HL Deb 13 December 1994 vol 559 c114WA
Lord Monkswell

asked Her Majesty's Government:

What is the role of regulatory authorities in respect of the proposed merger between the Halifax and the Leeds Building Societies; and in particular whether the regulators can take cognisance of the effect of any merger on the remuneration of directors and chief executives.

The Parliamentary Under-Secretary of State, Ministry of Defence

Under the terms of the Building Societies Act 1986, the Building Societies commission must approve the statutory merger statement issued to members of both societies, and subsequently confirm the merger, before it can go ahead. The statement must include any changes proposed in the remuneration of directors and other officers.