Purpose This study aims to investigate how a French multinational enterprise (MNE) is developing employee stock ownership (ESO) in its subsidiaries in Peru and Mexico, both Latin American countries with deep social and economic inequalities. Design/methodology/approach This is a qualitative case study which conducted interviews with representatives of the French MNE and its subsidiaries in Peru and Mexico. Findings The employee stock purchase plans offered by the company to its employees support the achievement of the sustainable development goals (SDGs) 1, 8 and 10 in these countries. Social implications The authors argue that MNEs could become flagships in the SDG achievement in emerging economies. Originality/value By contributing to better workplace outcomes and enhanced corporate performance, ESO is in line with SDG 8. ESO also fulfills SDGs 1 and 10 by allowing employees to build up savings and wealth, whose lack is the main source of inequality and poverty. Reciprocity and binary economics theories explain these relationships.