Dexia to become European Company (SE)
“After Allianz, Dexia is the second major finance company to go for an SE,” said UNI Finance’s Oliver Roethig. “It indicates a clear trend in the industry from a national to an integrated European-wide business model.”
“Dexia has been one of the leading companies in terms of social dialogue and industrial relations. UNI Finance and its affiliates will engage with management in developing this approach further through the SE. In particular, we will see to it that full advantage of the rights for employees under the SE legislation is taken.”
The law requires that a company can only be incorporated as an SE after the conclusion of an agreement with employee representatives on their information, consultation and participation rights. To this end, a special negotiation body is formed with employee representatives from all countries covered by the future SE. European legislation also allows the extension of employees involvement to countries outside the EU.
There are two main issues: employee representation at supervisory board level and the SE works council (equivalent to group works council). Representation per country will broadly be in line with the respective number of employees.
Within the EU, nearly 2/3 of staff comes from Belgium another 1/4 from Luxembourg and France. Dexia also operates in Slovakia, UK, Italy, Netherlands, Ireland, Spain, Germany, Denmark, Poland, Sweden, Romania, Bulgaria, Czech Rep, Portugal, Cyprus and Hungary.
The law requires that the parties conclude negotiations within 6 months; this can be extended to one year. If there is no agreement, standard rules apply as set out in law.
Dexia announced that consultation with the social partners will be held from September onwards with a view to gradual implementation from the end of 2008.
UNI Finance, together with its affiliates, was part of the negotiations for the Allianz SE. It set up a network of affiliates and their workers’ representatives in Allianz to follow-up on the process and conducted in parallel a major research project. The final report of the project, an analysis of the negotiating process and further documents on the negotiations can be found on the UNI Finance website:
“http://www.uniglobalunion.org/unifinance.nsf/($Web)/D99BAF4C9B9E8FC0C125747C00418957”
See also Dexia press release (3.7.08): “http://www.dexia.com/e/news/press-release-desc.php?id=4042”