Takeover Of Reuters

EDM number 1912 in 2006-07, proposed by Austin Mitchell on 16/07/2007.

That this House notes the takeover of Reuters, the global financial and media organisation, by Thomson of Canada, which could result in the Thomson family holding as much as 53 per cent. of the organisation; further notes the multi-million pound windfall which chief executive Tom Glocer will receive; is concerned with the lack of transparency over the implications for staff resulting from the proposed merger in light of recent cutbacks and sub-inflationary wage rises for staff; believes the merger should be subject to the most rigorous scrutiny by all parties involved, including negotiation with the unions representing affected staff; therefore calls on both companies to honour terms and conditions of employment, to seek to avoid redundancies and to honour in full commitments to the Reuters Pension Fund, Reuters Retirement Plan, Thomson Financial pension scheme and other pension schemes; and further calls on the company to maintain the integrity and independence of news in line with Reuters Trust principles and the long-established editorial standards of Thomson Financial News.

This motion has been signed by a total of 33 MPs.