Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for her Department's regulatory policies of building societies using electronic quick vote systems to approve board recommendations at AGMs.

This Government is committed to supporting the growth and long-term success of the mutual sector, including building societies, in line with its manifesto commitment to double the size of the mutual and co‑operative sector.

The Government recognises the importance of member ownership and engagement as a defining feature of mutuals. Within the existing legislative and regulatory framework, it is generally for individual building societies and their members to determine detailed governance arrangements, including matters such as executive remuneration, board composition and the format of annual general meetings. This includes the use of different voting mechanisms, such as electronic voting systems, which are a matter for individual societies and their members within the existing framework.

The Government therefore has no plans to introduce prescriptive requirements in these areas, but will continue to keep the framework under review as part of its broader work to support mutuals.