§ Mr. CousinsTo ask the Secretary of State for Trade and Industry what plans he has to review proxy voting procedures under(a) the Building Societies Act and (b) bodies offered recognition as supervisory bodies under the Companies Act 1989.
§ Mr. RedwoodQuestions arising under the Building Societies Act 1986 are a matter for my right hon. Friend the Chancellor of the Exchequer. No supervisory bodies have yet been recognised under the Companies Act 1989. All matters relevant to recognition of a body as a supervisory body under the Companies Act 1989 will be taken into account before recognition.
§ Mr. CousinsTo ask the Secretary of State for Trade and Industry whether he has any plans to seek Parliament's approval of the supervisory body applications made by the accountancy trade association.
§ Mr. RedwoodThe use of the power in paragraph 2 of schedule II to the Companies Act 1989, to recognise supervisory bodies, is not subject to parliamentary approval.