This article analyses how multinational companies based in Switzerland deal with the European Works Council directive. As a consequence of voluntaristic regulations, at both European and Swiss levels, the quality of the practices of information and consultation varies highly, largely depending on company-specific constellations. Our case studies show that Swiss employees play significant roles in European Works Councils, but few benefit clearly and directly from this new institution. Only in rare cases where both managers and key employee representatives have developed a sense of ownership has a truly transnational social dialogue at company level led to tangible results.