Since its establishing agreement, the UniCredit Group European Works Council has been a continental and international benchmark for progress in social dialogue and for the ways in which it is conducted, so much so as to be named as an example by the EU.

The particular situation the Group is going through, brought about by a difficult economic context and by a change in the executive management, is causing great uncertainty among employees: in this situation, the European Works Council plays an essential role in ensuring consistency and stability.

The European Works Council firmly reasserts its role as an employees’ representation and governance body in the framework of information and consultation processes, which must take place in a prompt and on-going basis, in a group of this size. In particular, the EWC reiterates the need to be informed in advance about any corporate choices, to be consulted on their impact and to make an effective contribution to any decisions made at business level.

We ask the new Executive Management:

· to protect employment levels in the Group
· to confirm and fulfill contracts, agreements, guarantees and practices that currently exist in the different countries.
· to maintain the Group’s decision-making independence in matters related to business models and credit policies
· to preserve the international character and unity of the Group by promoting development and revenue growth policies in all the geographies where the Group is currently present and by fostering close relationships with families and SMEs in the local communities
· to reaffirm social dialogue policies in all countries (with Trade Unions and/or Works Councils) and to preserve the central role played by the European Works Council as an international body representing all Group employees. In this respect, we asked again whether they are willing to sign a Group-wide Global Framework Agreement (an agreement stipulated within multinationals to establish on-going relations between the parties (Unions/Works Councils/Employer) and to guarantee that the organisation enforces the same industrial relations standards and basic rights to employees in all the countries of operation)
· cost containment policies with a fair contribution (and example) by the Management of the Group
· participation and involvement of employees and employees’ representatives.

As for the prospective separation of HR powers between HR management and industrial relations, the UC-EWC reiterates the need for a single interface in order to allow for an effective and efficient social dialogue.

UniCredit European Works Council acknowledges declarations and commitments made by the CEO and Director-General who have reassured the EWC on the points above, further ensuring the high level of social dialogue that has characterised the Group.


Milan, 24 November 2010

UniCredit Group European Works Council