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Proceeding contribution from Michael Connarty (Labour) in the House of Commons on Thursday, 9 June 2011. It occurred during Debate on bill on Postal Services Bill.


Postal Services Bill

That is even more frightening. People at that end of the business are facing the same problems from the same management. If the management model has changed, I would like to think that the Minister would put that forward. Those are my concerns about the amendments, which have been hard won and which came with a promise from the Government that there would be real changes that would make a difference to the Bill. I wonder therefore whether the Minister, if he speaks on this again, will give some idea of what is going on to give us an infrastructure for these matters. My final point is about the sale of shares to employees. The record is exactly as the hon. Member for Angus (Mr Weir) said. Shares are slowly but surely bought up by large organisations. The famous case is the one with Sid and the idea that Sid had some power, but Sid's shares are probably now owned by several multinational hedge funds or equity funds or perhaps by insurance companies or a pension fund or two. There is this idea that members of the work force will get shares that will give them some sense of ownership, and I remember the first debates in which this was talked about by Ministers. This is one of the myths that the Liberals like to push—that if someone is given a few shares, that will make them a part of the ownership of the business. It does not do that unless those shares come with some powers. As we have seen from many of the banks' recent annual general meetings, even having large amounts of shares does not give one any power over bonuses, performance or the behaviour of the people who run the companies. What will come with the deal apart from a few stocks and shares that will be stuck in the bank until they are sold to fund a holiday?


Secondary information

Type
Proceeding contribution
Reference
529 c329-30 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Debts Government assistance Private sector Privatisation Post offices Pension funds Profit sharing Postal services Post Office Sales Shares Shareholders Royal Mail Universal service obligation British Postal Museum and Archive
Legislation
Postal Services Bill 2010-12
Link
View this Proceeding contribution on www.publications.parliament.uk