Sunday, January 31, 2021

West Ham to Victoria Park via Olympic Park circular lockdown walk

 

Following last weekends enjoyable walk to Valentines Park in Ilford, Gill and I decided to go in another direction to Victoria Park in Tower Hamlets. 

We started off at the Memorial Recreation Park, E15 (the original home of West Ham FC?) then joined the Greenway and turned left towards Olympic Park (on top of a cross London Victorian Sewer outlet) which Mahatma Gandhi used to walk along to enjoy the views. 

We went past the imposing Victorian Abbey Mills Pumping station to cross over Stratford High Street. I used to walk or cycle along this route from my home to my housing office near the Roman Road in Bow pre 2012. Much has changed since. In fact incredible change. 

We stopped off at the Viewtube to check out what what was going on (outdoor music, takeaway cafe,  fresh bread & cakes stall). 

West Ham FC played Liverpool FC at the London Olympic Stadium today (no crowds allowed due to Covid). We walked past and could see activity and hear stadium announcements. Liverpool won 3:1. 

Then we walked to Victoria Park past British Second World War anti tank  invasion defences (and the scene of the first ever UK Railway murder). 

After lunch on a outdoor picnic table overlooking East Lake, we made our way back via the Hereford Union Canal then turned right to follow the River Lea to the historic Three Mills Island

We paid our respects to the workers memorial statute at Three Mills Green then re-joined the Greenway via the river weir (and past the site of the first "Big Brother" TV location) and then back to Memorial Park. 

A lovely walk which lasted 8.25 miles and took 3 hours and 16 minutes (could be shortened by leaving out stretch to Victoria Park).  Recommended. 

Saturday, January 30, 2021

TUC Diploma in Employment Law: Day 1

On Friday I started a 36 week "virtual" part time Level 2 course on Employment law arranged by the TUC and taught by tutors from CONEL college. 

It is mostly "self directed" study with monthly "face to face" group meetings and some 121 tutoring.  There is an expectation that you will have to spend an average of 6 hours per week to complete the course. It uses an impressive brand new TUC learning website. 

 There are 19 members on our course from different unions (but many UNISON) with a range of different experience including 2 full time union officials. 

On our first day there was an introduction to the course and employment law.  We had two group activities to complete, first relating to workers' rights and the "Gig" economy then debating different prospectives on employment law. 

As well as course work there will also be other activities such as "virtual" visits to live Employment Tribunals and guest presentations. Our first presentation will be by the well known Labour rights Barrister John Hendy QC

I really enjoyed our first day. Not looking forward that much to essays and assignments. Next week is "self directed" course work on "Trade Unions and employment law history". I am looking forward to this  since I always remember in a previous TUC course being shocked that our current UK employment laws are still influenced by the 19th century "Master and Servant Acts". 

If this had been a "normal" face to face TUC training event on a Friday, we would have gone for a quick drink afterwards. I did miss that. 

Friday, January 29, 2021

Game on: Court confirms choice for Newham in May: "It is between a more open and democratic system & status quo"

 

Check out release by "Newham voting for Change" that the Courts have confirmed today that there will be choice in the referendum in May between the current all powerful Newham Council Executive Mayor and the more open and democratic Committee model. 

I hope that everyone who wants fundamental change in the way we do things in Newham will now support the committee model in May. 

Court result – judge finds in favour of Newham Council

The court case against Newham Council has concluded, with the judge upholding Newham’s decision to hold a referendum giving voters a choice between the committee structure and the current Directly Elected Mayoral system.

The full judgement can be found here.

Newham Voting for Change are delighted that the referendum on the 6 May 2021 will offer a real choice and a chance for change in Newham.

Councillor John Whitworth, who has been a long term champion of the committee model, said:

“The committee structure is a genuine alternative to the Mayoral system, and we think Newham voters will be enthusiastic about having a real say in how their council is run. We look forward to making the arguments for the committee system and we encourage everyone with an interest in local government to get involved in our campaign.”

Full press release here.


