Trade Union Amalgamations the Local Context Michael

Total Page:16

File Type:pdf, Size:1020Kb

Trade Union Amalgamations the Local Context Michael TRADE UNION AMALGAMATIONS THE LOCAL CONTEXT MICHAEL JOHN PAYNE A thesis submitted to The University of Cardiff for the degree of Doctor of Philosophy School of Social Sciences University of'Oftrdiff February 2010 UMI Number: U585BB8 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U585338 Published by ProQuest LLC 2013. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 Form: PGR_Submission_200701 NOTICE OF SUBMISSION OF THESIS FORM: Ca r d if f POSTGRADUATE RESEARCH UNIVERSITY PRIFYSGOL CAERDYg> DECLARATION This work has not previously been accepted in substance for any degree and is not concurrently submitted in candfoatpre for any degree. 'L " 7 a (O Signed............\J.. (candidate) Date .......>.:......... .r c r .. \ .. STATEMENT 1 This thesis is being admitted in partial fulfillment of the requirements for the degree of /l r sr rt ^ h , MPhil, etc> as appropriate) Signed................... iA f V Lo* (candidate) D ate ........ r.. .rrT:...'L .V^r..Zch ( o STATEMENT 2 This thesis is the result of my own independent work/investigation, except where otherwise stated. Other sources are acknowledged by explicit references. Signed................................. (candidate) Date .................... f ...........VV' STATEMENT 3 I hereby give consent j my thesis, if accepted, to be available for photocopying and for inter- library loan, and for trie fle and summary to be made available to outside organisations. Signed (candidate) D ate...... ^ . .'.. JrT?.. ^ ^ ACKNOWLEDGEMENTS Completing this research has been a long road but also the fulfilment of a personal ambition. I have been a trade unionist all my working life and the opportunity to reflect on that experience and engage with a particular facet of union activity through academic research has been a great privilege. However, this thesis would not have been started, let alone finished, without the help and support of many friends, colleagues and my family. I would particularly like to thank two people who were instrumental in either setting me on the path or enabling me to reach the ‘pot of gold’ at its end. First Joyce, who provided the opportunity for me to begin academic research and ever since has supported and cajoled me in my studies. Second, Jill who met me at the start of the final stage of the research and has had to endure all my frustrations and attachment to a keyboard through this last intensive period. This she has done with forbearance and patience way beyond anything that I could reasonably have asked of her. My love and gratitude go to both of them. Then, I need to acknowledge the contribution of my supervisor, Peter Fairbrother and latterly Huw Beynon. Peter and I first met many years ago at a trade union training weekend and seem to have matured gracefully (but mostly irreverently) together. It was from our discussions on my previous research that I formed the ambition to embark on this thesis. My subsequent discussions with Peter and Huw and their unfailing encouragement have made a great contribution to the finished product. Finally, I want to pay tribute to all my many friends and colleagues in the trade union movement. Over the forty years of my active involvement in unions, we have experienced many difficult times alongside the euphoria that accompanied the successes. Throughout those years, their unflinching commitment to the principles of trade unionism and their comradeship has been a constant support to me. Their contribution to this research is inestimable. ABSTRACT Throughout their history individual trade unions have amalgamated together to form new unions. The catalyst for amalgamation has come from a combination of sources; industrial change, government policy and legislation and internal motivations related to membership size and resources. At the same time local union organisation has remained integral to the structure of unions including their internal government, bargaining ability and engagement with members. This thesis relates these two features of trade union practice to each other by considering the effects of amalgamation on local union organisation, both in terms of the local level itself and the local level as part of the whole organisation of the union. The thesis does this through a case study approach to the research. The case studies are of three major UK trade unions which have experienced amalgamation over a ten year timeframe and a local union organisation within each of these. The unions reflect a spread of industry, different forms of organisation and types of membership. The research examines the tensions and synergies between the different levels of organisation in a union and their leaders; in themselves and as they influence a process and outcome of amalgamation. As a study of trade union organisation and behaviour the thesis engages with and complements the wider body of research into union mergers and that on