{"id":14247,"date":"2024-06-13T16:05:25","date_gmt":"2024-06-13T14:05:25","guid":{"rendered":"https:\/\/uniglobalunion.org\/?post_type=news&p=14247"},"modified":"2024-06-13T16:05:25","modified_gmt":"2024-06-13T14:05:25","slug":"workers-money-workers-future-pension-funds-as-a-tool-for-trade-union-power","status":"publish","type":"news","link":"https:\/\/uniglobalunion.org\/news\/workers-money-workers-future-pension-funds-as-a-tool-for-trade-union-power\/","title":{"rendered":"Workers\u2019 money, workers\u2019 future \u2013 Pension funds as a tool for trade union power"},"content":{"rendered":"

Trade unionists from the finance sector worldwide gathered in Buenos Aires on 3-4 June to establish how to best use pension funds to build union strength.<\/p>\r\n

Pension funds are major players in the global economy with more than US$60 trillion of assets under management. They play a role in shaping our global economy and determining what responsible corporate behaviour could look like.<\/p>\r\n

More than 70 participants met for the UNI Finance seminar \u201cWorkers\u2019 Money, Workers\u2019 Future\u201d in the Argentinian capital, hosted by UNI Global Union\u2019s finance affiliate La Bancaria.<\/p>\r\n

While pensions should first and foremost safeguard workers\u2019 capital and retirement, pension fund work by trade unions should maximize opportunities to promote collective bargaining, gender equality and diversity, to ensure pension funds are sustainable and an investment in a social-centred future.<\/p>\r\n

\u201cWe must make sure the standards are not just words, not just \u2018green washing\u2019 nor \u2018social washing\u2019. All the major finance multinationals are involved with pension funds, let\u2019s hold them to account,\u201d said UNI Finance President, Anna Maria Romano, from Italian union FISAC-CGIL-IT. <\/strong><\/p>\r\n

\u201cIt is not just about environmental sustainability but also social sustainability, inclusion, and human rights. We need to advocate for the workers \u2013 and prove that we are competent. We are experts in our own right,\u201d she added.<\/p>\r\n

The seminar addressed the problems of securing pension capital, with many workers\u2019 paying the price for bad investments. \u201cMany workers were left with almost nothing after private pension funds were introduced in Argentina,\u201d said Sergio Palazzo, General Secretary of La Bancaria and<\/strong> President of UNI Americas Finance<\/strong>. \u201cWe had a failed experiment with private pension fund management companies.\u201d<\/p>\r\n

This situation is echoed in Brazil, where postal workers are fighting to claw back US$2 billion in lost pension funds with BYN Mellon in the U.S.<\/p>\r\n

UNI\u2019s Director of Business and Human Rights,<\/strong> Lisa Nathan,<\/strong> works with the Global Unions\u2019 Committee for Workers\u2019 Capital<\/a> (CWC), an international labour union network for dialogue and action on the responsible investment of workers’ capital.<\/p>\r\n

\u201cWe put a lot of attention on how pension funds use their influence on the companies they invest in to hopefully drive-up corporate standards,\u201d she said. \u201cUNI also acts to build channels with pension funds to listen to union voices and to advance their understanding of labour rights.\u201d<\/p>\r\n

Angelo Di Cristo, Head of UNI Finance,<\/strong> said:<\/p>\r\n

\u201cThis meeting has begun a journey to increase the knowledge of pension fund management and to pinpoint ways trade unions can shape investments to improve workers\u2019 rights, diversity and inclusion – and that funds are not only invested responsibly but also wisely.\u201d<\/p>","protected":false},"excerpt":{"rendered":"

Trade unionists from the finance sector worldwide gathered in Buenos Aires on 3-4 June to establish how to best use pension funds to build union strength. Pension funds are major players in the global economy with more than US$60 trillion of assets under management. They play a role in shaping our global economy and determining<\/p>\n","protected":false},"author":13,"featured_media":14248,"template":"","categories":[],"global-issues":[33],"sectors":[13],"cross-sector-groups":[],"workers-rights":[],"regions":[],"topics":[],"class_list":["post-14247","news","type-news","status-publish","has-post-thumbnail","hentry","global-issues-business-and-human-rights","sectors-finance"],"acf":[],"yoast_head":"\nWorkers\u2019 money, workers\u2019 future \u2013 Pension funds as a tool for trade union power<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniglobalunion.org\/news\/workers-money-workers-future-pension-funds-as-a-tool-for-trade-union-power\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Workers\u2019 money, workers\u2019 future \u2013 Pension funds as a tool for trade union power\" \/>\n<meta property=\"og:description\" content=\"Trade unionists from the finance sector worldwide gathered in Buenos Aires on 3-4 June to establish how to best use pension funds to build union strength. 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