Commentary

42 Boards and management

BUILDING SOCIETIES vol 6(1)
| Commentary

42 Boards and management

| Commentary

42 Boards and management1

In setting a building society’s threshold solvency ratio2 the Financial Services Authority (FSA) will take into account its assessment of the standards of governance of the society and the competence of its board and management, relative to the nature, scale and complexity of the building society’s business3.

Although a building society is not publicly quoted, it should have regard to the Combined Code, developed by the Committee on Corporate Governance for listed companies, when establishing and reviewing corporate governance arrangements4. As all directors of a building society, including non-executive directors, are required to be approved persons5 they

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