local union organisation in unions. Its individual contribution is to the research on trade union mergers where the position of the local level of union organisation has been a neglected area of investigation. Beyond that it also provides further insights into the role and activity of paid officials and lay representatives as union leaders, the role and activity of organised factions within unions, the influence of unions’ industrial and ideological orientation on forms of local union organisation and the tension between different concepts of trade union structure and behaviour. LIST OF ABBREVIATIONS ACTU Australian Congress of Trade Unions APEX Association of Professional, Executive, Clerical and Computer Staff ASSET Association of Supervisory Staff, Executives and Technicians ASTMS Association of Scientific Technical and Managerial Staffs AScW Association of Scientific Workers AEEU Amalgamated Engineering and Electrical Union AEU Amalgamated Engineering Union AUEW Amalgamated Union of Engineering Workers BIFU Banking Insurance and Finance Union CFDU Campaign for a Fighting and Democratic Union COHSE Confederation of Health Service Employees CP Communist Party CWU Communication Workers Union DATA Draughtsmen and Allied Technicians Association GMB General Municipal and Boilermakers Union GMBATU General Municipal Boilermakers and Allied Trades Union GPMU Graphical Paper and Media Union MSF Manufacturing Science and Finance NAG NALGO Action Group NALGO National and Local Government Officers Association NEC National Executive Committee or Council NHS National Health Service NUBE National Union of Bank Employees NUPE National Union of Public Employees NWSA NatWest Staff Association PCS Public and Commercial Services Union PTC Public Services, Tax and Commerce Union RCN Royal College of Nursing SWP Socialist Workers Party TASS Technical, Administrative and Supervisory Staffs TGWU Transport and General Workers Union TUC Trades Union Congress iii UK United Kingdom UNiFI Union for the Finance Industry UNIFI Union for the Finance Industry WEA Workers’ Educational Association iv TABLES 1 Personal experience 1966 to present 57 2 Summary of the amalgamations 67 3 History of MSF 101 4History of UNISON 107 5History of UNIFI 118 6 UNISON branches. 158 CONTENTS Acknowledgements i Abstract ii Abbreviations iii Tables v 1 Introduction 1 Personal experience 3 Debates 4 Research question 7 Plan of thesis 9 2 Trade Union Amalgamations 12 Forms of trade union merger Amalgamations and Transfers of 15 Engagement Debates on merger 18 Motives for and barriers to merger 20 The local context of trade union amalgamation 25 Outcome of amalgamation 30 Conclusion 32 3 Trade Union Amalgamations: The Workplace and the Local 34 Context Debates on the workplace 35 The union and the workplace 37 Leaders and members 42 Democracy and bureaucracy 47 Form and character 50 v i Conclusion 51 4 Methods 54 Going outside 55 UNISON experience 57 Academic research 62 Research design 65 The amalgamations 65 Case studies 68 The workplaces 70 Key informants 73 Selecting the informants 74 The informants 78 UNISON 79 MSF 81 UNIFI 82 In the field 85 Documents 87 Data analysis 90 Conclusion 95 5 The Unions in Context 98 Manufacturing Science and Finance 101 UNISON 106 The Union for the Finance Industry 117 Conclusion 122 6 MSF: A Battle for Control 127 Pre-amalgamation 128 ASTMS 128 TASS 130 Member-led or Leader-led 132 Merger 133 Objectives 134 Procedure for amalgamation 135 v ii The local context 136 Leaders 137 Factions 141 Agreement and the local context 142 Post-amalgamation 143 Battle for control 143 Post-amalgamation local union organisation 146 The MSF workplace 148 The wider union 151 Conclusion 153 7 UNISON: One Union for the Public Sector 156 Pre-amalgamation 156 NALGO 157 COHSEandNUPE 158 Member-led or Leader-led 159 Amalgamation 160 Objectives 160 Procedure for amalgamation 164 The local context 164 Leaders 166 Factions 168 Agreement and the local context 170 Post-amalgamation policies 172 UNISON branches 175 Post-amalgamation 177 Post-amalgamation branches 177 Branch mergers 179 The UNISON branch 183 The wider union 188
Recommended publications
  • DECEMBER 2015 Page 1 Editorial: Handcarts in Convoy
    NEWSLETTER Editorial – 2 General practice on the brink – 4 Junior doctors: the wider view– 5 Barts merger nightmare – 7 Manslaughter and beyond – 8 AGM and Conference 2015 – 11-21 AGM: Reports – 12 AGM: General practice – 14 AGM: New politics – 16 AGM: Devo-Manc – 17 Git et qui nonAGM: et ommollesFYFV – 18 corempo AGM: Devolution – 19 AGM: Paul Noone Memorial Lecture – 20 Mental health: What lies ahead – 22 Executive Committee 2015-16 – 24 Page 1 DECEMBER 2015 Page 1 Editorial: Handcarts in convoy Despite 70 years of continual old- and (as someone else pointed out testament-worthy predictions of when they highlighted the high-risk terminal melt-down, the NHS government strategy of targeting the arrives, join our happy team” – the won’t do that, just as it hasn’t juniors) very definitely neither on usual depressing