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Labour-Sponsored Investment FundsGive Unions Control Over CapitalOOne of the criticisms of the freemarketsystem is that workers donot have any control over capitalor over asset distribution. Thatcould be beginning to change,and the Canadian example couldhave positive repercussions inthe U.S. The emergence ofLabour-Sponsored InvestmentFunds (LSIF) in Canada, like theprovince of Quebec’sFondes de Solidarite(Solidarity Fund), haveprovided unions with anunlikely weapon in thefight to maintain and createlocal jobs and keepcommunities economicallyviable.LSIF’s work to activateworkers savings to investin good jobs within localcommunities. For example,the Quebec Federation ofLabour (FTQ) during the severeeconomic recession of the early1980s created the SolidarityFund. The concept was to poolFTQ members retirement savingstogether and invest in small andmedium sized companies in theprovince that had problems raisingcapital. In fact, the SolidarityFund manages over $3 billion inassets, and is credited with savingor creating more than 75,000jobs since its creation. Thestrength of the fund is the grassrootssupport it gets from unionmembers, and that has allowedthe fund to grow to its currentsize.FTQWhat makes this type ofinvestment fund unique, andbeneficial to workers and unions,is that these funds have anagreed upon set of progressiveprinciples to ensure union participation.Thus, before investmentsare made, a social audit is doneto examine a company’s ethicalpractices, its labour relations history,product safety standards,and environmentalresponsibility. The WorkingOpportunity Fund inBritish Columbia hasrejected more than a thousandfirms for investmentbecause they did not meetthe proper criteria set outby unions in the province.This system has the dualeffect of weeding out undesirableand unfriendly companies,while also making someof these companies reform theirbusiness practices in order to beeligible for funding in the future.At the present time, LSIF’saccount for approximately 50percent of the available venturecapital in Canada. In addition toBritish Columbia and Quebec,there are now such funds in NewBrunswick (Workers InvestmentFund), Ontario (First OntarioFund) and Manitoba (CrocusFund). Although most LSIF’shave direct union participationon the Board, it is not mandatoryfor the funds to invest only inunionized companies. However,there is a built-in expectationthat the labour relations climatebe amenable to union organizing.According to Fernand Daoustof the Solidarity Fund “whenthese firms seek funding fromSolidarity, they are well awarethat we are a fund controlled bythe Quebec Federation ofLabour. They understand that inaccepting investment from us,they are opening themselves upfor labour involvement, whichincludes unionization if that isthe wish of their employees.”Indeed, when Heinz Canadaacquired the Borden Foods pastaand sauce facility in Montreal in2001, BCTGM Local 227teamed with the Solidarity Fundsto work with the company toensure that when the sauce productionwas moved out ofMontreal, new jobs on the pastaside would be added. The relationshipbetween the union, theFunds, and the company allowedthis to happen.Labour-sponsored investmentfunds are but one mechanismCanadian unions have at theirdisposal when dealing with companiesthey are trying to organize,or they are trying to keep inthe community. The success ofLSIF’s in Canada has spurred thecreation of similar entities in theU.S. However, it is important toensure that unions control thefunds and use a social audit todetermine where to place theirvaluable assets.12BCTGM News
Legal Service FAQUnion Plus Legal ServiceQ: Who is eligible for the BCTGMPower Union Plus Legal Service?A: BCTGM members and their spousesand dependents are eligible to participate inthis program.Q: How much will I save on other legalmatters?A: Some legal matters, such as closing amortgage loan, may require further attentionfrom your attorney. For such matters, you willreceive a 30 percent discount off the attorney’snormal fee. Also, discounted flat fees may beavailable for some common services such asdrafting a will. The discount may be smallerfor contingency fee or percentage fee cases.The discount does not apply to ownership oroperation of a business.Q: What’s the value of the BCTGMPower Union Plus Legal Service to theaverage union member?A: If you’re like most people, you may notknow where to turn when you need an attorney.Or you may be afraid that you can’tafford one. The Union Plus Legal Servicehelps you get the legal advice you need so youcan avoid and resolve potential legal problems,often for little or no cost.Q: What is not covered under theservice?A: Because this is a union program, mattersinvolving a union-related organization orunion official are not handled by the service.Matters involving your ownership or operationof a business are not covered. Documentswritten by you, such as contracts, rental agreements,etc., are not covered by the free documentreview benefit. Participating attorneysare not obligated to take a case and maydecline if they so choose.Q: How often can I talk to an attorney?A: You may consult with an attorney asmany times as you need to, provided it isabout a separate matter each time.Q: How is quality legal service ensured?A: Union Plus Legal Service attorneys arecarefully selected to make sure you receive thebest service available. All participating attorneysare in active practice, with an average of14 years of experience. Union leaders or membershave recommended many of them to thisprogram. Attorneys must go through an extensivereview process and must carry malpracticeinsurance.The program continuously monitors participatingattorneys, and you will have theopportunity to complete a simple evaluationabout your attorney’s performance. A programadministrator reviews all evaluations. Theadministrator also keeps track of any complaintsfiled by members against participatingattorneys. If an attorney does not measure upto our performance standards, UnionPrivilege, the organization founded by theAFL-CIO to develop and manage member benefits,can have that attorney dismissed fromthe panel.For more information on the Union Plus Legal Service call 1-888-993-8886To find a lawyer online, visit http://www.unionprivilege.org/benefits/legal/find.cfmMarch/April 2002 www.bctgm.org 13
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