Thursday, January 28, 2021

Greater London UNISON Labour Link telephone bank for Sadiq Khan as Mayor

 

Yesterday it was good to meet up "virtually" with Sadiq and 7 London Labour Assembly candidates for a UNISON Labour Link sponsored virtual phone bank. 

The briefing by Sadiq to us beforehand, just reinforced to me, exactly why we need to protect London from Tory misrule and re-elect him as our Labour Mayor (and also elect all our London Assembly Labour Candidates).  

Being London Mayor is the toughest job in UK local government and while we might not agree with him over everything, we need him to be re-elected as our Mayor and for there to be a majority of Labour Assembly members to make progressive politics happen. 

Newham is crucial in this election. Since the vote is by proportional representation, every single vote cast will really count. 

Only phone bank campaigning is currently allowed due to Covid. As Chair of UNISON Labour Link in Greater London, I need to work with our officers on how we can get more of our UNISON 130,000 members involved in this crucial "dog and bone" campaign.. 

Wednesday, January 27, 2021

Holocaust Memorial Day 2021: Be the light in the darkness

This morning I attended Newham Council's virtual event to mark Holocaust Memorial Day. There was a very moving testimony by Holocaust survivors, Ann and Bob Kirk BEM. They described their separate childhood experiences of the pre war Nazi terror on Jews living in Germany and their life on the run after the Kristallnacht pogrom.

Both of them as children were able to flee to Britain via the famous Kindertransport network. They were both waved off by their parents at railways stations with them saying they will follow them soon. However, both sets of parents were murdered during the holocaust and they never saw them again.

Bob's father had even been wounded several times and decorated with the Iron Cross as a hero of the German Army during the First World War yet he was still killed by the Nazi's.

In the UK after the War, Ann and Bob, met up as adults and eventually married and led successful lives bringing up their sons.

I had to leave early for another meeting but I doubt I will ever forget this simple, quiet yet powerful testimony of genocide by Ann and Bob.

Tuesday, January 26, 2021

The Wellerman - TikTok Sea Shanty mashup 2021

What better way is there to finish a long lockdown day than signing off with a knee thumping Sea Shanty! 

Monday, January 25, 2021

What does "Just Transition" mean in practice? We cannot deliver on climate change unless we have justice and fairness...?

 


Last Wednesday I attended the launch and first evidence session of the All Party Parliamentary Group for Local Government Pension Funds and its inquiry into ‘Responsible Investment for a Just Transition’. The meeting was chaired by Clive Betts MP. 

From the invite:-

"As you know, climate change is a threat to lives and livelihoods, and presents systemic risks to the economy and financial markets and to our future prosperity. Shifting to a net zero economy has the potential to create new jobs and drive economic growth. However, the benefits may not be felt evenly with some employees and communities bearing the brunt of industrial change. This not only risks creating economic hardship for some but also undermining support for the shift to net zero (my empathises).

Ahead of the UN climate change conference in Glasgow in 2021, the APPG inquiry will take evidence - and then compile a final report - setting out recommendations to UN agencies, national, devolved and local government, policymakers, business and investors, about how the risks that climate change poses can be avoided in a just way. Over the first half of 2021 the APPG will hear a wide range of perspectives on the issue and, in particular, answers to the following questions:

· What is a just transition is and why does it matter?

· What initiatives would help ensure a just transition

· What action you would like to see investors and government take on this agenda?

The APPG for LAPF believes that it has the opportunity to shape the national agenda on the just transition to a net zero future, and wishes to hear from as many voices as possible".

In response to a question what Local Government Pension funds can practically do to support "Just Transition" I suggested that they should support actively engage with companies they own to ensure that they follow the International Labour Organisation (UN) principles on Trade Union recognition and collective bargaining. No justice No Transition.  

