CAW Policy Letter #1: Bonds
October 31, 1986
CAW POLICY LETTER
LETTER NO. 1 October 31, 1986
To: All Local Unions
The National Executive Board at its meeting of September 22, 1986, established a bonding procedure in accordance with Article 13, Section 22 of the National Constitution.
Basic coverage for all local union officers and local union auxiliaries who are in a position of handling money will be $5,000 per person.
In addition to the basic $5,000 coverage for each local union, we have also acquired additional coverage for those local unions whose funds exceed $50,000 per annum. This coverage will be Ten (10%) per cent of the total income of the local union. This additional coverage also includes the clerical staff of the local unions who are in a position of handling funds.
Officers of the Canadian Auto Workers national headquarters will also have basic coverage of $5,000.
In addition to the basic coverage for the national officers, a bond of $500,000 will be provided for the National President, the National Secretary-Treasurer, the Director of Accounting, the Supervisor of Accounting and 3 accounting clerks and the Strike Insurance representatives.
The Port Elgin facility will be covered by a $30,000 bond.
In order to ensure that bond coverage has been extended to all areas, the National Executive Board has also placed a $25,000 blanket bond to act as a safety net to cover any eventuality not already provided for.