Several studies have shown the link between employee ownership on the one hand, and HRM practices on the other (POUSTMA, E; KAARSEMAKER, E, 2006: 686). However, there is no strong empirical argument regarding the reasons for the relationship between employee ownership and voice participation in workplace decision making. It is expected, therefore, that firms using financial participation will also be found to have a range of HRM features in place, such as higher-than average training expenditure, comprehensive performance appraisal systems, etc (EUROFOUND, 2007: 8), The current level of employee financial participation in Spain is one of the lowest in the EU-27; however the last ten years have seen new developments. The following research demonstrates how the regulatory framework has influenced the interaction between the HRM system and employee ownership due to the lack of specific legislation for the representation of worker-owners. This legislation, unlike that for trade unions, would enable employee-owners to exercise influence over decision making or gain access to information. Employee financial participation plays no role in collective bargaining and trade unions accept financial participation models only in the form of additional benefits over and above normal remuneration.