Employee Shares Status

[Red Robbo]

My mate who is a solicitor told me that if I take up the share option being offered by Royal Mail I will lose my employment rights for un-fair dismissal, flexible working & redundancy payments, is this right ?

[DGP1]

No. Maybe. Probably not.

It's complicated but it's unlikey, the rules apply to companies who give their employees shares to make them part of the company, ours will be given to us to sweeten us up and for us to say yes.

[Red Robbo]

Thanks DGP1, I will take the shares and carry on as normal.

[gerardy]

Just out of curiousity could someone with a bit of know please tell us:
Why is it that when ever RM talk about these potential shares via WTLL sessions and even their propaganda handouts - Why is there an opt out of these shares available for staff.
Why would they offer people the chance to turn turn down free shares unless there was some type of catch involved.

[UnhappyGremlin]

Just out of curiousity could someone with a bit of know please tell us:
Why is it that when ever RM talk about these potential shares via WTLL sessions and even their propaganda handouts - Why is there an opt out of these shares available for staff.
Why would they offer people the chance to turn turn down free shares unless there was some type of catch involved.

There is always an opt out. Probably a legal requirement of share issues like this.
You can't force people to accept shares, and say you're having them and that's it.
Some may decide to opt out in protest, it may go against their beliefs/conscience or whatever.

[Red Robbo]

Funny you should ask that question my mate said I could opt out and keep my employment rights ?

[alanmc]

hr, if u want to believe them are saying if shares are given to you ie no cost to you then this law doesn't apply

[TrueBlueTerrier]

hr, if u want to believe them are saying if shares are given to you ie no cost to you then this law doesn't apply

and they are right. For us to come under the "rights for shares" legislation, then they HAVE to pay for anyone who wants independent legal advice (150,000 x £250 = £37,500,000 ) and they have to give us a specific contract/legal paper that tells us what we are giving up. There are other hoops they have to jump through.

Now I agree we need a definitive answer from the Union, but after initial concern and some of my own research, I am satisfied we do not come under this new legislation. The Union, however, needs to cross the Ts and dot the Is to make sure.

[Red Robbo]

hr, if u want to believe them are saying if shares are given to you ie no cost to you then this law doesn't apply

and they are right. For us to come under the "rights for shares" legislation, then they HAVE to pay for anyone who wants independent legal advice (150,000 x £250 = £37,500,000 ) and they have to give us a specific contract/legal paper that tells us what we are giving up. There are other hoops they have to jump through.

Now I agree we need a definitive answer from the Union, but after initial concern and some of my own research, I am satisfied we do not come under this new legislation. The Union, however, needs to cross the Ts and dot the Is to make sure.

Cheers TrueblueTerrier, I have heard that the Union solicitors agree, we don't come under the new legislation,something coming out soon.