Sunday, January 24, 2021

Nominate John & Denise for UNISON NEC Community seats 2021

 

(Nominations period opens 1 February 2021)

NEC Elections 2021: Community General Seat & Female Seat Nomination Request

John Gray                                                                                       Denise Thomas

24 January 2021

Dear Branch Secretary and Chair

Your branch is entitled to nominate candidates to the two Community seats for this year’s National Executive Council elections. We're asking that you put this request to your community members for consideration - John Gray for the General Seat and Denise Thomas for the Female seat.

We are standing on a platform to unite the leadership of the union. Our new General Secretary needs unity in the National Executive Committee not factions of politics fighting internally. A united leadership will ensure UNISON concentrates on taking on the government making sure our members don't pay for the cost of Covid and fighting their plans to divide public service workers over the pay freeze. We can't do any of that if we don't have unity in UNISON's leadership.

There's been a change this year in how Community seats can be nominated to. This guarantees that members of the Community Sector can have their say. Please ensure you consult with your Community Sector members in time for your Branch Committee to nominate. Both of us are more than willing to attend (virtually) any hustings you may arrange with your community members to decide upon your nomination.

Denise is currently the NEC member for Community (Female seat). Her background is working in the Voluntary and Community sector for the past 28yrs supporting adults with learning disabilities and works for a national organisation. She holds Regional positions as Branch Black Members Officer and Welfare officer for Ymlaen/Forward Cymru Wales

John is also currently a NEC Community member (General seat) and has been an activist in UNISON for many years and held a number of different branch and regional positions. He works for a large Housing Association and is its National Convenor. He is the former Branch Secretary and Chair of the GLR Housing Associations Branch.

Denise has served as a NEC member on Policy Development & Campaigns, Trustee for “there for you”, Labour link. Branch Resource working group and International Committee.

John has served as an NEC member on the Policy Development & Campaigns, Trustee on the UNISON staff pension fund, Chair of Investment Sub-Committee, National Labour link and Vice-Chair of the Industrial Action Committee.

Covid 19 Pandemic This past year has been the most difficult time in our lifetimes. AS NEC members we are so proud of our members for continuing to provide much needed public services and also UNISON activists and staff who have supported sometimes very frightened members and fought hard for adequate PPE and risk assessments. But the impact of the pandemic on our members physically and mentally can't be underestimated- proper support needs to be in place for those who got the country through the pandemic as we hopefully come out of this crisis

Austerity. All of us deserve decent wages and decent terms and conditions. Instead many of us are facing cuts in pay, reduced benefits and redundancies. Both of us as your NEC members will be working and campaigning even harder with branches and regions to oppose these measures. We believe that Community members must play our part in opposing further Covid related austerity.

Equalities: We welcome that public service employers have acknowledged systemic racism in their structures, procedures and in society. The pandemic has highlighted the health inequalities with women and Black communities impacted the hardest. UNISON should be leading campaigns to end the disgraceful health inequalities in this country and holding the government and employers to their commitment to end systemic racism. We also support the Community specific campaigns below:-

  • Better funding & resources for branches that support Community member who often work for small employers and in isolated workplaces.
  • No public money for “union busters”. Any employer that does not have a union recognition agreement should be barred from public grants or contracts
  • Sector Wage Councils. Set up to decide the pay and conditions of all staff by collective bargaining including a real living wage minimum for all Community workers and agency/sub-contractors.
  • UNISON Ethical Care Charter. All employers must be called upon to sign up.
  • Better governance and democracy.  Many of our employer management boards are unelected and unrepresentative.
  • Defend Pensions. Protect the Social Housing Pension fund and the Pension Trust from further cuts. A decent defined benefit pension scheme for all.
  • Better health & safety at work in particular protecting members by supporting the UNISON “End Violence at Work” charter.
  • Recruit & train more activists to support members

We believe that we both work together well as your Community NEC team. While Denise’s employer is a charity, John’s is a housing association, so we represent and complement both of the major sectors in the Community Service Group. 

You can contact Denise on denise_thomas2@msn.com or John on john.gray2012@icloud.com.

