Moya Greene on the Employees' Pension Plan
Moya Greene recently sent out a letter dated August 2 2007 to all employees and former employees who have money invested in the Canada Post Pension. In that letter she boasted how the performance of the pension plan has recently performed so well. So much so that she brazenly announced that "Canada Post will not need to make regular employer contributions to the Pension Plan throughout at least the remainder of 2007."
Is that so? Let me remind Ms. Greene of her former contractual obligations. The employees contribute x amount of dollars a month to the pension and the employer matches that contribution. That math is simple and fixed. That contractual obligation is not variable with windfalls and shortfalls in the market. She admits herself that it was as recent as 2005 when that same plan, the one we told her not to deregulate and not to invest in high risk stocks, had a "solvency" shortfall of $1.5 billion. This shortfall forced us to voluntarily give up our negotiated severance pay packages.
Did it ever enter Ms Greene's mind that the current windfall in the market could in some small way offset the huge shortfall in 2005 and that the loss the employees who contribute to that Pension Plan were forced to take could in some small way be offset? Of course not. That would make sense. For that reason it will never be considered. Instead we see the Moya Greene Mandate in action. Corporate Greed at it's best and the Union, what Union, when asked to bend over, assumes the position and boldly declares "How far?".
This was the concern that I raised when she became CEO of Canada Post and why I posted her resume on this web site. That is why I stood firm against two separate legal challenges to censor and shut down this web site from Michael Manson and Roger McConchie both acting on Moya Greene's behalf. Nevertheless, this web site stands and her resume as well as her mandate is posted for the world to see. Michael Moore was right. Why are Union leaders so stupid?
Canada Post is making record profits and paying record tax and dividends to the Government. Mail volumes are still continuing to rise and the Internet is increasing communication as well as mail volume not decreasing it. The UPS NAFTA challenge failed. Nevertheless, Moya Greene is still determined and still mandated to destroy the company that I loved so well and apathy will no doubt let her finish the job.
Congratulations! - à Dieu Moya Greene