Helder M. Mourato authors the article “Between the Seine and the Tagus: ESOPs and the Gaullist legacy of capital democratisation”

Helder M. Mourato authors the article “Between the Seine and the Tagus: ESOPs and the Gaullist legacy of capital democratisation”, published in Aspectos, the magazine of the Luso-French Chamber of Commerce and Industry. The article focuses on the implementation of Employee Share Option Plans (ESOPs) by French companies in Portugal and their impact on the national market.

In the article, Helder M. Mourato analyses this phenomenon as a clear sign of French companies’ confidence in the Portuguese legal and regulatory framework, highlighting the positive role these plans can play in the development of Portugal’s capital markets.

The lawyer places particular emphasis on the use of Fonds Communs de Placement d’Entreprise (FCPEs), collective investment vehicles typical of the French jurisdiction, which have no direct equivalent in the Portuguese legal system. This specific feature requires prior authorisation from the Portuguese Securities Market Commission (CMVM) for their marketing in Portugal. Far from being an obstacle, this process has contributed to strengthening financial literacy and the maturity of the national market.

The article also draws a comparison between the French reality — shaped by decades of experience and a well-established legal framework — and recent developments in Portugal, where public policies have been encouraging the adoption of ESOPs, particularly in the venture capital context. Helder M. Mourato argues that this path should be further developed and extended to other sectors of the economy.

The article further emphasises that ESOPs go beyond a simple employment benefit, functioning as instruments of social cohesion and stability by promoting greater employee participation in corporate life and fostering closer alignment between capital and labour.

The publication appears in Aspectos, a magazine dedicated to economic and business matters relevant to the Luso-French community, reinforcing reflection on employee share ownership models and their potential impact in the Portuguese context.

Read the full article in the attachment below.