Denise Thomas & John Gray


Saturday, January 23, 2021

E7 to Valentines Park Circular Walk (& the "Tottenham Outrage")

 

Off message but this morning I was deciding on where Gill and I would go for our weekend Covid exercise/walk and I did consider walking up via Epping Forest trail to Walthamstow and then back via the River Lea  and Stratford. It was too long a walk for this time of year, so we decided instead to walk to Valentines Park in Ilford. 

We walked across Wanstead flats then through Alderbrook, past the allotments and stables, along Cycle route 6, across the pedestrian bridge over the A406 into Cranbrook and then followed signs to Valentines Park. 

The Park is huge and lovely. I think I have only been once before in the park (for a ice cream?) and was amazed how large it is and how many lakes and canals. We had a takeaway cream tea in the park café then after a tour of the park walked home after stopping off at Marks and Spencer for provisions. We walked along Romford Road for 10 minutes then turned right along the Roding Way path. Turned left at the City of London cemetery along the railway track into Manor Park, then back to starting point along Wanstead Flats. A great walk which was 8.02 miles and took us just under 4 hours (including stops and shopping)

When I got home I realised courtesy of the excellent local history museum for Walthamstow @VestryHouse that today was the 112th anniversary of the so called "Tottenham Outrage". When 2 armed robbers were chased for 6 miles from Tottenham to Walthamstow by largely unarmed police officers and civilians. The robbers fired some 400 rounds and killed one police officer and a ten year old child (no doubt unintentionally) as well as wounding many others. They were chased on foot, on trams and even by pony and cart. By coincidence the route they took was somewhat similar to what I was originally planning to walk today. 

The robbers were political revolutionaries in exile (which resulted in a lot of racist and anti-immigrant commentary at the time) from Russia and both committed suicide when cornered and about to be captured. An amazing story and also one I had no idea it had happened a few miles away from where I live. In the summer I will definitely do this walk and follow their escape/pursuit route. 

Friday, January 22, 2021

The Company AGM of the future: 5 ways to change the AGM for the better

 

Hat tip to ShareAction on how to improve the Annual General Meetings of public companies. I have been to a number of dreadful AGMs in the past (a very few good ones) and fully support all their recommendations, especially inviting the workers of a company to participate.  

By Michael Kind, Campaign Manager – Saver Networks

Every year – with your support – we attend the AGMs of the biggest companies. It’s a brilliant direct line to decision-makers that has helped our campaigns go from strength to strength.

But last year, things were different.

Covid-19 saw a change to the rules which, due to social distancing measures, allowed companies to hold their UK AGMs virtually or behind closed doors with a minimum number of people present.

Disappointingly, two out of three FTSE100 companies choose the latter.

That prompted much debate.

But long before 2020, AGMs were too often poorly attended, inaccessible and at times unproductive.

We agree that it’s time to think critically about these vital meetings. And we’ve developed a bold new vision for the AGM. One that supports investors and companies to act responsibly.

Here are five things to know about our vision for the future of the AGM:

#1 – Stakeholders – not just shareholders – should be given access to AGMs

There is immense value in inviting a range of stakeholder groups to AGMs.

Stakeholder groups can currently only attend if they buy shares, or are lent them.

But for companies to truly understand their impact, and for investors to hold them accountable, they need to hear from a wide range of people.

It is the workers of a company, their suppliers or those impacted by a company’s activities who tell the real story of a its impact beyond the bottom line.

No other forum exists for companies, stakeholders and investors to come together and engage in a dialogue.

We want the AGM of the Future to be the place for this.

#2 – More investors should attend

We’ve noticed over the years that many of the AGMs we attend are far too quiet.

Where are our pension providers and the asset managers who own most of these companies?

Because they own so many shares, the AGM isn’t their only opportunity to engage with the board. They usually meet with them throughout the year.

But the AGM of the Future won’t just be an opportunity to speak to boards. It will be an opportunity to engage with company stakeholders, and observe how a company responds. We want to see investors make the most of this opportunity – hearing directly from these stakeholders and learning first-hand about a company’s impact.

