The Union Unite
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at 17:40 by VintageKrug.
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MartynSinclairParticipantDear All
With the constant threat of Industrial action by Unite’s 12,000 members alot has been said and written about BA Management, BA staff, service and costs. I am interested to learn more about Unite. I have looked at their web site, their rule book and other Google sources. My questions mainly fall into 3 categories.
1. Unlike any employer, a Union’s accounts are not in th epublic domain – how wealthy is the Union and how do they accumalate such wealth.
2. How many full time employees do Unite have and what are their benefits. There appears to be a healthy superannuation fund (final salary of course).
3. Have Unite had to restructure their ‘busienss’ in light of the worlds economy. How has the credit crunch affected the Union and the services they offer to their member and the communityIf indeed Unite have no financial woes and are in profit, then perhaps they ought to purchase sufficient BA shares to enable a board position so that they can assist in running hte company rahter than using their apparent wealth and strnegth to break the company.
I am a believer in transparency and openess and am very curious as to how a Union can accumalate such wealth without the need to publish their accounts. I beleive that the profits are subject to corporation tax, but is this information that is in the public domain is it hidden within a ‘supertrust’. Do unions recieve special exemptions.
Will be interested to hear – but from what i see, rather than fight BA, Unite should buy BA.
28 Feb 2010
at 12:06
VintageKrugParticipantHad Unite purchased around this time last year, they would almost have doubled their money.
Not so “daff” now, is it…!
28 Feb 2010
at 13:30
NTarrantParticipantMost unions have amassed property purchased from the days when union membership was high and in some cases compulsory. Yes that’s right, back in the days of the closed shop you had no choice but to join the union or you didn’t have a job, railways, buses, shipping, miners, steel and many more. So much cash splashing around they purchased property. One of Unite’s predesseors (TGWU) had a hotel in Eastbourne.
When the closed shop was broken in the 80’s union membership fell and has fallen, but they still have the investments from the past. Unions such as Unite coming to gether strengthens the pot.
I think that you can find out what they have but I am not sure where you find it. In answer to Hess, they probably already do have shares in BA and have probably purchased more of them when the price was lower, another way they get their cash.
28 Feb 2010
at 13:38
VintageKrugParticipantYou can download the latest available (2008) financial statements online clicking here:
http://www.unitetheunion.com/about_us.aspx
Made a “profit” of £339k in 2008, and had assets of £178m, down £62m from the 2007 figure……
Actually, £176.8m would better reflect its assets now it was held liable for costs in the recent court case against BA which it lost. Oops. £1.2m of members’ dues wasted on that one.
I would imagine dues income would be down this year as people have lost their jobs, or do not see the value in paying the £132 per annum membership to this amateurish organisation.
28 Feb 2010
at 13:59
MartynSinclairParticipantHi
Many thanks for all your responses. What I was looking for was the structure and benefits of the Executive (Directors) and benefits / salaries the senior members enjoy. In the world of PLC as we all know there is transparency and accountabilty. It seems to me that Unite, like the other large unions are run more on the lines of a masonic lodge or a religious order where the interests of its members are clearly marketed, but the control of the assets and accountabilty for financials and financial effects are well hidden. If the union does indeed have such large assets and its senior members enjoy the fruits of a final salary pension schemes, who ultimately is accountable. Do executives enjoy bonuses?
For a ‘busienss’ that ultimately has the power to bring an airline to its knees, I think there should be more openess and transparency about its structure and finances.
28 Feb 2010
at 14:30
VintageKrugParticipantThe webpage I linked has this information if you download the .pdf as directed.
Derek Simpson received a not unreasonable £97k during 2008, though pension contribution of over 25% salary was well ahead of most typical packages (though it’s linked to an underfunded final salary scheme), and the £62k of “other benefits” suggests more than just the occasional moat cleaning…..
28 Feb 2010
at 14:39 -
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