{"id":11474,"date":"2023-12-28T16:03:48","date_gmt":"2023-12-28T19:03:48","guid":{"rendered":"https:\/\/allende.com\/administrative\/privatizations-amendments-to-the-employee-ownership-program-and-the-authorization-to-assign-shares-of-aerolineas-argentinas-12-28-2023\/"},"modified":"2024-07-11T15:29:27","modified_gmt":"2024-07-11T18:29:27","slug":"privatizations-amendments-to-the-employee-ownership-program-and-the-authorization-to-assign-shares-of-aerolineas-argentinas","status":"publish","type":"post","link":"https:\/\/allende.com\/en\/argentine-reform\/privatizations\/privatizations-amendments-to-the-employee-ownership-program-and-the-authorization-to-assign-shares-of-aerolineas-argentinas-12-28-2023\/","title":{"rendered":"Privatizations: Amendments to the Employee Ownership Program and the authorization to assign shares of Aerol\u00edneas Argentinas"},"content":{"rendered":"<p>On December 20, 2023, the President of the Nation, in a General Agreement of Ministers, issued Decree of Necessity and Urgency 70\/2023 (the \u201cDecree\u201d), which modifies the Participatory Ownership Program and eliminates the 10% cap on the transfer of the shareholding package of Aerol\u00edneas Argentinas S.A.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Employee Ownership Program<\/strong><\/p>\n<p>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. With the bill sent to Congress by the Executive yesterday, the privatization of 41 state-owned companies is also proposed.<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a><\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>For dependent employees, it incorporates the possibility that the Executive Branch considers the transfer free of charge at its discretion.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Privatization<\/strong><\/p>\n<p>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 &#8211; partial or total &#8211; of the shareholding package of Aerol\u00edneas Argentinas S.A. and Austral L\u00edneas A\u00e9reas &#8211; 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.<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> Administraci\u00f3n General de Puertos S.E., Aerol\u00edneas Argentinas S.A, Agua y Saneamientos Argentinos S.A., Banco de la Naci\u00f3n Argentina, Banco de Inversi\u00f3n y Comercio Exterior S.A., Casa de Moneda S.E., Contenidos P\u00fablicos S.E., Corredores Viales S.A., Correo Oficial de la Rep\u00fablica Argentina S.A., Construcci\u00f3n de Viviendas para la Armada Argentina S.E., Dioxitek S.A., Educ.Ar S.E., Empresa Argentina de Navegaci\u00f3n A\u00e9rea S.E., Energ\u00eda Argentina S.A., F\u00e1brica Argentina de aviones \u201cBrig. San Mart\u00edn\u201d S.A., F\u00e1brica Argentina de aviones \u201cBrig. San Mart\u00edn\u201d S.A., Ferrocarriles Argentinos S.E., Innovaciones Tecnol\u00f3gicas Agropecuarias S.A., Intercargo S.A.U., Naci\u00f3n Burs\u00e1til S.A., Pellegrini S.A., Naci\u00f3n Reaseguros S.A., Naci\u00f3n Seguros de Retiro S.A., Naci\u00f3n Servicios S.A., Nucleoel\u00e9ctrica Argentina S.A., Playas Ferroviarias de Buenos Aires S.A., Polo Tecnol\u00f3gico Constituyentes S.A., Radio de la Universidad Nacional del Litoral S.A., Radio y Televisi\u00f3n Argentina S.E., Servicio de Radio y Televisi\u00f3n de la Universidad de C\u00f3rdoba S.A., Talleres Navales D\u00e1rsena Norte S.A.C.I. y N., Telam S.E., Desarrollo del Capital Humano Ferroviario Sapem, Belgrano Cargas y Log\u00edstica S.A., Administraci\u00f3n de Infraestructuras Ferroviarias S.E., Operadora Ferroviaria S.E., Veh\u00edculo Espacial Nueva Generaci\u00f3n S.A., Yacimientos Carboniferos Fiscales Empresa del Estado, Yacimientos Mineros de Agua de Dionisio (ymad), YPF S.A.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On December 20, 2023, the President of the Nation, in a General Agreement of Ministers, issued Decree of Necessity and Urgency 70\/2023 (the \u201cDecree\u201d), which modifies the Participatory Ownership Program and eliminates the 10% cap on the transfer of the shareholding package of Aerol\u00edneas Argentinas S.A. &nbsp; Employee Ownership Program The Decree modifies some provisions [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[46,97,101],"tags":[],"class_list":["post-11474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-administrative","category-argentine-reform","category-privatizations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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