(This is a reprint of the Campaign leaflet)
Building Society Members Association
It's YOUR Building Society!
What’s the difference between the BSA and the BMSA?
The Building Societies Association
is the trade association for the UK's 53 remaining building societies. It represents ‘the industry view to government, parliament, regulators, the media and other interested bodies. It is the collective voice of the boards of directors & Chief Executives. It does not speak for the shareholders and the customers whose interests are not always the same.
The Building Society Members Association
is a separate and independent Members’ association looking after the interests of the shareholders – both savers and borrowers. There are some 23 million Society shareholders in the UK of whom just under 3 million are borrowers – yes it takes about eight savers to finance the average mortgage!
The BSMA will seek a fair deal in interest rates & conditions of borrowing & lending. Members require representation in the decision making process at the FSA, Regulators and Treasury Select Committees etc. At present we have virtually no input.
Why should I join the BSMA?
Significant changes affected the Building Society movement with the unopposed passage in 1986 and subsequent Acts of Parliament. Many familiar names converted to or were taken over by banks. As the old rules were discarded even those Societies which remained mutual became vulnerable.
Over this period the well proven Mutual principle of providing virtually 100% of the UK’s residential mortgages was slashed to 27%. The price has been high in terms of house price stability and recently in the derisory rates of interest now being offered to genuine savers.
The Mutual movement has not been isolated from the banking crisis and is being further squeezed by the Banks which are funded not by genuine savings but from the wholesale money markets i.e. the ‘notional bank credit’ which has been allowed to undermine the entire financial system.
The future of the Building Societies and Mutuals must be decided by its members – not by bankers and carpetbaggers.
Together we can make a difference!
The most important people are US - the 23 million shareholders & customers – that’s more than a third of the UK population! If the Mutuals are to survive as a beacon of financial sanity in a world- of notional money then the voice of the shareholders and owners must be heard. The BMSA exists for that purpose..
www.buiding-societies-members.org.uk
How do I join?
Membership is open to all Building Society Customers. Just complete the form and
post it today!
How much is my subscription? The annual subscription is a nominal £5.00
because every member should be able to join – our strength & influence is directly proportional to our numbers.
Please print out this form & post
To
The Secretary,
BMSA,
40, Clifford Avenue,
TAUNTON,
TA2 6DL.
I would like to join the BMSA
(block letters please)
Name ………………………………..
Address
…………………………………….
…………………………..
………………………….
……………. (post code)
Telephone ……………………………..
Email……………………………..........
I am a member of
.…………………………………
(Building Society)
I enclose cheque for £5 payable to BMSA
Important Note: If you are willing to accept communication by e mail please tick here ___ it will save us all substantial costs.
reprinted from www.scottishmonetaryreform.org.uk
House of Commons Session 2008 - 09
Internet Publications
Other Bills before Parliament
Protection of Shareholders Bill
________________________________________
Protection of Shareholders Bill
1
A BILL TO
Make provision for each public company to establish a shareholders’
committee; to make provision about the membership, functions and operation
of the committee; and for connected purposes.
BE IT ENACTED by the Queen’s most Excellent Majesty, by and with the advice and
consent of the Lords Spiritual and Temporal, and Commons, in this present
Parliament assembled, and by the authority of the same, as follows:—
1 Establishment of a shareholders’ committee
(1) The Companies Act 2006 (c. 46) shall be amended as follows.
(2) After Part 10 insert—
“PART 10A
SHAREHOLDERS’ COMMITTEE
5
259A Shareholders’ Committee
(1) Every public company shall, at each general meeting of the company at
which accounts are laid in accordance with section 437 (public
companies: laying of accounts and reports before general meeting),
appoint a Shareholders’ Committee (to be known as a “Shareholders’
10
Committee”) of not more than six and not fewer than three persons to
hold office until the conclusion of the next general meeting at which the
requirements of section 437 are complied with, unless the private
shareholders vote at the general meeting not to have such a committee
appointed until the next such meeting.
