Call to include ‘social consequences’ in sale negotiations

The AXA European Works Council secretariat has called on AXA management for the inclusion of social consequences in any future negotiations over the sale of any parts of the business to another party.

In the February bureau meeting today with Group HR, a review of the Friends Provident sale led to this call when the level of compensation to members of AXA‘s Defined Benefit pension scheme was discussed.

Management agreed that it was important that social partners (such as the European Works Council and unions) were involved as early as possible but this can depend on the third party agreeing to this.