Howden, the global insurance intermediary group, has announced that 656 employees have invested in the company for the first time through its 2024 Internal Share Offer (ISO) scheme.
This brings the total number of employee shareholders to approximately 5,200 across 48 countries out of the 55 in which Howden operates, representing about one-third of the total workforce and making it the largest shareholder group within the company.
Howden ranks as the second largest employee-owned business by turnover and the fifth largest by headcount in the UK. The insurance group noted that the success of this year’s ISO underscores the benefits of Howden’s capital model, which combines employee ownership with aligned, long-term external minority investors.
According to Howden, this model has driven the company’s sustained growth of 25% CAGR over the last three decades.
The Group’s Foundation, an independent grant-making charity, is also a shareholder in the business. Through this year’s ISO scheme, the Foundation received £1.8 million from the sale of shares, which will be used to further its charitable work worldwide, focusing on protecting people from the social and economic impacts of climate change.
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David Howden, chief executive officer of Howden, stated that the company's 30th anniversary marks a milestone in its success, attributing it to the employee-ownership model.
“Together our people have helped deliver sustained growth and long-term security,” Howden said. “So, it’s no surprise to me that the Employee Ownership Association’s (EOA) recent research has shown companies like ours can be as much as 12% more productive and 25% more profitable. The fact is people with a real stake in the business are always willing to go that extra mile. And today more and more of our people are joining us on our journey. They’re passionate about what we do, they share our ambition and they know that this is a company that’s going places.”
Howden is also sponsoring the EOA’s UK Employee Ownership Awards 2024, highlighting its dedication to the sector. These awards celebrate businesses and individuals that effectively implement employee ownership practices and empower employee owners, showcasing the significant impacts that employee ownership can bring.
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