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Issue No. 287 | 28 October 2005 |
A Sick Set of Laws
Interview: Under Fire Politics: And the Winners Are ... Industrial: Un-Australian Economics: The Common Wealth History: Walking for Justice International: Deja Vu Legal: The Rights Stuff Review: That Cinderella Fella Poetry: Is Howard Kidding?
Johnny Fails Comprehension Test Dole Bludgeoning - Andrews Comes Clean Asbestos Giants Claw Back Compo
The Soapbox Postcard The Locker Room Parliament
PM's Fatal Flush Sign of the Times Labor's Love Lost
Labor Council of NSW |
News Commo Bank in Denial
Chairman John Shurbert misled mum and dad investors when he denied the bank was suing the FSU for its attempt to have a resolution passed at last year's AGM.
"I would say the issue with the union was not about shareholder activity, it was in relation to strike action," said Shurbert of the recently heard court case brought by the bank against the Financial Services Union. "That is absolutely wrong," replied FSU deputy secretary Sharron Caddie, who described Shurbert's repeated denials as "amazing." Both parties are waiting for a decision in the matter, which has been described by observers as a landmark case in shareholder activism. At the 2004 AGM the FSU, which is a shareholder of the bank, raised a resolution requiring management to review the impact of its "Which New Bank" restructuring program on customers and staff. At least 3700 jobs have been lost under the program. The bank, which was already suing the union over a number of strikes and other industrial action, argued the union was "coercing" it into signing a new enterprise agreement by rasing the resolution and by writing to board members. It is the first time in Australia that a union has been sued for taking action as a shareholder. Caddie and two FSU state secretaries attended this year's AGM to ask questions about staff pay and conditions, a marked difference from the 150 bank employees who protested outside of the 2004 AGM. Caddie said the union wished to have a low-key presence at this year's AGM in an effort to encourage friendly relations with new chief executive, Ralph Norris, who took up his position just over a month ago.
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