| Commentary

104 Board rationale

| Commentary

104 Board rationale

In addition to the Schedule 16 Statement1 (which the board of a building society is under a statutory duty to provide), the Financial Services Authority (FSA) expects a board putting a merger proposal to its members to provide an explanation of the reasons for the merger and the choice of merger partner2. The rationale should give a fair assessment of the advantages and disadvantages of the merger and should be entirely consistent with the facts set out in the Schedule 16 Statement3.

Although the provision of the rationale is not a statutory

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