Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department plans to introduce regulations on members of building societies having binding votes on executive remuneration policy.

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.

The Government has no current 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.