A new SE-Works council in J.P.Morgan
The management of the J.P.Morgan bank signed an agreement on the involvement of employees in J.P. Morgan SE applying to 2,752 employees.
On 23 November 2021, the management of the J.P.Morgan bank signed an agreement on the involvement of employees in J.P. Morgan SE. This happens at the time of the company's conversion into a European company (SE) and applies to the 2,752 employees of the US bank who work in the EU. The company has been created under German law and employee representatives represent a third of the supervisory board.
"The process took a little over a year but the outcome of the SNB was successful and an SE Works Council has now been established with several of our UNI affiliates present in the works council", stated Maureen Hick, Director of UNI Europa Finance.
The SE’s works council is composed of employees from different countries, whereas Ireland (685 employees), Germany (557), Luxembourg (508) and France (481) dispose over 50% of the representatives. In total, there are 26 seats on the works council, which covers 14 countries.
According to the new agreement, no decisions that come within the scope of the works council’s competence shall be be implemented at a European, national, local or site level until the SE works council has been informed and consulted. The transnationality clause assigns competence to the SE works council where the employees of a single country are concerned, if they have no employee representation of their own. Information and consultation concerning exceptional circumstances are limited to projects that have “a substantial impact”, insofar as they affect at least 4% of the group’s workforce. Members are entitled to five days of training per calendar year, for which they have a budget of 1,000 euros per member at their disposal to cover the costs of courses and travel. Each member will receive a corporate credit card, to prevent them having to finance advance payments.