From London’s National Gallery to shared business ownership

An ESOP is more than just a bonus, it is a tool to encourage employees to contribute to the company’s long-term success, for the benefit of all. These models are not where most companies began — they have evolved naturally as society and business matured.

Is there anything in common between the ESOP model and great artists’ paintings? At first glance – nothing. But in fact, both represent the art of creating meaning through form, both are the ways of creating new value.

ESOP through the prism of painting styles

Renaissance, Baroque, Classicism – each is remembered not only for religious, historical, and mythological subjects but also for the flourishing of portraiture. These portraits captured the status, power, and influence of prominent individuals.

All photos were taken by the column’s authors at the National Gallery and the National Portrait Gallery in London

In the XIX century, Europe—with its rapid industrialization and urbanization—saw the emergence of Impressionism, an art movement focused on scenes from everyday life, fleeting emotions, and the atmosphere of the moment.

Metaphorically speaking, the shift from academic portrait painting to the more open style of Impressionism the transition to the ESOP model: from a single protagonist (the business owner) in the portrait to a broader canvas filled with people, processes, and shared participation.

Van Gogh: Value that is not immediately apparent

During his lifetime, Van Gogh sold only a handful of paintings—his innovative style was too radical for his contemporaries. Yet today, his works are among the most expensive in the world. Similarly, the true power of the ESOP model lies in its long-term value. While it may not yield instant profits, it helps build a company where employees see themselves not as hired workers but as co-creators of the future, of both business and their own.

All photos were taken by the column’s authors at the National Gallery and the National Portrait Gallery in London

Monet and Degas: Repetition of themes and processes

Monet returned again and again to the same pond of water lilies, just as Degas tirelessly portrayed ballerinas in perpetual motion. These artists revealed that the greatness of art lies in seeing the familiar—repeated themes and processes—anew, each time revealing fresh meaning. Similarly, in ESOP companies, teams co-create results every day, fully aware of the value of their contributions to the collective outcome. This is not alienated labor; this is meaningful engagement in a shared process and story.

All photos were taken by the column’s authors at the National Gallery and the National Portrait Gallery in London

Pissarro: Decentralization

Impressionist paintings—Camille Pissarro’s in particular—often lack a focal point, allowing the viewer’s eye to wander freely around the canvas. Likewise, ESOPs distribute ownership among many employees, forming a decentralized yet unified whole.

All photos were taken by the column’s authors at the National Gallery and the National Portrait Gallery in London

From Art to Business

Both art and ESOPs reflect the natural evolution of society and the redefinition of social contracts.

Recently, we had the honor of participating in the Annual Oxford Symposium on Employee Ownership, held at Oxford University in the United Kingdom. We are deeply grateful to the organizers, Marilyn Corredoira and John Hoffmire, for inviting us to represent Deloitte Ukraine.

The Symposium brought together business owners, government officials, academics, and consultants from around the world—all dedicated to advancing employee ownership.

Among the participants were companies that had already implemented ESOP models. One particularly interesting case came from Web Industries, a U.S. company operating in the aviation, energy, and telecommunications sectors. Web Industries implemented a 100% ESOP model, making more than 600 employees across the U.S. and Europe co-owners. According to the company, the ESOP turned corporate success into shared prosperity: when the business grows, so does the well-being of its people as its co-owners. Thus, both the company and its employees are equally invested in achieving higher profits or winning new clients as both own a share.

In addition to the US company’s journey, we heard the story of The John Lewis Partnership, a British company owned by 70,000 employees (known as “partners”) indirectly through a trust. As far back as 1929, the founder’s son transferred his own shares to employees, effectively turning the business into what we would today call an ESOP company. At present, John Lewis Partnership is one of London’s largest retailers owning department stores and providing financial and telecommunications services. In FY2023–2024, its total sales exceeded £12 billion.

The symposium also featured organizations that support ESOP implementation, including advisory groups that consult banks on financing matters, fiduciary service providers (relevant for trust-based ESOPs), stock valuation experts involved in the transition to the ESOP model or sales of shares by employees, as well as professional ESOP associations advocating for companies with employee ownership.

Over three days, participants examined the experiences of countries with established legal frameworks for ESOPs—in the first place the UK and the USA, where the model originated. Separate attention was given to countries that are now actively adapting legislation to formalize the ESOP model and to ensure fair or favorable tax treatment for both companies implementing ESOPs and their employee-owners. These countries include Canada, Denmark, Slovenia, Spain, and some others.

