
Publication
Calming the storm after the SVB collapse: Prudential policy the key to stability
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
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Newsflash
Global | Publication | October 14, 2015
The Labour Appeal Court has confirmed that even if an employee has consented after an enquiry to a demotion as an alternative to dismissal, the demotion may still be unfair.
A perception exists that when an employer and employee have agreed on the employee’s demotion, the CCMA does not have jurisdiction to hear an unfair labour practice dispute relating to the demotion.The recent judgment of Builders Warehouse (Pty) Ltd v CCMA & others (case number PA1/14) held that even an agreed demotion may potentially be unfair. An agreement on demotion therefore does not deprive the CCMA of jurisdiction.The court confirmed, however, that the employee’s consent to the demotion may well be the decisive factor in determining the fairness of the demotion. This did not preclude the CCMA from considering all the factors, such as the reason for the demotion, the degree of the demotion and whether the employee was consulted prior to the demotion. It remains to be seen whether the CCMA would be able to overturn the agreement or whether the only remedy would be compensation.
In light of this judgment, employers need to revisit the terms of agreed demotions and seek legal advice to ensure that the risk associated with agreed demotions is minimised.
Publication
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
Publication
The European Union’s Foreign Subsidies Regulation (the FSR) entered into force on 12 January 2023 and creates a new regime aimed at combating distortions of competition on the EU internal market caused by foreign subsidies. It imposes mandatory notification and approval requirements for acquisitions of significant EU businesses and large EU public tenders, and gives the European Commission (EC) extensive powers to launch ex officio investigations. The notification requirements go live on 12 October 2023.
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