PR-speak. since 1948. We’d do well not to the golf course nor seeing private Interestingly, many of the trusts were proclaim its demise – a ritual patients. I spoke to a couple of – though you’d never know it looking pronouncement every winter. foundation year doctors. They told at the pictures of happy-clappy But its foundations continue me of their concerns for patient healthcare professionals – in special to be eroded in ways that safety, their insecurity about their measures or otherwise engaged only intermittently make the long-term futures, and the instability with the CQC, so were obeying the headlines. Without seeking out of their organisations. By the time management-consultant mantra of trouble – or even information, for this is in print, they will either have smiling especially broadly when you’re that matter – in the past couple become the 2015 equivalents of in your death throes, and hoping of weeks several of the demons the miners under Mrs Thatcher, or that some people might not notice gave me a good nip.
    [Show full text]
  • Federal Labor Relations Statutes: an Overview
    Federal Labor Relations Statutes: An Overview Alexandra Hegji Analyst in Social Policy November 26, 2012 Congressional Research Service 7-5700 www.crs.gov R42526 CRS Report for Congress Prepared for Members and Committees of Congress Federal Labor Relations Statutes: An Overview Summary Since 1926, Congress has enacted three major laws that govern labor-management relations for private sector and federal employees. An issue for Congress is the effect of these laws on employers, workers, and the nation’s economy. The Bureau of Labor Statistics estimates that, nationwide, 14.8 million employees are union members. In the 112th Congress alone, more than 30 bills were introduced to amend federal labor relations statutes. The proposals ranged from making union recognition without a secret ballot election illegal to further modifying runoff election procedures. These legislative activities, and the significant number of employees affected by federal labor relations laws, illustrate the current relevance of labor relations issues to legislators and their constituents. The three major labor relations statutes in the United States are the Railway Labor Act, the National Labor Relations Act, and the Federal Service Labor-Management Relations Statute. Each law governs a distinct population of the U.S. workforce. The Railway Labor Act (RLA) was enacted in 1926, and its coverage extends to railway and airline carriers, unions, and employees of the carriers. The RLA guarantees employees the right to organize and collectively bargain with their employers over conditions of work and protects them against unfair employer and union practices. It lays out specific procedures for selecting employee representatives and provides a dispute resolution system that aims to efficiently resolve labor disputes between parties, with an emphasis on mediation and arbitration.
    [Show full text]
  • Bay Area Apprenticeship Guidebook
    Alameda • Contra Costa • Marin • Napa • San Fransisco • San Mateo • Santa Clara • Solano Bay Area Construction Apprenticeship Guidebook Bay Area Construction Apprenticeship Guidebook View online at www.ctwi-btca.org Produced by Construction Trades Workforce Initiative, with the generous support and collaboration of many organizations and individuals. We would especially like to thank the many union apprenticeship coordinators and training directors across the region who contributed information and reviewed content, as well as pre-apprenticeship leaders who prepared materials for their organizations’ profiles. Key Partners Alameda County Building Contra Costa Napa-Solano & Construction Trades Building & Construction Building & Construction Council Trades Council Trades Council Bay Area Oakland Apprenticeship Coordinators Workforce Development Association Board Special thanks to Jon Bersche and the City of Seattle for providing the model for this project, and for so graciously granting permission to adapt some of their materials. On the Cover Juju Ruiz is a union sheet metal apprentice currently working on installing ductwork for the new BART headquarters near Lake Merritt in Oakland. Although she loved the idea of working in construction, she was unsure about how to pursue this career path. After enrolling and graduating from Rising Sun Center for Opportunity’s all-female MC3 pre-apprenticeship program, Women Building the Bay, Juju felt prepared to enter the construction trades. Now, she feels empowered as a mother and career woman to support her family doing work that she is passionate about. Dear Valued Community Members, Far too many people in the Bay Area are unaware of career opportunities in the union construction trades. As the non-profit partner of the Building and Construction Trades Councils in Alameda, Contra Costa, Napa and Solano counties, Construction Trades Workforce Initiative (CTWI) is the regional leader in bridging the gap between organized labor and community stakeholders.
