Tuesday 12 July 2016

MEP highlights Tory hypocrisy on worker and shareholder representation

Molly Scott Cato, Green MEP for the South West,  has slammed the Tories for hypocrisy over worker and shareholder representation and rights. Theresa May has today promised to ensure that workers are represented on company boards and that shareholders get a binding vote on corporate pay [1]. Tory MEPs voted against such a binding vote for shareholders last year when it came before the Legal affairs committee of the European Parliament. She said:
I am delighted Theresa May is talking about what has been Green Party policy for many years [1] – giving workers and shareholders greater involvement and control over the corporations they have a vested interest in. However, Tory MEPs failed to support measures such as binding votes for shareholders on fat cat pay, when they had a chance to in the European Parliament. We can only hope that Mrs May can convince her fellow Tories and the many corporate sponsors of the Conservative Party on the merits of such a policy. I won’t hold my breath; the Tories have a long track record of blocking increased corporate accountability and transparency both in Europe and at home.

[1] Green Party policy: Workplace Democracy

WR616 As part of the process of moving towards the involvement of all the stakeholders, a Green government would introduce schemes in certain organisations which give workers greater control over internal decisions concerning how something is to be produced, or a service provided. These schemes would allow for either equal representation of workers and managers (at all levels), or for the election of certain key managers by the workforce. An extension of these schemes to allow for worker representatives on a “Board of Direction” would also give workers the ability to influence decisions about what is to be produced and what resources would be used. More general decisions about the allocation of resources within an organisation and its priorities, would be made by all the stakeholders concerned. These schemes could be triggered by the agreement of both management and the appropriate local trade union(s); or by a majority of 80% of staff voting for such a scheme to be introduced.
WR617 We will require medium and large-sized companies to be accountable to their employees and to the general public by including on their management boards employee-elected directors and independent directors to represent the interests of consumers.

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