The Defense Fund is an important component of union members’ resources. The primary purposes of the GSU Defense Fund is to ensure and provide for the continued operation of GSU and to provide strike/lockout pay to members of GSU in the event they strike or are locked out.
The market value of GSU Defense Fund investments reached a new high-water mark of $5.2 million at the end of December 2020.
The overwhelming amount of the Fund is invested with RBC Dominion Securities. A cash account with Affinity Credit Union is also maintained to receive dues revenues.
The overall 2020 return on the investments with RBC was 5.36%. US investments far outpaced Canadian investments in 2020 at a 14.01% return compared to 3.54%.
At their most recent meeting in December, the Board of Directors authorized shifting the RBC asset mix from an approximately 60/40 split in favour of fixed income securities to 60/40 in favour of equities.
In March, GSU convention delegates will elect the directors of the GSU Defense Fund for two-year terms of office.
Would you like to be a director on the Defense Fund Board?
Learn more here.
If you are interested in applying or learning more about what the position entails, contact GSU general secretary Hugh Wagner at Hugh@gsu.ca.