April 2001 – The board has rejected all of the pro-mutual resolutions put forward by Tim Tanner. The directors have stated that the resolutions interfere with their ability to run the society. On the contrary their action has in fact interfered with the rights of all members.
This is probably the worst case of anti-mutual, anti-democracy action in the history of building societies. It flies in the face of the recommendations in all the research papers that have been commissioned by the Building Societies Association, and that is the organisation that is run by and for building society directors themselves. It also makes a mockery of the evidence given by Nationwide directors to the Treasury Parliamentary Committee.
This action demonstrates the desperate need for proper regulation of these pseudo-mutual society directors. They can treat members with utter contempt because there is no regulatory body to control them. Only court action can bring them to book so they know that they can get away with it.
Quote from Nationwide Building Society Directors’ Memorandum given in evidence to a Parliamentary Committee:-
“Building Societies value their democratic process but if democracy is abused by “bending” the rules it can fall into disrepute”. Who bends the rules?
For more information on the resolutions go to www.MutualMembers.com