The Solidarity Fund and Gildan Active Wear, Inc.

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There are many ways that the Solidarity Fund used its position as an institutional investor to try to influence Gildan Active wears Inc. For example the solidarity funds of the Quebec Workers Federation: a collective tool in service of the community. The Mutual aid funds MAF was created in 1983 at the instigation of the Quebec Trade Union, the Quebec Workers Federation (QWF) and the government of Quebec. The creation of the Funds is carried out in a context of power change between the social agents. In the eighties, the closing-down of factories and the rise of unemployment were being advantageous to the "responsible of growth" or company and the investors. The MAF positioned itself next to the growth boosters and proposes a form of partnership that profits from the government’s support which then starts a new turn in its economic policy (CRISES, 2001). First in its kind, the Mutual aid funds has the role of collecting the voluntary saving of the workers in particular that intended for their retirement, in order to capitalize Small and medium-sized Enterprises (SME). The Mutual aid fund is a stock development company. Its principal mission is to contribute creating and maintaining jobs in Quebec, while investing in SMEs. Today this Mutual aid funds counts 551 202 shareholders, or 59 % of trade unionists and 41 % coming from general public. In 2003, the Funds represented a credit of 4.6 billion CAD. One of its objectives is also to provide a fair output to its shareholders. The objectives are defined as follows: -To invest in Quebec companies and to provide them services in order to contribute to their development and to create, maintain and safeguard jobs in Quebec; -To promote and contribute for the training of the workers in the field of economy; -To stimulate the Quebec economy by strategic investments which will be advantageous to employees and companies; -To raise awareness between the workers for saving for their retirement and to take part in the...
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