Allende & Brea – Estudio Jurídico

Privatizations: Amendments to the Employee Ownership Program and the authorization to assign shares of Aerolíneas Argentinas

The decree of necessity and urgency 70/2023 issued by the President of the Nation in the General Agreement of Ministers (the “Decree”), which amends and repeals, among other measures, the Employee Ownership Program, and eliminates the 10% cap on the transfer of Aerolíneas Argentinas S.A.’s shareholding.


Employee Ownership Program

The Decree modifies some provisions of Law No. 23696 concerning the Employee Ownership Program and eliminates the annexed lists declaring certain entities to be subject to privatization. The bill sent to Congress proposes the privatization of 41 state-owned companies.[1]

The Decree repeals the obligation of the privatized entity to issue profit-sharing bonds to its personnel, as provided in Section 230 of Law No. 19550.

Currently, employees no longer receive, by their mere dependency relationship, an amount of profit-sharing bonuses determined based on their remuneration, seniority, and family expenses, so they must join the program. Employees who choose not to participate during the established period will lose any right to claim participation.

For dependent employees, it incorporates the possibility that the Executive Branch considers the transfer free of charge at its discretion.



The Decree amends Law No. 26412 on Aero-commercial Transportation, eliminating the limit of 10% of the authorized share package to be transferred. In this way, it authorizes the assignment – partial or total – of the shareholding package of Aerolíneas Argentinas S.A. and Austral Líneas Aéreas – Cielos del Sur S.A. and their controlled companies to the employees of the respective companies, following the Employee Ownership Program. Employees who participate in more than one of these companies must opt to participate in one of them.

Additionally, the Decree repeals Section 9 of Law No. 26412, which prohibited the National Government from assigning the majority shareholding of the company, the strategic decision-making capacity, and the right to veto its decisions.



[1] Administración General de Puertos S.E., Aerolíneas Argentinas S.A, Agua y Saneamientos Argentinos S.A., Banco de la Nación Argentina, Banco de Inversión y Comercio Exterior S.A., Casa de Moneda S.E., Contenidos Públicos S.E., Corredores Viales S.A., Correo Oficial de la República Argentina S.A., Construcción de Viviendas para la Armada Argentina S.E., Dioxitek S.A., Educ.Ar S.E., Empresa Argentina de Navegación Aérea S.E., Energía Argentina S.A., Fábrica Argentina de aviones “Brig. San Martín” S.A., Fábrica Argentina de aviones “Brig. San Martín” S.A., Ferrocarriles Argentinos S.E., Innovaciones Tecnológicas Agropecuarias S.A., Intercargo S.A.U., Nación Bursátil S.A., Pellegrini S.A., Nación Reaseguros S.A., Nación Seguros de Retiro S.A., Nación Servicios S.A., Nucleoeléctrica Argentina S.A., Playas Ferroviarias de Buenos Aires S.A., Polo Tecnológico Constituyentes S.A., Radio de la Universidad Nacional del Litoral S.A., Radio y Televisión Argentina S.E., Servicio de Radio y Televisión de la Universidad de Córdoba S.A., Talleres Navales Dársena Norte S.A.C.I. y N., Telam S.E., Desarrollo del Capital Humano Ferroviario Sapem, Belgrano Cargas y Logística S.A., Administración de Infraestructuras Ferroviarias S.E., Operadora Ferroviaria S.E., Vehículo Espacial Nueva Generación S.A., Yacimientos Carboniferos Fiscales Empresa del Estado, Yacimientos Mineros de Agua de Dionisio (ymad), YPF S.A.

This report cannot be considered as legal or any other kind of advice by Allende & Brea. For any questions, do not hesitate to contact us.

Related areas

Reforma Argentin

Suscribe to our newsletter

Stay updated on the latest government reforms.