15
(2) The Shareholders’ Committee shall be constituted subject to the
provisions of this section in accordance with Schedule 5A of this Act.
(3) The function of the committee is to encourage and enable regular,
systematic and, where necessary, urgent communication and
consultation on a confidential basis between the directors and the
20
members of the company on matters of concern to them as members.
Bill 76 54/4
________________________________________
Protection of Shareholders Bill
2
(4) The Shareholders’ Committee shall be elected as to secure adequate
and independent representation for members generally and for private
shareholders in particular, and the members of the committee shall be
nominated for election and elected solely by other private shareholders
and not by the directors, or by persons on their behalf or connected
5
with them.
(5) Elections under subsection (4) shall be held in accordance with any
guidance that the Secretary of State may issue.
(6) For the purposes of this section “private shareholder” means a
shareholder who is the beneficial owner of the shares registered in his
10
name, and this shall be taken to include investors whose shares are held
by another person on their behalf, and any member who holds shares
on behalf of another person shall, on the request of that person, confirm
to the company the beneficial interest of that person in writing.
(7) The directors shall nominate a director or directors to attend but not
15
vote at meetings of the Shareholders’ Committee.
(8) The director or directors nominated under subsection (7) shall, as soon
as practicable, transmit reports (including minority reports) prepared
by or on behalf of the Shareholders’ Committee, to the directors.
(9) The auditors, accountant, the secretary (or where applicable, joint
20
secretaries) and the solicitor to the company, individually or jointly,
shall forthwith refer to the Shareholders’ Committee any matter of
which they became aware in that capacity which is a breach, or a
wilfully intended breach, of the criminal law, of obligations under
legislation, including this Act, or of fiduciary relationships owed to the
25
company or to its members being a matter of concern to members of the
company as members.
(10) The company shall make available to the Shareholders’ Committee the
means to communicate with shareholders on relevant matters with the
same regularity and on the same basis as the directors.
30
(11) The company shall provide, upon request by the Shareholders’
Committee, its company secretary, or a suitably qualified substitute, to
act as secretary to the committee.
(12) The company shall the cost of reasonable administrative expenses
incurred by the Shareholders’ Committee.”
35
(3) In section 416 (contents of directors’ report: general) after subsection (3)
insert—
“(4) The report must include reference to matters arising from time to time
in and in connection with the Shareholders’ Committee.”
(4) After Schedule 5 insert the following Schedule—
40
“SCHEDULE 5A
PROCEEDINGS OF SHAREHOLDERS’ COMMITTEE
1 The committee shall meet at such times as it may from time to time
appoint and, failing such appointment, at least once a quarter; and
________________________________________
3
any member of the committee may also call a meeting of the
committee as and when he thinks necessary.
2 The committee may act by a majority of its members present at a
meeting, but shall not act unless a majority of the committee are
present and the committee shall elect a chairman from among its
5
members.
3 A member of the committee may resign by notice in writing signed
by him and delivered to the secretary of the company.
4 If a member of the committee becomes bankrupt or compounds or
arranges with his creditors or is absent from five consecutive
10
meetings of the committee without leave of the committee his office
thereupon becomes vacant.
5 (1) On a vacancy occurring in the committee the secretary of the
company shall forthwith summon a meeting of the committee to fill
the vacancy; and the meeting may, by resolution, appoint another
15
member to fill the vacancy until the next meeting under section
259A(1).
(2) The continuing members of the committee, if not fewer than two,
may act notwithstanding any vacancy in the committee.”
2 Citation and commencement
20
(1) This Act may be cited as the Protection of Shareholders Act 2009.
(2) This Act shall come into force six months after the date on which it is passed.
________________________________________
Protection of Shareholders Bill
A
BILL
To Make provision for each public company to establish a shareholders’
committee; to make provision about the membership, functions and operation
of the committee; and for connected purposes.
Presented by Mr William Cash
supported by Mr Frank Field.
Ordered, by The House of Commons,
to be Printed, 17 March 2009.
© Parliamentary copyright House of Commons 2009
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