    [Show full text]
  • The Legal and Political Implications of Placing Paid Union Organizers in the Employer's Workplace Victor J
    Hofstra Labor and Employment Law Journal Volume 16 | Issue 1 Article 1 1998 Salting the Mines: the Legal and Political Implications of Placing Paid Union Organizers in the Employer's Workplace Victor J. Van Bourg Ellyn Moscowitz Follow this and additional works at: http://scholarlycommons.law.hofstra.edu/hlelj Part of the Law Commons Recommended Citation Van Bourg, Victor J. and Moscowitz, Ellyn (1998) "Salting the Mines: the Legal and Political Implications of Placing Paid Union Organizers in the Employer's Workplace," Hofstra Labor and Employment Law Journal: Vol. 16: Iss. 1, Article 1. Available at: http://scholarlycommons.law.hofstra.edu/hlelj/vol16/iss1/1 This document is brought to you for free and open access by Scholarly Commons at Hofstra Law. It has been accepted for inclusion in Hofstra Labor and Employment Law Journal by an authorized administrator of Scholarly Commons at Hofstra Law. For more information, please contact [email protected]. Van Bourg and Moscowitz: Salting the Mines: the Legal and Political Implications of Placin HOFSTRA LABOR & EMPLOYMENT LAW JOURNAL Volume 16, No. 1 Fall 1998 ARTICLES SALTING THE MINES: THE LEGAL AND POLITICAL IMPLICATIONS OF PLACING PAID UNION ORGANIZERS IN THE EMPLOYER'S WORKPLACE* Victor J. Van Bourg** Ellyn Moscowitz*** Mr. Chairman .... Thank you for Mr. Chairman, I rise to strongly the opportunity to speak today. I oppose H.R. 3246, mistakenly am here to discuss the serious called the Fairness for Small Busi- * This article was made possible, in part, by a summer research grant from Chapman Uni- versity School of Law, while Ellyn Moscowitz was an Associate Professor of Law there.
    [Show full text]
  • Negotiating the Crisis? Collective Bargaining in Europe During the Economic Downturn
    Working Paper No. 10 International Labour Office Geneva Negotiating the crisis? Collective bargaining in Europe during the economic downturn Vera Glassner Maarten Keune With support from the European Union March 2010 Industrial and Employment Relations Department (DIALOGUE) Working Paper No. 10 Negotiating the crisis? Collective bargaining in Europe during the economic downturn Vera Glassner and Maarten Keune Industrial and Employment Relations Department International Labour Office • Geneva March 2010 Copyright © International Labour Organization 2010 First published 2010 Publications of the International Labour Office enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to ILO Publications (Rights and Permissions), International Labour Office, CH-1211 Geneva 22, Switzerland, or by email: [email protected]. The International Labour Office welcomes such applications. Libraries, institutions and other users registered in the United Kingdom with the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP [Fax: (+44) (0)20 7631 5500; email: [email protected]], in the United States with the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923 [Fax: (+1) (978) 750 4470; email: [email protected]] or in other countries with associated Reproduction Rights Organizations, may make photocopies in accordance with the licences issued to them for this purpose. __________________________________________________________________________________________ ILO Cataloguing in Publication Data Glassner, Vera; Keune, Maarten Negotiating the crisis? collective bargaining in Europe during the economic downturn / Vera Glassner and Maarten Keune ; International Labour Office. - Geneva: ILO, 2010 1 v.