The AGM is also one of the best opportunities for investors to challenge and question companies in a public way. By doing so they send a signal that a company needs to up its game. The more investors do this, the more pressure there is on companies to act.

#3 – Resolution voting should be split from the AGM event

Shareholders vote on a number of things at AGMs. And their votes are so important. It’s one of the best ways for them to hold companies to account and to act responsibly.

If a company is performing poorly on environmental or social issues, then investors can send them a signal by voting against directors, or for special resolutions. Like our one at HSBC.

But there’s a problem. At the moment investors can vote before the AGM itself – and most do. This means that any discussion or questions at the AGM don’t have a material impact on the votes.

How is the AGM supposed to help investors hold companies to account if they vote beforehand? It reduces the value of the discussion and the questions asked. They’re less powerful if investors don’t use them to inform their vote.

Therefore, we’re calling for the vote to take place after the AGM. This will make the AGM more meaningful, and support investors to better hold companies accountable.

#4 – Participants should be able to engage with a company in greater depth

At the moment you can only ask one question at an AGM. And sometimes, the company response can leave you with more questions than answers. It can all feel superficial.

We think there is a lot to be gained from supporting an ongoing and nuanced conversation between participants and boards. This will better support companies to meet the challenges they face, and give investors and other participants the confidence that they are on the same page.

We’re suggesting that a company should engage in a dialogue with its stakeholder groups throughout the year.  And that you should be able to submit and receive an answer to a question before the AGM, that you can then build on at the event.

This should see the AGM being the culmination of an ongoing conversation, rather than being one of the few opportunities to speak to a company.

#5 – You should be able to attend from your home

Most UK AGMs are held in London. Attending an AGM is not all that accessible for the majority of people.

We’ve all had to adapt to communicating online over this past year. Companies too.

So, there shouldn’t be a repeat of last year, where only a minority of companies allowed shareholders to attend their AGM virtually. Companies should allow virtual access to AGMs during the pandemic.

And once things are more back to normal, we’re calling for what’s known as a hybrid AGM. This would allow you to attend physically or online. It would increase access – by enabling any stakeholder to attend from any part of the world. But it also supports that vital part of AGM experience: meeting company boards in person, and being able to follow-up on your question.

Read our report “Fit-for-Purpose? – The Future of the AGM” here >>

Thursday, January 21, 2021

Martin Lewis: Working from home due to coronavirus, even for a day? Claim a year's worth of tax relief

 


I have finally got around to submitting a claim to the Inland revenue for tax relief for working from home. It took about 5 minutes (but I did have an existing Government Gateway account) 

There is a valid argument that the employer should be making a payment for extra heating and electricity but in the meanwhile claim here https://www.gov.uk/tax-relief-for-employees/working-at-home. £60 quid is £60 quid! 

Wednesday, January 20, 2021

Get help to keep warm: Up to £200 winter fuel grant for low income UNISON members


Heads up! Pass the word

"The There for You Winter Fuel Grant programme for 2021 opens on Monday 25 January. For this year only, grants of up to £200 will be available to help UNISON members with fuel bills this winter.

Members whose income is less than £18,200 (if living alone) or £26,000 (for a family) can apply. Applications will also be accepted from members in receipt of either Housing Benefit, Universal Credit or Council Tax reduction.

Online applications will open here on 25 January (with a downloadable form also available) so please save the date".

https://www.unison.org.uk/get-help/services-support/there-for-you/financial-assistance/

Monday, January 18, 2021

Newham Voting for Change - Let us really Trigger our Democracy

 

There was a positive and also constructive meeting tonight on how to support the committee governance model and get rid of the Executive Mayor system in the forthcoming Newham Council democracy referendum in May. Check out and support "Newham for Change"

Sunday, January 17, 2021

Scrap Unfair Visa Fees for Armed Forces Commonwealth troops

 


Stephen Morgan MP

"Those from the Commonwealth, who serve in our Armed Forces, risk their lives to keep us safe but face huge fees when applying for their citizenship. Labour is rightly calling for these fees to be scrapped.

