CPKC to issue TCRC lockout notice for Aug. 22
The decision to issue a lockout notice comes after the Canada Industrial Relations Board (CIRB) on Friday issued its decision determining that no services need to be maintained during a railway strike or lockout in order to protect Canadian public health and safety. The CIRB also ordered a 13-day extension of the cooling off period which ends on
All stakeholders want an end to this needless uncertainty as rapidly as possible so that we can continue serving the North American economy. Stability could be restored today if the TCRC would accept CPKC's offer to resolve the current labour dispute through binding interest arbitration.
If no resolution is reached during bargaining through the extended cooling off period, and the TCRC continues to refuse binding interest arbitration, CPKC will have no choice but to take this action. CPKC is acting to protect
CPKC provides this public notice to mitigate uncertainty and give our customers and supply chains proper time to plan for a safe and orderly shutdown of railway operations. As part of those preparations, CPKC will issue an embargo for all toxic by inhalation (TIH) dangerous goods traffic to allow this traffic to safely exit the rail network prior to a work stoppage. Other embargoes will be issued during the cooling off period, as necessary.
CPKC remains committed to doing its part to avoid a work stoppage. In response to opposition from TCRC leadership, CPKC has advised the union representing conductors and locomotive engineers that we will conditionally withdraw the offer for a new modernized, time-based collective agreement. That time-based agreement proposal was intended to address the union's concerns related to work and time off scheduling, while allowing significant wage increases and additional customer service flexibilities.
CPKC will focus on a status quo-style contract renewal covering three years with competitive wage increases that are consistent with recent settlements with other railway unions and maintains the status quo for all work rules. The status quo-style offer fully complies with new regulatory requirements for rest and does not in any way compromise safety.
For the TCRC - RCTC division, CPKC has also proposed a renewed agreement with the rail traffic controllers which would deliver competitive wage increases.
Visit the TCRC update page on our web site for ongoing updates.
Forward looking information
This news release contains certain forward-looking information within the meaning of applicable securities laws in both the
Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information. Forward-looking information is not a guarantee of future performance. By its nature, CPKC's forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including but not limited to the following factors: changes in business strategies; general North American and global economic, credit and business conditions; risks in agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped via CPKC; inflation; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; uncertainties of investigations, proceedings or other types of claims and litigation; labour disputes; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; and various events that could disrupt operations, including severe weather, droughts, floods, avalanches and earthquakes as well as security threats and governmental response to them, and technological changes. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CPKC with securities regulators in
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SOURCE Canadian Pacific