§ Mr. Maddenasked the Chancellor of the Exchequer under what legal authority building societies are permitted to make pension arrangements for non-executive directors after 10 years' service.
§ Mr. Denzil DaviesA society would have to rely, by analogy with decided cases in company law, on its implicit powers to make arrangements which are reasonably incidental to the conduct of its business.
§ Mr. Maddenasked the Chancellor of the Exchequer under what legislation building societies are permitted not to disclose directors' salaries.
§ Mr. Denzil DaviesA building society is required under the Building Societies (Accounts and Annual Return) Regulations 1972 (S.I. 1972 No. 70) to disclose in its accounts and annual return the aggregate sum paid to its directors in respect of their fees and expenses, including the estimated value of benefits received otherwise than in cash, and contributions paid in respect of directors under any pension scheme. Salaries paid to any directors in their capacities as managers or executives will be included in the total remuneration and expenses of the staff of the society required to be shown in a society's annual return. There is no requirement that the emoluments of each individual director shall be disclosed.