John Healey MP and Nick Thomas-Symonds MP have written together about how Commonwealth Veterans deserve the right to remain after their service ends...

"Labour will always stand up for the national interest. That is why we are calling on the government to scrap these deeply unfair charges and properly recognise the courageous service those armed forces personnel have given to our country."

 

Saturday, January 16, 2021

Love Unions 8-14 February 2021

 


Today I attended the TUC London, East & South East (LESE) Regional Council meeting as a UNISON delegate.  LESE is the largest of the TUC's six English regions and covers three of the former government regions: London, the South East, and East of England. Over two million trades unionists live and work within the region.

I hope to write a report on the meeting later but thought I should highlight this years "Heart Unions" week. 

"HeartUnions week will be take place 8-14 February 2021. It’s a chance to tell the story about why unions are vital for everyone at work, and encourage people who aren't yet in a union to join. 

What's it all about?

During the week we want to do two simple things:

1. demonstrate how brilliant unions are by showcasing all that we achieve for working people – especially during the pandemic.

2. encourage as many people as possible who are already union members to ask someone they know to join one too.

So, during the run up to HeartUnions week – and during the week itself – we’ll be sharing stories that show unions’ impact and providing reps and members with resources to help them get more people to join a union.

Get involved

We hope unions will run their own HeartUnions campaigns highlighting what they’ve won with and for their members, and encouraging more workers in their respective industries and sectors to join a union.

On social media we’ll be using the hashtag #HeartUnions. Use it to keep in touch with what the TUC and unions are saying, and to publicise your own activities.

Over the last year unions have demonstrated their relevance and effectiveness like never before, so let’s use #HeartUnions to say loudly and proudly UNIONS ARE BRILLIANT – JOIN ONE TODAY!"

Friday, January 15, 2021

Montrose Turns 60

Happy birthday to my Tower Hamlets UNISON Housing and Labour Party comrade (and old friend) Montrose Matty on his 60th birthday. 

We have just finished a virtual beer and curry with various mates and his family and look forward to meeting up in the real world when safe. 

Hat tip marvellous YouTube to his daughter L. Great to see his lovely Grandchildren. 

Thursday, January 14, 2021

Keir Hardie MP Labour Party membership card 1895 (& modern version)


Yesterday was the 128 anniversary of the birth of the Independent Labour Party (forerunner of the Labour Party). Hat tip Ali G & the Keir Hardie Society.

By coincidence I was sent the above picture of the ILP membership card issued to Keir Hardie dating from 1895, when I assume he was still the first ever Labour MP (for West Ham South). 

Hat tip @LondonNurse2015

Compare with a more recent version of Labour Party membership card. Functional but pretty boring I think. 



Wednesday, January 13, 2021

Save Our Libraries! Tower Hamlets Joint Trade Unions

 

I have been asked to attend this event next Tuesday. I have clash but will see if I can attend. When I was the assistant branch secretary for Tower Hamlets UNISON, I was the lead negotiator on the introduction of Idea Stores. 

Tory Austerity and Government Covid mismanagement has placed many local authorities in an impossible place but I hope that these vital public services can be saved. 

Tuesday, January 12, 2021

'Race to the bottom' and 'unwelcomed trade-off': Investors don’t buy UK’s plans for dual class shares to attract listed firms post-Brexit

 


The UK listings review proposed by the Treasury, including the introduction of dual class shares with different voting rights for shares listed with the London Stock Exchange, has not been welcomed by investors.

The review is led by Jonathan Hill, former European Commissioner for Financial Stability, Financial Services and Capital Markets Union and a Member of House of Lords. A consultation closed on 5 January and the review will continue in early 2021. 

Lord Hill’s review is seen as an attempt to ensure that the UK remains an attractive place to list after Brexit, as competition increases from other stock exchanges in Europe and beyond that have relaxed listing regimes and corporate governance frameworks. 

