a long-dormant constitutional provision, Tom highlights its two-pillar framework distinguishing ownership (participation in wealth creation) from voice (participation in governance decisions). The Committee's ambitious proposals include minimum equity thresholds of 2–10% for companies based on size, alongside citizen-controlled investment funds that diversify worker wealth beyond a single employer. Tom argues this distinction, that equity participation is not a substitute for collective bargaining or genuine governance participation, should inform how companies, investors, and policymakers everywhere approach broadening economic participation.