    [Show full text]
  • Facilities for Trade Union Officials and Members to Exercise Their Rights – a Comparative Review 02 03
    Facilities for trade union officials and members to exercise their rights – A comparative review 02 03 Table of Contents Introduction: The background of the project......................................................................................................................7 The freedom of association and the right to organize as a matrix...............................................................................9 Part I: General Part.............................................................................................................................................................17 European and international law...........................................................................................................................................17 Comparative labour law........................................................................................................................................................21 Protection against acts of anti-union discrimination......................................................................................................21 Belgium.....................................................................................................................................................................................21 Denmark..................................................................................................................................................................................22 France.......................................................................................................................................................................................23
    [Show full text]
  • A Century of Struggle
    A Century of Struggle To mark the 100th anniversary of the formation of the American Federation of Labor, the National Museum of American History of the Smithsonian Institution invited a group of scholars and practitioners "to examine the work, technology, and culture of industrial America . " The conference was produced in cooperation with the American Federation of Labor and Congress of Industrial Organizations . The excerpts on the following pages are drawn from papers and comments at that conference, in the Museum's Carmichael Auditorium, November IS and 16, 1986. Mary Kay Rieg, Olivia G. Amiss, and Marsha Domzalski of the Monthly Labor Review provided editorial assistance. Trade unions mirror society in conflict between collectivism and individualism A duality common to many institutions runs through the American labor movement and has marked its shifting fortunes from the post-Civil War period to the present ALICE KESSLER-HARRIS ideology of American trade unions as they developed in Two competing ideas run through the labor movement, as and post-Civil War period. It also tells us something of their they have run through the American past. The first is the the The conglomeration of unions that formed the Na- notion of community-the sense that liberty is nurtured in impact . Union and the 15,000 assemblies of the an informal political environment where the voluntary and tional Labor of Labor responded to the onslaught of industrial- collective enterprise of people with common interests con- Knights the Civil War by searching for ways to reestablish tributes to the solution of problems . Best characterized by ism after of interest that was threatened by a new and the town meeting, collective solutions are echoed in the the community organization of work.
    [Show full text]
  • The Ethics of Intelligence Collection Ross W. Bellaby
    What’s the Harm? The Ethics of Intelligence Collection Ross W. Bellaby Thesis submitted in fulfilment of the requirements for the degree of PhD Department of International Politics Aberystwyth University June 13th, 2011 DECLARATION This work has not previously been accepted in substance for any degree and is not being concurrently submitted in candidature for any degree. Signed ...................................................................... (Ross W. Bellaby) Date ........................................................................ STATEMENT 1 This thesis is the result of my own investigations, except where otherwise stated. Where *correction services have been used, the extent and nature of the correction is clearly marked in a footnote(s). Other sources are acknowledged by footnotes giving explicit references. A bibliography is appended. Signed ..................................................................... (Ross W. Bellaby) Date ........................................................................ [*this refers to the extent to which the text has been corrected by others] STATEMENT 2 I hereby give consent for my thesis, if accepted, to be available for photocopying and for inter- library loan, and for the title and summary to be made available to outside organisations. Signed ..................................................................... (Ross W. Bellaby) Date ........................................................................ I hereby give consent for my thesis, if accepted, to be available for photocopying
    [Show full text]
  • Brighton 1974
    Established 1918 JOURNAL OF THE FIRE BRIGADES' UNION Fire SEPTEMBER 1974 VOL 2 No. 6 FIGHTER BRIGHTON 1974 A SOCIAL CONTRACT says TUC Let's Elect a Labour Government PAGE TWO FIREFIGHTER/SEPTEMBER 1974 Fire FIGHTER MONTHLY JOURNAL OF THE FIRE BRIGADES' UNION 59 FULHAM HIGH ST. LON DON SW6 GENERAL SECRETARY: T E R E N C E P A R R Y , OB E Union makes progress at NJC meeting PROGRESS was made on several issues at the last meeting holidays for the Fire Service will be receiving consideration of the National Joint Council, which was the Annual Gen­ by the Executive Council. eral Meeting, at the Fire Service Technical College, Moreton-in-Marsh. RETAINED MEMBERS ALLOWANCES The main points are reported below. • Retained members’ allowances with the exception of the retaining fee, are to be increased by 7 per cent dating from 1st April 1974. There is also for the first time to be EXTRA HOLIDAYS payment made to retained members for attendance at SOME PROGRESS was made on two extra-public holidays drills. This will be at the appropriate hourly rate and is for the Fire Service and payment for attendance at drills to also backdated to 1st April 1974. retained members. Other items are continuing to receive attention. The full details of the improvements in retained members’ conditions is explained by Roy Martindale on page 3. • From 1975 the Fire Service will be brought into line with the National Agreements on the number of Public Holi­ CONTROL ROOM STAFF days granted to the manual grades, and the Administra­ tive, Professional, Technical and Clerical Employees in • For Control Room Staff it now seems there is a firm Local Government, that is to say, in addition to the seven nomenclature agreed.
