Strong, Enforceable Conditions on Corporate Support Packages

Targeted corporate rescue packages played an important role in Canada’s recovery from the 2008–09 recession. The United States and much of Europe also relied heavily on so-called ‘bailout’ measures, most notably in the hard-hit finance and banking sectors.

Government must ensure any corporate support package is delivered through debt or equity instruments and that packages put limits on executive pay, dividends and share buybacks. This must spur environmentally sustainability, restrict wage reductions for non-executive workers and establish job protection guarantees to prevent layoffs due to restructuring and offshoring. 

Any capital investment enabled by government support must include Canadian content. Support packages must include a union neutrality clause and prevent recipients from accessing employee pensions for short-term liquidity.

Workers must not be cut off from the benefits of the investments the government will make in individual firms or entire industries.

Workers must be seen as partners to return numerous industries back to financial health. We deserve equal reward for our efforts.

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Charlie O'Leary