2002 July 31
The Group of Independent Trade Unions and NGOs salutes the victory, at Monday’s EGM of TCL, that was scored against Cemex and other owners and mangers of big capital. We are very clear about the fact that Cemex was well defeated in its bid to buy out TCL. Further, Cemex and all its supporters must be exposed for trying to hoodwink the country into believing that an overwhelming number of shareholders supported the Cemex takeover.
This is far from the truth. The reality is that of the 67% of shareholders that supported Cemex, fully 20% was Cemex voting for itself. Secondly, the NIB supported Cemex and this represented another 10%. When stripped down in this way, we se that Cemex only received support from 37% of the shareholders.
In addition, it is to be noted that most of the 37% that supported Cemex came from no more than 20 big shareholders – Guardian Holdings, Associated Brands, Neal & Massy, the banks and insurance companies, and some other individuals who own shares either directly or through private investment companies. Thus the vast majority of the 6,000 shareholders of TCL voted against Cemex. That they could only total 33% is a good example of how a few people with much money actually control economic power.
On this occasion, however, these owners and managers of big capital did not expect that the small man and woman in this country would exercise the power that they have through their pension funds and credit unions. For the first time working people demonstrated that they too have economic power. The country will never be the same again.
We also wish to state that it is extremely disgusting to see the defunct NATUC gallerying themselves in an effort to claim credit for the victory at TCL. The truth is that they did not deliver the NIB vote. They should have ensured well before the NIB met that the Directors who had conflicts of interests did not take part and determine the vote. And their Court action, while important, did not have any effect whatsoever on the vote at TCL’s EGM since the resolution was defeated even with the NIB votes included. So they ought not to be beating their chests.
The Group of Independent Trade Unions and NGOs will be paying close attention to the information concerning how the various pension fund trustees voted. There may very well be major action still to be taken against certain trustees. And some unions may also be found wanting in that they failed to instruct the trustees on how to vote. The position of the Minister Valley and Prime Minister Manning will also not be forgotten or forgiven. Their backward position gave direct support to Cemex.
These issues are going to be vitally important for the next show-down in September when the Cemex with the support of the big owners and managers of local capital want to put in place a puppet Board.
We condemn Cemex and those in the media who are perpetuating the lie that the OWTU engaged in intimidation and threats over the vote taken by trustees of pension funds. The Unions and the workers have every right to demand of the trustees how the vote is exercised. After all the money in the pension plans belong to the workers! Unless we are living on the moon, it is a fundamental tenet of democracy that those who own should determine how their property is used.
We are sure that people like Arthur Lok Jack will not allow someone who doesn’t own shares in his company to tell him what to do. At the same time, we are sure that Cemex, Guardian Holdings, Neal & massy and the banks were doing their own form of intimidation by twisting arms in corporate boardrooms all over the country. But this is “acceptable business practice” whereas workers demanding how their money is used is “intimidation”. The hypocrisy is clear for all to see.
The TCL issue unmasked the fact that the vast majority of ordinary people are against neo-liberal globalisation while the owners ands mangers of big capital are, by and large, for these policies that pauperise the poor, make the rich richer and recolonise the country. On the eve of Emancipation, the TCL victory was an affirmation of our people’s continued struggle for a society built on the principles of equity, peace, bread and justice for all.
Lyle Townsend
For Group of Independent Trade Unions and NGOs