Friday, 16 March 2007

Union private equity campaign makes the front page of the FT

The private equity debate continues to rumble on, and the union campaign is gathering significant interest. The front page of the FT reports on today's TUAC meeting in Paris which is part of a push for the leaders of the G8 to investigate the potential threat posed to the financial system by private equity, hedge funds and the 'financialisation' of business. In the comment section of the FT there's also a piece from TUC general secretary Brendan Barber. And here is the TUC's statement ahead of the TUAC meeting.

Elsewhere the T&G has made a submission to the FSA's discussion paper on private equity.


John Gray said...

Good stuff on private equity Tom. You seem to be the only person posting on this issue. Belatedly, I’m going to do something today, but you mentioned that the TUC are going to send advice out to trustees? I’ve not seen anything yet (just checked web site and nothing there?). Any ideas on what trade union trustees MNRs should be doing? Checklist? Questions to ask? We have a meeting of the UNISON capital stewardship forum this Wednesday. Wonder if we can do something to co-inside?

Tom P said...

Hi John
Yes I think the sensible approach is a checklist of questions. The key issues are for trustees are to understand what they are getting into, to distinguish between the good and the bad (private equity doesn't have to be a bad thing), and to have a handle on some of the governance and CSR questions about PE.
Given that we are pushing for representation in the governance of the LGPS this is a good opportunity to demonstrate that we can bring a critical but informed perspective.
Finally LAPFF is looking into this issue currently - can have a chat about that if you like?