§ Mr. Weetch
asked the Chancellor of the Exchequer whether he will introduce legislation to give additional information in respect of financial interests of building society directors in relation to AR 11 documents.
§ Mr. Bruce-Gardyne
Section 89 of the Building Societies Act 1962 already requires a society to show in its annual return details of loans made in the year in question in which a director, manager or secretary of the society has a significant interest. The annual return also shows the business occupations and other directorships held by the directors and those officers.
The questions of whether there should be further disclosure of loans in which directors have an interest or of the financial interests of directors, either publicly or in a confidenial return to the registry, are matters which will be considered when building societies legislation is next being prepared.