On the eve of the Organisation for Economic Co-operation and Development (OECD) Ministerial Council meeting in Paris, trade union leaders from across the industrialised countries expressed deep concern at intense lobbying activities to undermine a draft European Parliament Committee's report on private equity and hedge funds .
Meeting under the auspice of the Trade Union Advisory Committee (TUAC) to the OECD, trade union leaders from OECD countries, including representatives of major European trade union confederations, declared their support for recommendations laid down in a report on hedge funds and private equity. The report was prepared by MEP Poul Nyrup Rasmussen and is said to be under attack by private equity and hedge funds lobbying groups.
Among others, the report calls for new regulations:
to establish EU-wide registration and authorisation of hedge fund and private equity managers;
to work on appropriate leverage levels for private equity and hedge funds, including by eliminating tax-distortive regulations;
to extend to private equity existing EU regulation on information, consultation and continuing of employment conditions of workers;
to prevent conflicts of interest in private equity takeovers by enforcing disclosure of fees and other incentives received by the target company’s directors.
Wednesday, 4 June 2008
TUAC/ETUC warning over industry lobbying against PE/hedge funds report
This is from the TUAC site. The Rasmussen report can be downloaded here (scroll down to 18th April).