About 120 ordinary shareholders, CWU union activists and O2 workers protested on Wednesday of last week at the company’s annual general meeting.
The demonstration was over a decision to award massive pay increases to directors while staff are to get pay cuts.
The meeting was almost brought to a halt when speaker after speaker angrily criticised the board over moves to freeze half the workforce’s pay for up to seven years.
This move is being made despite O2 being the front runner in the British mobile market, making profits of £1.75 billion a year.
Since 2001 the earnings potential of CWU members at O2 has fallen 10 percent and that of new employees by 35 percent. At the same time the pay of O2 chief executive Peter Erskine has risen 76 percent.
The CWU is recommending rejection of the pay offer in a consultative ballot. If the offer is rejected then O2 members will be balloted for action.
National rally against post sell-off
Anti-privatisation | anti-postcomm
Wednesday 7 September, 12.30pm
Main Hall, Friends Meeting House, Euston Road, London
Speakers: Billy Hayes general secretary, CWU l Bob Crow general secretary, RMT l Mark Serwotka general secretary, PCS l Matt Wrack general secretary, FBU l Dave Ward deputy general secretary, CWU l Lord Clarke of Hampstead l John Grogan MP