The document calls for: 1) A new, customer-oriented and risk-conscious business model for the finance industry that is sustainable, empowers customers and staff, and has transparent internal procedures. 2) A comprehensive framework for financial regulation at the global level to cover all financial products/players and ensure strict enforcement of rules. 3) State aid for restructuring/bailouts to be based on normal market terms with shareholders bearing losses, and respect for labor standards.

1. UNI Finance Global Union © erel phoTogrAphy
A New Business Model Such charters should make explicit, public
We call for: and verifiable the principles being followed
A new customer-orientated and risk-con- in sales and marketing as well as in operat-
scious business model, sustainable and long- ing procedures and work practices.
term that empowers customers and staff.
UNI Finance invites other stakeholders to
Internal operating procedures and prac- develop a model charter jointly.
tices should be transparent. The way em-
ployees are motivated and constrained in Financial Regulation
performing their jobs must be clear (remu- We call for:
neration, incentives, skills, and working A comprehensive framework of financial
conditions). regulation and supervision to be created at
world level.
We call for:
Structured dialogue of unions representing This framework should cover all financial
financial workers with financial supervisory products and players in the industry, should
agencies at national, regional and interna- stop ‘regime shopping’ and should ensure
tional level as well as international colleges rules are strictly enforced.
of supervisors for finance multinationals.
There should be strong coordination at all
In each financial institution, there should be levels between regulators/supervisors.
structured dialogue between unions and se-
nior staff responsible for risk management. We call for:
The maintenance of diversity in the finance
Dialogue should address operating proce- industry that includes private, public and co-
dures, work practices affecting companies’ operative organisations of all sizes.
risk management and the stability of the fi-
nancial system. We call for:
Commercial and retail operations that are
We call for: insulated from high-risk speculative and in-
Charters for the responsible sale of financial vestment banking activities.
products to be developed by each financial
institution and to be agreed between man-
agement, unions and other stakeholders.
UNI Finance is the global union for the banking and insurance industries. We represent 237 trade unions and 3 million
workers worldwide. http://www.uniglobalunion.org finance@uniglobalunion.org

2. © hSbC.Com
We call for:
Consideration of all possible measures short
of lay-offs before any decision is taken on
© poINToFoCUS
restructuring or staff rationalisation. © Ilo/ CrozeT m.
Collective agreements must be respected.
Restructuring and Bail-outs
We call for: Remuneration
State aid that is provided based on normal We call for:
market terms so that any losses are borne remuneration and incentive systems at all
by shareholders and investors. levels that are realistic, fair, sustainable,
long-term and customer-oriented. They
State aid provided should not have negative should not be based foremost on increasing
effects on competitor businesses, on other short-term revenues.
sectors or on other countries.
We call for:
State aid should be accompanied with respect The revision of remuneration and incentive
for core labour standards, especially the right systems for management and traders. In
to join a trade union, to engage in collective particular, variable pay schemes should be
bargaining and to take part in consultation. kept at reasonable levels, depend on the re-
sults of companies over several years and
We call for: include claw-back provisions. prudent and
restructuring and bail-out plans based on risk-conscious behaviour should be encour-
negotiation and dialogue between manage- aged, rather than short-term revenue gen-
ment, unions and governments at national eration and excessive risk-taking.
and international level as appropriate.
We call for:
At company level, employees and unions remuneration policies that respect the au-
in all countries affected should receive rel- tonomy of the social partners and the prima-
evant information in adequate time to allow cy of collective agreements.
meaningful consultation. global framework
agreements are the most satisfactory mech-
anism to achieve this.