    [Show full text]
  • Procedures for Establishing a Dual Gate System
    PROCEDURES FOR ESTABLISHING A DUAL GATE SYSTEM WWW.AGCMASS.ORG Procedures for Establishing a Dual Gate System 888 Worcester Street, Suite 40 Wellesley, MA 02482-3708 781/235-2680 Fax: 781/235-6020 www.agcmass.org INTRODUCTION The procedure to follow in establishing a dual gate has been developed to assist member firms, both union and open shop, in effectively providing for a mixed job site with minimal exposure to costly job shutdowns caused by potential labor problems. The practice of having both union and open shop firms working side-by- side on the same site is widespread throughout the industry. Construction trade unions are able to place economic pressure on project owners and general contractors by picketing non-signatory contractors. Unless a specific legally established procedure is followed, these pickets could cause signatory firms’ employees from crossing the picket line, thereby shutting down the job. In many cases, the unions have a legally protected right to picket. Dual gates provide a practical, low-cost method of minimizing the impact of these pickets. This guide is intended to provide a step-by-step approach to establishing dual gates and should be used in conjunction with assistance from Associated General Contractors of Massachusetts – (781) 235-2680 – and legal counsel. Remember to call AGC for a review of each individual situation – it’s one service of your membership. AGC of Massachusetts wishes to acknowledge the efforts of the California chapter of AGC in developing many of the guidelines for this publication. DEFINITIONS Dual Gate, Reserved Gate, Two Gate System is a procedure under the National Labor Relations Act, which isolates a disputing union and employer, thereby allowing other neutral contractors to continue working.
    [Show full text]
  • Local Officers' Resource Manual
    Dear Colleagues: Congratulations on your election. You take office at one of the most critical moments in the history of our country and union. This moment calls for bold leadership as our union responds to three intersecting crises. We are living in an era of extreme economic inequality and Corporate Power. We have seen the largest redistribution of wealth in our nation’s history and the lowest unionized workforce in decades. In 2020 we also faced the threat, destruction, and tragedy of the COVID-19 pandemic. Amidst the devastation of COVID-19, we have found ourselves confronting the plague of racism in America, which has been rampaging in our communities since long before the pandemic. I have been proud of the actions our union has taken to dismantle anti-Black racism and we have so much more work to do. I know that together we are up to the task of confronting these challenges. We can continue building our union’s power through new organizing, bargaining strong contracts, and building independent political power behind a working class agenda. As unprecedented as the COVID-19 pandemic is, CWAers have been on the front lines every day, keeping people informed, connected, and safe during this difficult time. And if we are to make progress in tearing down racism in this country and in our union, we must listen to the experiences of Black CWA members and all Black workers. Every white union member, Black union member, Latino union member, and every ally must fight and organize for Black lives. Unions have a duty to fight for power, dignity and the right to live for every working-class person in every place.
    [Show full text]
  • Universe, the CMI Global Network Fund
    Universe, The CMI Global Network Fund Prospectus November 2018 VISA 2018/114612-762-0-PC L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le 2018-11-23 Commission de Surveillance du Secteur Financier - 2 - UNIVERSE, THE CMI GLOBAL NETWORK FUND This prospectus (the "Prospectus") is published in connection with the continuous offer to investors to subscribe for thirty-five Sub-Funds, some of them containing two or more Classes of Shares in UNIVERSE, THE CMI GLOBAL NETWORK FUND. The Fund is an investment company organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and is qualified as a société d'investissement à capital variable (SICAV). The Fund is established for an undetermined duration but may be dissolved by resolution of an extraordinary general meeting of Shareholders. The Fund was incorporated in Luxembourg on 12 April 1990 and its Articles were published in the Mémorial C, Recueil des Sociétés et Associations (the "Mémorial") on 27 June 1990. They were amended for the last time by notarial deed of 30 December 2014 which has been published in the Mémorial on 21 February 2015. The Articles provide that the exclusive object of the Fund is to place the funds available to it in transferable securities, money market instruments and other permitted assets of any kind with the purpose of spreading investment risks and affording its Shareholders the results of the management of its Sub-Funds. It is subject to the Luxembourg laws of 10 August 1915 on commercial companies (as amended) and to the Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investments, as may be amended from time to time (the "2010 Law").
    [Show full text]