The introduction of a tax-favourable employee ownership trust (EOT) in Ireland has taken another step towards reality with rapid progress made.
This follows only a few weeks after MPs and Senators described the idea of EOTs in Ireland as a “no-brainer” at a government briefing.
The Irish ProShare Association (IPSA) EOT Three and George Lawlor, Teachta Dála of Ireland, met Peter Burke, Minister for Enterprise, Tourism and Employment this week for the first time to discuss EOTs.
In an encouraging update, the discussion was met with a favourable response.
The IPSA EOT Three is made up of Graeme Nuttall, eoa International Advisor and former UK Government Advisor on EO; Alan Coleman, Founder of Ireland’s first and, currently, only EOT, Wolfgang Digital; and Marie Flynn, Chair of IPSA itself, Ireland’s champion of EO.
Together, they’re working tirelessly to break down tax boundaries and make the case for the EOT in Ireland.
As we’ve seen here in the UK, the EOT acts as rocket fuel, and would help unlock a bold new employee owned economy in the Emerald Isle.
The as yet unnamed minister has asked the group to follow-up with more detail on their proposed EOT regulatory changes.
And it can’t come a moment too soon. As George Lawlor himself has stated, each working day in 2025, an Irish company “has been sold into foreign hands”.
EOTs wouldn’t only provide a mechanism to reduce that figure but would also help to root jobs in local communities, provide better outcomes for both businesses and employees, and lead to positive environmental and societal benefits.
All things we’ve seen in Britain the decade since the EOT gained royal accent.
We’ll keep you updated as more progress is made.