The campaign for the promotion of pan-European pension funds, championed by Anglo-Norwegian group Kvaerner,UK group Zeneca and UK law firm Eversheds, has called a 'make or break' meeting in Brussels for 13 October.
In a bid to bring a landmark test case against European tax relief restrictions before the European Court of Justice, financial support from around 20 multinationals is being sought.
Lyn Ellis, pension fund manager at Kvaerner, says the campaign's continuation depends on the outcome of the meeting: Either we will have a support commitee or we won't, and if we don't, then we can't be said to be representing multinationals and that will be the end. However, I have no doubt the support will be forthcoming."
The 'closed' meeting will be on an invitation only basis to all multinationals which have contacted the campaign showing interest, in order, Ellis says, that all groups are free to comment openly.
Suggested costs for the test case have been put at up to £500,000."