LTB 580/11 Colleagueshare:Update

[TrueBlueTerrier]

28 June 2011
LTB 580/11 Colleagueshare

TO ALL BRANCHES WITH POSTAL MEMBERS






Dear Colleague



ColleagueShare

Following a number of recent enquiries the purpose of this LTB is to update CWU members and representatives on Colleagueshare.

After the original interim valuation by Royal Mail, which made the shares virtually worthless, the company invited the Union to a series of meetings for them to provide a detailed analysis of how Colleagueshare was valued. At the end of this process the Union told Royal Mail that there was no acceptable explanation which altered the fact that just a few weeks before they were due to pay out, Royal Mail had shifted the goalposts by introducing a new Business Plan that made Colleagueshare virtually worthless. At this point the Union reaffirmed our policy that we either wanted Royal Mail to maintain the value of the payments due, or renegotiate alternative benefits for CWU members.

In a further exchange, the company then indicated that they were again in the process of adjusting their Business Plan. This is part of the process seeking Government support to achieve European State Aid approval on removing the historic pension deficit. The company explained that some of these latest adjustments to their plan may yet improve the final valuation of Colleagueshare, due to take place around May 2012. However, the company were still of the view that there was little prospect of the shares reaching anything like their previous value.

In response the Union reiterated our previous policy and this was subsequently strengthened by the Emergency Motion at Annual Conference.

The current position is that following the settlement to the London dispute, Royal Mail and CWU have agreed to re-engage in structured national talks to address the legitimate concerns of CWU members - Colleagueshare will feature in these discussions.

In the circumstances, we would ask all CWU Branches to convey to our members that CWU has not accepted Royal Mail’s position on Colleagueshare. The matter of Colleagueshare is subject to ongoing discussions during which the Union will be pursuing our policy alongside the other issues contained in the Emergency Motion.

Any enquiries on the about should be addressed to the DGS (P) Dept.



Yours sincerely

Dave Ward
Deputy General Secretary (P)

[Body Beyond Repair]

What a farce!!

[fishtank]

Royal Mail and CWU have agreed to re-engage in structured national talks to address the legitimate concerns of CWU members - Colleagueshare will feature in these discussions.

How do they know what those concerns are?
Have i missed the Consultation?

[clashcityrocker]

How do they know what those concerns are?
Have i missed the Consultation?

It happened yesterday. You were too busy listening to Mr. Big Stuff.
The concerns are:
1. Being home in time for Bargain Hunt
2. Having dark roasted African coffee in the coffee machines.
3. There might have been another one but I've forgotten it.

[fishtank]

I like dark roasted African coffee.
Go CWU....

[parky]

Royal Mail and CWU have agreed to re-engage in structured national talks to address the legitimate concerns of CWU members - Colleagueshare will feature in these discussions

Thought these talks were in parrallel to the london talks? or did I miss something?

[Himaggen]

After the original interim valuation by Royal Mail, which made the shares virtually worthless

Perhaps I'm missing something here, but what exactly was that valuation. Nobody has actually been provided with the official 2011 share price valuation and given the opportunity, as agreed, to sell all or some of their shares at that price.

[hans solo]

he price was 0 , nil nought f -all zilch, zero im just surprised we dont owe money for privelage of owning them

[Body Beyond Repair]

Phantom........... should have gave it away!!!!

[Himaggen]

I don't believe that they would use virtually worthless instead of zero, as far as I remember I haven't seen anything which documents it as zero therefore it must have been valued with a value of more than nothing.

Even if they were worth a penny each, we should have been afforded the opportunity to sell back, according to the agreement made.

[BELIAL]

When was the last time RM management stuck to an agreement ?

[patrickstar]

when managers are getting between 3% bonus and 7% this week based on their annual salary how can the union not demand emergency talks with moya?
its disgusting!!!

[andy2007]

When was the last time RM management stuck to an agreement ?

I think it was sometime around 1890.

[dvbuk55]

Well it looks like everythings on the back burner now the London dispute is over. They had already agreed to further talks before that, or at least so they said. As for the biggest consultation ever....................... s

[TrueBlueTerrier]

When was the last time RM management stuck to an agreement ?

I think it was sometime around 1890.

Nope not going by this article. Lockout and bayonets.

http://paperspast.natlib.govt.nz/cgi-bi ... 01013.2.42" onclick="window.open(this.href);return false;