Athanasia Karananou, Head of Corporate Governance at the Principles for Responsible Investment, tells RI that dual class shares can severely undermine the effectiveness of stewardship and the power of institutional investors to hold companies accountable. “Weakening the existing rules to effectively allow such structures would appear to be regressive and contrary to the high corporate governance standards of the LSE premium listing segment,” she explains, adding that the proposal could affect investor confidence and “reinforce concerns around a potential global race to the bottom” resulting in lower governance standards and investor protections globally. 

The International Corporate Governance Network (ICGN), the investor body whose members represent $54trn (€44.3trn) in assets under management, labelled the proposal “a trade-off that waters down regulatory standards at the expense of investor protection”. 

In its response to the consultation, ICGN said: “This public consultation makes clear that dual class offerings and lower free float are both on the table, our clear message to you is that such developments would be unwelcome by a substantial number of institutional investors globally.”

ICGN said that while sympathetic to concerns of short-termism that might lie behind Lord Hill’s review, dual class shares are a seriously flawed tactic with unintended consequences.

“Weakening the existing rules to effectively allow such structures would appear to be regressive and contrary to the high corporate governance standards” - Athanasia Karananou, PRI

The main UK retail investor bodies, the UK Shareholders’ Association and ShareSoc, have also opposed the plans, with  / Cliff Weight, ShareSoc’s Director, labelling it as “utterly misguided” and “a race to the bottom” by attempting to improve the UK market by relaxing corporate governance standards. 

“This review has focussed on what can be done to make the UK a more attractive regime for companies to list, where perhaps a more important consideration is what can be done to make the UK a more attractive regime in which to invest,” he went on. “The key point is that the stock market is now global, the marginal costs of investing in UK shares are excessive, and the returns from UK shares have been below average.”

Weight added he would prefer stronger standards in light of the most recent accounting and auditing scandals such Carillion, Thomas Cook, Conviviality and Patisserie Valerie.

PIRC, a UK governance consultancy advising the Local Authority Pension Fund Forum, also opposed the relaxation of governance standards in its response to the review.

Alan MacDougall, PIRC Managing Director, wrote: “Problems with the collapses of NMC Health (a FTSE 100 company) and Finablr (a FTSE 350) company predated COVID, and appear to us to be a result of previous measures to relax the Listing Regime.” He suggested that listing requirements should be instruments of Parliament, and subject to its authority, to minimise “many of the problems caused by [corporate advisory side] lobbying”. 

Other jurisdictions already allow dual class shares, among them the US, Hong Kong and Singapore. In Europe, the Netherlands features prominently. According to Rients Abma, Executive Director of Dutch governance organisation Eumedion, it is referred to as the ‘Delaware of Europe’ due its flexible company laws.

Abma tells RI that five listed companies have dual-class shares: Prosus (with a 1:1000 ratio), Altice Europe (1:25), Trivago (1:10), Yandex (1:10) and Digi Communications (1:10). In addition, six firms have issued loyalty shares for long-term shareholders (i.e. their founders): Stellantis (the merger of Fiat Chrysler and Peugeot), Ferrari, CNH Industrial, Exor, Campari Group and Cnova.

Abma said the current political climate favours loyalty shares and dual-class shares because politicians believe that those share structures can attract new company headquarters. “Last year Campari Group decided to relocate from Italy to The Netherlands and Fiat Chrysler and Peugeot decided to establish its joint headquarters [now Stellantis] in Amsterdam, leaving London and Paris behind. Also CureVac [involved in a Covid-19 vaccine] decided to relocate its statutory seat from Germany to The Netherlands as the company can protect itself better against possible hostile bidders, after the Trump intervention in April 2020.”

Spain is the next European country that will introduce loyalty shares, although as an option that shareholders should ultimately approve. The reform is still being discussed in Parliament.

Research reviewed by Alex Edmans, Professor of Finance at the London Business School, suggests that dual-class structures are “undesirable for most firms”. 

