‘Trade unions are calling on banks and big business to do their bit to overcome the economic consequences of the coronavirus crisis by suspending dividends payments and share buybacks,’ declared the ETUC in a press statement on 30 March. The same day French Ministers for the Economy and Labor warned that the State would not put up with a situation that saw companies accepting financial support whilst maintaining their shareholder remuneration policy intact.
‘Most companies would normally be set to pay out dividends shortly and shareholders are forecast to receive a record €359bn in dividends this year – an increase of €12 billion on the previous year,’ the ETUC press statement explained before continuing, ‘But in these extraordinary circumstances, the ETUC believes major companies must put the interests of their workers and the economy above those of shareholders by using money available to protect jobs and wages.’
The press statement argues...
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