Among key topics was also the philosophical basis for employee ownership — so-called participatory capitalism. Unlike traditional capitalism, which concentrates ownership and decision-making in the hands of a few, participatory capitalism makes employees co-owners, engaging them in management, profit sharing, and decision-making. Ukraine has already seen the emergence of similar mechanisms—long-term incentive plans, especially stock options, in startups. However, in most cases, only the founders receive true ownership stakes.

Reflections on Ukraine

The symposium inspired important reflections on Ukraine’s context:

• Do ESOPs have a chance to take root in Ukraine? And does the financial market show the level of stability required for public trust?
• Is there sufficient trust between business owners and employees to share ownership? Is Ukrainian business ready to embrace the concept of shared ownership?

In some countries, the ESOP concept has outpaced development of legislative frameworks. These include Japan, Mexico, and Ukraine. During the panel discussion focused on these three countries, we were delighted to share updates about current developments in Ukraine, provide historical context, and highlight the main obstacles to the broader adoption of such programs. The key takeaways are:

• In Ukraine, the implementation of long-term incentive plans and ESOPs is most often considered by international companies that have subsidiaries in the country. These arrangements are largely about financial incentives rather than true employee co-ownership. The main challenges facing such companies include the parent company’s cost re-charges (since, de jure, it is a foreign parent that grants shares to Ukrainian employees), as well as the legal basis for ESOP implementation and tax treatment, both for the company and for its employees.
• The philosophy and essence of a classic ESOP model remain puzzling to most business owners and program implementers in Ukraine. Often, these companies tend to replicate the Western model without a deep understanding of its core principle—the idea of true employee co-ownership.
• As we see it, this situation has deep historical roots. The collectivization of 1920s–1930s in Ukraine—with its mass repressions, dispossession, arrests, deportations, and executions of enterprising Ukrainians—and the elimination of private ownership, left a lasting imprint on the collective memory and identity of the nation. Almost all legal entities in the Ukrainian SSR were established and controlled by the state, as private ownership of the means of production was prohibited. Doing business, in the modern sense, became possible only in the late 1980s with the emergence of cooperatives. After the collapse of the USSR, legal entities were expected to transition to employee ownership through so-called “vouchers,” which entitled holders to exchange them for company shares. However, this model never took root as poor communication of its value, combined with economic instability and rampant inflation, led many people to sell their vouchers—often for next to nothing.

Though this may seem like a thing of the past, its effects persist today. Business owners often distrust employees, while employees remain skeptical of owners who are not unwilling to offer more than a salary and an annual bonus. The 70+ years of restricted rights and lack of personal agency under the Soviet Union stifled creativity and entrepreneurial spirit in Ukraine.

Andy Warhol (born Andrew Warhola), an ethnic Ukrainian from the Lemko Region, artist, and founder of pop art, once said, “Good business is the best art.” Indeed, art and creativity have much more in common with business philosophy than one might think. Today, Ukraine is home to many creative companies that deliver thoughtful and well-crafted solutions for their customers.

So what are the prospects for Ukraine?

At the symposium, we were asked about our expectations regarding ESOP development in Ukraine. We noted that the war, economic instability, and the lack of a clear legal framework make predictions difficult. Yet, we remain optimistic and maintain a positive outlook — because we see promising prospects in this area.

Today, it is challenging to advance initiatives that are not directly related to defense, recovery, or quick results. Topics like ESOPs are often perceived as secondary—or even last in line for attention.

Nevertheless, in Ukraine, the development of ESOPs can be viewed as one of key prerequisites for the country’s broader recovery and the strengthening of its economic resilience. Particularly now, when human capital has become the nation’s most valuable asset and trust between employees and business is a critical success factor, ESOP principles gain special relevance. ESOPs are more than just profit-sharing mechanisms—they embody partnership, motivation, engagement, and, most importantly, retention as Ukraine’s recovery and renewal are impossible without its people. What if the adoption of ESOPs is not a matter of timing, but of having the right vision of the future? It may be time to explore the introduction of such programs in Ukrainian miltech and military and defense companies—after all, security and the ability to effectively resist aggression are shared interests of business owners, employees, and the entire nation.

In conclusion: at the intersection of art and business, we can observe common patterns—the evolution of ideas, responses to external challenges, and the shifting roles of participants within the system. Both art and business are languages through which society expresses its needs, values, and transformations.