The union representing the pilots of TAP is already studying a way for workers to organize to ensure a significant stake in the company, when the state launched a public offer for sale of the 5% who are them reserved . Already, there is an ongoing legal analysis, which will be followed a financial assessment to define what form will materialize this intention, that does not close the door to other airline employees.
David Pace, chairman of the Civil Aviation Pilots’ Union (SPAC), told Publico that the goal “is to have a group approach that not to be limited to individual exercise of each worker.” On the inclusion of other workers, the same official said that “do not exclude that possibility.” The first step has already been given, with the request to the legal union services to study how best to proceed with this idea. Also will be asked “financial support”, he said.
There is an expectation, within the unions TAP, that workers adhere to force the purchase of the actions which they are intended, contrary to what happened with other state-owned companies such as ANA or CTT. the aim of the SPAC is that this collective movement is led by pilots, but not by the union. it is recalled that this professional class claims since 1999 a stake in the airline’s capital, after to have sealed an agreement with the government of the time gave him up to 20% in return for productivity gains. However, the previous executive PSD / CDS put aside this possibility, holding up an opinion from the Attorney General to considered the agreement “unconstitutional and illegal”.
the privatization of air carrier finally paved the way for all workers to enter the capital, yet continues without date of the public offering. And this time, the 5% that the Framework Law on privatization forces to disperse among the employees have a key role, as will represent the difference between actions that are in the hands of the State and will be monitored by the Atlantic Gateway consortium , Humberto Pedrosa and David Neeleman.
is that legislation also provides that actions that workers do not buy have to be delivered to private. And if there was adherence to the public offering, the Atlantic Gateway would be exactly the same position as the State, which, with the agreement that the government signed with the consortium in early February, will recover 50% stake in TAP . Pedrosa and Neeleman will take control thus between 45% and 50% of capital.
What the SPAC want, like other airline unions, is that the Atlantic Gateway just stay with 45% and that workers subscribing to the public offer to the last action. But there are still many details to know who will be crucial, in particular the amount of securities that each employee and the discount will be applied to the 10.93 euros that the Atlantic Gateway paid per share and that the state now will spend to recover 50% TAP.
Upon entering the capital of TAP, workers have the same rights and duties than a small shareholder. Octavio Viana, president of the association representing the retail investor recently explained to PUBLIC that in addition to participate in profits (and receive dividends, if any), are entitled to “participate in general meetings as far as your weight.” “They will not have enough power to change the course of the decisions, but they can play an important role in monitoring the company, asking the administration on how it is being managed.” On the other hand, explained that before a capital increase, for example, “are required to follow to not see their position diluted”.
Dialogue continues
the public offer for sale of 5% of the TAP was precisely one of the issues on the table in the meetings that the Government started on Thursday with the works council and three airline unions. The first came out of the meeting to argue that the state should recover the entire company. “We have always defended and continue to defend, not only for the sake of consistency, but as a matter of conviction, that TAP would have to be at the service of the national economy and that was only possible with a TAP 100% public,” said port -Voice of the works council, Jose Manuel Caixaria, quoted by Lusa.
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