He says academic evidence suggests that dual-class shares entrench management and allow it to pursue its own interests rather than protecting a firm’s entrepreneurial vision and fostering long-term investment. 

According to Edmans: “Dual-class shares will severely hinder shareholders from engaging, worsening the problem of disengagement and the ownerless corporation.” 

 

Monday, January 11, 2021

Christina McAnea elected UNISON general secretary


Absolutely fantastic news! Congratulations to the first ever female General Secretory of any of the biggest 5 UK trade unions. Commiserations to the 3 other candidates (and especially to Roger McKenzie who ran a good, clean campaign). What we need to do now is move on and unite around Christina in our battle to protect our members against this truly dreadful government. 

Voting in the ballot was as follows:
Paul Holmes                 45,220 (33.76%)
Christina McAnea       63,900 (47.7%)
Roger McKenzie           14,450 (10.79%)
Hugo Pierre                   10,382 (7.75%).


Sunday, January 10, 2021

Cllr Lola Oyewusi to be the next Kent Police & Crime Commissioner May 2021

This afternoon I spoke at the virtual launch of the campaign to elect the Labour and Cooperative Party candidate, Lola Oyewusi, as the next Kent Police and Crime Commissioner in May 2021. 

I have known Lola for many years and she is the assistant branch secretary of my UNISON branch, as well as being an activist in UNISON both regionally and nationally. She lives and works in Kent and is also a charity food bank volunteer, a religious Pastor and a Parish Councillor. 

There were many local Party members, Councillors, trade union activists, magistrates, Labour Leaders and Community & religious leaders including many UNISON colleagues. 

I have been out to support Lola and her colleagues in Kent in past elections, with our local West Ham MP Lyn Brown and if allowed (subject to Covid restrictions) will be supporting her and her Labour colleagues, in whatever way we can. Obviously we are due to have elections for the London Mayor and Assembly this year. 

At the launch we were shown the endorsement video of Lola by David Lammy MP, the Shadow Justice Minister. 

If you can share/follow/like the Campaign social media links below this would be very helpful. 

Saturday, January 09, 2021

"Owning the Future" Co-operative Party London Conference 23 January 2021


 

Dear John

On the morning of Saturday 23rd January, the Co-operative Party is hosting a virtual regional conference with Party members from across London.  

This year – due to the ongoing pandemic – we have to do things a little differently.  Instead of meeting in person, we are holding a virtual event so that, in the tradition of co-operation, you can help shape the policy ideas we’ll take to all levels of Government, as well as hear more on the ongoing work of the Party across London. 

We will also focus on the forthcoming May local government elections and how we can support candidates campaigning throughout the current restrictions of movement.  

The programme outline includes:

9.30 AM Party Policy (livestreamed on Co-operative Party conference webpage):

  • Stella Creasy MP - keynote welcoming address
  • Social Care Policy - panel debate followed by facilitated Q&A
  • Reinvigorating Our High Streets Policy - panel debate followed by facilitated Q&A
  • Chantal Lee, Co-operative Party Equalities Officer - the Party's equality and diversity programme 
  • Matt Partridge, Regional Development Officer - increasing activism across the region

11.15AM: Our Region (held on Zoom)

  • Co-operative Party Policy Platform for London – we launch and discuss our manifesto for May's London Assembly elections 
  • Spotlight on Elections - hear from Labour & Co-operative candidates standing in the London Assembly elections
  • Campaigning during a pandemic - what co-operators are doing now to tackle #FoodJustice and to protect their valued community assets
  • London Co-operative Councillors Network launch

January 2021

23

 

 

  • 9:30-1:15
  • Virtual livestream & Zoom

Do join us to discuss and support the development of co-operative politics across London.

I
ssy Oozeerally
Events Co-ordinator

 


 

Quick links

 

 

 

Promoted by Joe Fortune on behalf of the Co-operative Party, both at Unit 13, 83 Crampton Street, London, SE17 3BQ. Co-operative Party Limited is a registered Society under the Co-operative and Community Benefit Societies Act 2014. Registered no. 30027R

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