{"id":19208,"date":"2025-02-15T11:11:06","date_gmt":"2025-02-15T10:11:06","guid":{"rendered":"https:\/\/konsento.ch\/?p=19208"},"modified":"2025-02-15T11:11:08","modified_gmt":"2025-02-15T10:11:08","slug":"mitarbeiterbeteiligung-in-der-schweiz-vorteile-von-phantomaktien-und-partizipationsscheinen","status":"publish","type":"post","link":"https:\/\/oldweb.konsento.ch\/en\/2025\/02\/15\/mitarbeiterbeteiligung-in-der-schweiz-vorteile-von-phantomaktien-und-partizipationsscheinen\/","title":{"rendered":"Employee participation in Switzerland: advantages of phantom shares and participation certificates"},"content":{"rendered":"

Introduction<\/strong><\/h4>\n\n\n\n

Employee share ownership is an effective way of attracting skilled workers, retaining them in the long term and incentivizing them by giving them a stake in the company's success. In Switzerland, start-ups and established companies have various options for allowing their employees to participate financially. <\/p>\n\n\n\n

In practice, share plans and share option plans (so-called ESOPs) are the most common instruments. This article discusses two less frequently used instruments and their distinguishing features: Phantom shares and participation certificates. According to the authors, ambitious entrepreneurs will increasingly prefer these two alternative types of employee participation in 2025, as they allow a clear separation of corporate control and financial participation.<\/p>\n\n\n\n

Table of contents<\/strong><\/h4>\n\n\n\n
    \n
  1. Main difference to share and share option plans<\/li>\n\n\n\n
  2. Phantom shares: virtual participation without membership rights<\/li>\n\n\n\n
  3. Participation certificates: equity participation without voting rights<\/li>\n\n\n\n
  4. Rights and obligations: A crucial difference<\/li>\n\n\n\n
  5. Introduction of participation capital: legal requirements<\/li>\n\n\n\n
  6. How Konsento supports you<\/li>\n\n\n\n
  7. Conclusion and next step<\/li>\n<\/ol>\n\n\n\n

    Main difference to share and share option plans<\/strong><\/h4>\n\n\n\n

    Mitarbeiterbeteiligungen in der Form von Phantomaktien und Partizipationsscheinen unterscheiden sich von Aktien- und Aktienoptionspl\u00e4nen in erster Linie darin, dass Eigent\u00fcmern solcher Anteile ein rein finanzieller Anspruch am Unternehmen zusteht. Mit anderen Worten: Weder Phantomaktien noch Partizipationsscheine verleihen deren Inhaberin oder Inhaber Stimmrechte (vgl. Art. 656c Abs. 1 OR: ‚Der Partizipant hat kein Stimmrecht […]‘). Daher sind diese alternativen Beteiligungsstrukturen besonders f\u00fcr Unternehmerinnen und Unternehmer respektive Gr\u00fcndungsteams geeignet, welche die (alleinige) Kontrolle \u00fcber das Unternehmen behalten m\u00f6chten. Die Beteiligung von Mitarbeitenden mit Phantomaktien oder Partizipationsscheinen kann somit insbesondere dann empfehlenswert sein, wenn das Unternehmen einer klaren, langfristigen Vision des Gr\u00fcndungsteams folgt.<\/p>\n\n\n\n

    Phantom shares: virtual participation without membership rights<\/strong><\/h4>\n\n\n\n

    Phantom shares are a purely economic participation in the company with a contractual basis. They reflect the value of real shares, but do not grant employees any shareholder rights. Instead, they receive contractually guaranteed payments that depend on the company valuation or distributions (in particular dividends). For tax purposes, phantom shares are only treated as income when they are paid out, potentially resulting in advantages for companies and employees.<\/p>\n\n\n\n

    Participation certificates: equity participation without voting rights<\/strong><\/h4>\n\n\n\n

    Participation certificates are genuine equity securities with a basis in company law (Art. 656a ff. CO). They allow the holders to participate in the success of the company, but do not confer any voting rights. They therefore offer a combination of financial participation and genuine equity securities. Employees with participation certificates benefit from dividends and a possible increase in the value of the company shares.<\/p>\n\n\n\n

    Rights: A crucial difference<\/strong><\/h4>\n\n\n\n

    A key difference between phantom shares and participation certificates is the right to information. Employees with participation certificates have a legal right to information:<\/p>\n\n\n\n