Wednesday, 30 May 2007

GMB urges Boots trustees to take a tough line

An interesting intervention from the GMB in the Boots private equity buyout story. It doesn't immediately appear that the GMB is actually calling for anything more than the trustees were already doing (although I need to go back and check if the £1bn being knocked about relates to funding the scheme on a buyout basis). It's interesting that quotes don't come from the pensions bods at the GMB too. It all suggests that the unions are well aware of the role the pension funds could/should play in buyout activity. Which is definitely a good thing.

The GMB is also putting something out next week -

GMB's Congress next week will consider a report on the extent to which private equity companies are linked to insolvent pension funds with massive unfunded liabilities which were passed over to the tax payer and other pension funds to make up.

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