Union leaders to Develop International Response to Growth of Hedge Funds

Amid the spectacular growth of hedge funds investments, trade union leaders from more than 20 countries are to meet at OECD Headquarters in Paris on the 16 March to discuss the impact of hedge funds on employees’ job security and pensions.

In recent weeks the unions have had concerns about the employment impact of buy-outs and questions about hedge fund transparency, corporate governance and sustainability.

Concerns have also been raised at the increasing amounts of pension fund money being invested in private equity and in hedge funds and the working women and men whose employment, rights and working conditions may be threatened by the behavior of these funds.

"We are looking at the feasibility of an international response that includes information and consultation rights for workers and appropriate regulation and taxation by governments." said John Evans, General Secretary of the Trade Union Advisory Committee to the OECD, co-organizers of the event.

TUAC said in a press release, "Union concern has mounted at the employment impact of buyouts by what are often shadowy investors using borrowed money. Concerns have also been raised at the increasing amounts of pension fund money being invested in private equity and in hedge funds."

Speakers will include experts from the OECD as well as John Monks, General Secretary of the European Trade Union Confederation and Ron Blackwell, Chief Economist of the American Trade Union Center, the AFL-CIO. The TUAC represents 66 million workers in 56 affiliated trade union organizations in the 30 OECD member countries.