The EPSU EWC Coordinators considered the role of Private Equity Funds. A paper of PSIRU was discussed. The two main concerns are that private equity funds often operate on a very short term focusing exclusively on profits above all else and that they are not transparent about their strategies and finance. Information is crucial. EPSU will draw the attention to their funds of European Commission and MEPs. It was noted that the EWC Directive is not clear if EWCs could be established with these funds. EPSU will do a small survey of members confronted with private equity funds.
Other issues considered:
- update on developments in EWCs such as Veolia, Suez, Eon, RWE, Leipzig Stadtwerk, EdF, GdF, ...companies like Attendo and Agua Barcelona. European trends such as that 1/3 of EWCs will be confronted with mergers and takeovers.
- guidelines on trade union role in European companies and clarification on the role of EPSU. The subject of remuneration of Board Members was further considered.
- The role of EWCs with regard to the voluntary framework for transnational agreements. The Commission's work was presented by Evelyn Pichot of the Commission. Members were rather sceptic although recognising the importance of the work of the Commission. Major issues concern the role of trade unions vis-a-vis the role of EWCs and the possibilities for trade unions action across borders, for example in the case an employer does not respect an agreement. The coordinators will further discuss it.
- The revision of the EWC directive, the state of affairs on European Companies (SE), the social dialogue with the employers, the lack of initiative of the European Commission and the ETUC Conference in 2007. ETUC colleague Marco Cilento presented this subject.
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