CHALLENGES TO BUILDING SOCIETIES' MUTUAL STATUS

Motion Text

That this House applauds the recent vote of Britannia Building Society in favour of maintaining the Society's mutual status; notes that Michael Hardern's late withdrawal from the election of directors will force a new ballot to be held; notes with concern that the additional cost to the Society's members of the two ballots totals ú3 million; recognises that Britannia and other societies are powerless to prevent similar abuses of their democratic procedures in future; and calls on Her Majesty's Government to strengthen the rules governing nominations of candidates for elections to building society boards to prevent further frivolous and wasteful challenges.