April 2021 – A strategic review (yet another one) carried out by Whitecap Consultants, a strategy consultation company, in conjunction with the BSA and others, endeavoured to obtain the views and understanding of the meaning of mutuality from the directors of all building societies. This presented a difficult challenge for the building society directors all trying and succeeding in avoiding the true meaning. If the word “member” is changed to “shareholder” in the report there is no difference in their explanations of mutuality to that of a public company. All of their attempts are given in the form of examples of their daily business functions.
You can read the report here – “Mutuality” starts at page 29