June 1, 2006

INTENSIVE TALKS BRING

S&P AND THE GUILD CLOSER

Membership meeting set for June 15

Guild and Standard & Poor’s negotiators met Wednesday in intensive bargaining, primarily on wages, but although progress was made, those talks had to be ended abruptly by the company. The Guild agreed that the interruption was unavoidable due to unforeseen circumstances.

 

Another meeting has been set for the afternoon of Tuesday, June 13, at Guild headquarters, in an effort to bring negotiations to a conclusion. A unit membership meeting has been set for Thursday, June 15, at 2 p.m. in the Bayview Room on the 37^th floor at S&P, to report on the progress of the negotiations.

 

Since much of the talks Tuesday were conducted in “off-the-record” sessions, we are not at liberty to publish the parties’ respective proposals. If a tentative agreement is not reached prior to the meeting of Thursday, June 15, we will make sure that both sides’ positions are put “on the record” so they can be reported at that time.

 

If a tentative agreement is reached prior to the June 15 meeting, it will be reported on at the meeting, but a ratification vote will not be held at that time. As is the Guild’s practice, the ratification meeting will be delayed so that printed material describing the tentative agreement can be distributed and members will have an opportunity to fully consider it before voting.

 

There was little discussion about the controversial Personal Securities Trading System policy being proposed by the company during Tuesday’s meeting, although N.Y. Guild President Barry Lipton cautioned the company that it must be addressed. Referring to S&P’s demand that stocks be held for a minimum of 45 days before they can be sold for a profit, Barry said, “Unless there’s some kind of movement, it remains a stumbling block.”

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6/01/06