Abstract

“There was something a little unseemly about how the building societies intending to demutualise did so by encouraging their members to vote in favour with the inducement of significant payments in shares”. Should one have no regard for the intentions of those who produced the present capital accumulation, or for the idea of holding reserves in trust for future members? The author is DBM Professor of Corporate Governance at Leeds Business School, Leeds Metropolitan University, Calverley Street, Leeds LS1 3HE