Pay 2021: Full financial disclosure

Pay 2021: Campaign Archive

In pay negotiations one of the most important elements to consider from the union’s perspective is the bank’s ability to pay the pay rise we demand. To help assess this, we will look at the bank’s financial reports and commission analysis from a forensic accountant. However, as we moved into 2020 and the COVID-19 pandemic began to have an ever increasing impact on the economy and on businesses, we saw the need for earlier disclosure about the bank’s financial position.

This newsletter was first published in May 2020.

Unite to seek full financial disclosure from NatWest & launches Covid-19 ‘Return to Work’ Checklist

Unite has written to NatWest seeking full financial disclosure of the state of the business following the release of the Q1 results and launches a checklist as both employers and unions develop plans for a ‘return to work’ following a relaxation of the lockdown.

Background

With the COVID-19 outbreak, we have entered a period of social and economic uncertainty. Some companies, like NatWest, may be in a better financial position than others to weather it. It is therefore important for the trade union to have an accurate assessment of the employer’s ability to pay, to enable us to negotiate over what happens next.

In normal circumstances, Unite would use the most recently registered company accounts to assess this ability to pay. However, in the exceptional circumstances of the COVID-19 pandemic, it may no longer be able to rely upon these accounts to give us a true picture. There are also a number of exceptional measures in place that could have a significant impact on the employer’s ability to pay.

For these reasons, we are asking NatWest to supply the trade union with the detailed financial information, which goes far beyond what would normally be reported, to ensure that when it comes to collective bargaining, Unite has as comprehensive an understanding as possible about the ‘state of play’ of the business.

John Peake, Chair of the Unite National Company Committee and the union’s senior negotiator with NatWest said:

In the exceptional circumstances of the COVID-19 pandemic we need additional up to date information on NatWest’s finances. We are therefore requesting that NatWest provides up to date information in writing on all aspects of its business in order that we can better bargaining collectively for the workforce.

Covid – 19 Return to Work Checklist launched

Unite in NatWest has teamed up with the trade union’s Organising and Leverage department to launch a special members’ and representatives’ checklist across the bank.

The purpose is to ensure that all workers and their representatives are satisfied that they will be working in as healthy and as safe a working environment as possible, following any return to work after the lockdown.

The checklist, which is attached, sets out the practical steps that employers and managers will need to take before workers return to the workplace.

Sharon Graham, Executive Officer for Unite who is spearheading the initiative said

It is vital that workers have full confidence in the safety and security of their workplace. In these uncertain times there can be no half-measures or short-cuts. The checklist provides an easy to follow, step-by step guide of the actions all employers must take to protect the well-being of their employees.

Members can contact the Unite RBS information point at rbsinfo@unitetheunion.org.

Further reading

  • The Pay 2021 pay campaign officially launched with our pay claim.