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3 March, 2002
In December every year, The Financial Times, the well-reputed English newspaper, publishes a list of the world's most respected transnational companies (TNCs). Twenty of them operate in sectors covered by the IMF.
Obviously, we are very happy to see that companies for which our members work are in good shape and are making profits. What I am not so happy with is that all the credit for their good reputation is shared just among management and shareholders. No credit whatsoever is given to the workers who are actually largely contributing to make this possible for the companies.
Maybe the readers of the Financial Times should know that when doing such a hit parade, not all relevant parameters are taken into account. I believe that in order to bring justice to such a list, we should also ask TNCs about their social policy and their social behaviour.
Among the top six TNCs, at least four are in various metal sectors. Incidentally, all of them have been laying off workers the last few years. Or, as the people say on New York City's Wall Street, they have been restructured.
I just wonder what reputation the companies have now among the thousands and thousands of workers who have lost their jobs there. Restructuring means, in most cases, laying off people.
The tragic thing is that every time a company announces a restructuring plan, the value of its shares gets a boost on the stock market, and the CEO gets credit and new confidence.
The top four TNCs and many of the others also have a mixed record on industrial relations. IBM and Toyota in the USA have spent millions of dollars to keep the trade unions out. GE would very much like to see the IUE, IAM, and UAW in the USA out of business.
Not to talk about the level of moral, or more adequately the lack of ethics among CEOs, the latest ones being the former CEOs of ABB who granted themselves golden checks before leaving the company and laying off thousands of workers.
I have a suggestion to make to the Financial Times and the company which made the top TNCs' list, PriceWaterhouse:
Let's do a black list together for next December.
Obviously, we are very happy to see that companies for which our members work are in good shape and are making profits. What I am not so happy with is that all the credit for their good reputation is shared just among management and shareholders. No credit whatsoever is given to the workers who are actually largely contributing to make this possible for the companies.
Maybe the readers of the Financial Times should know that when doing such a hit parade, not all relevant parameters are taken into account. I believe that in order to bring justice to such a list, we should also ask TNCs about their social policy and their social behaviour.
Among the top six TNCs, at least four are in various metal sectors. Incidentally, all of them have been laying off workers the last few years. Or, as the people say on New York City's Wall Street, they have been restructured.
I just wonder what reputation the companies have now among the thousands and thousands of workers who have lost their jobs there. Restructuring means, in most cases, laying off people.
The tragic thing is that every time a company announces a restructuring plan, the value of its shares gets a boost on the stock market, and the CEO gets credit and new confidence.
The top four TNCs and many of the others also have a mixed record on industrial relations. IBM and Toyota in the USA have spent millions of dollars to keep the trade unions out. GE would very much like to see the IUE, IAM, and UAW in the USA out of business.
Not to talk about the level of moral, or more adequately the lack of ethics among CEOs, the latest ones being the former CEOs of ABB who granted themselves golden checks before leaving the company and laying off thousands of workers.
I have a suggestion to make to the Financial Times and the company which made the top TNCs' list, PriceWaterhouse:
Let's do a black list together for next December.