Building Societies Association
In a recent speech Tessa Jowell MP, Minister for the Cabinet Office and the Olympics, announced the establishment of new Commission on Ownership which will work to enhance understanding of the effect of ownership on the governance of the country.
The Minister also promoted the value of mutuality. She said that mutual ownership, being based on trust and reciprocity, can help to deliver the accountability, individual empowerment and engagement, and community responsibility that the public desires.
She also noted that in banking, where trust has been severely hit, co-operative banks, mutual institutions and building societies stand out as ethical, values-led businesses, behaving responsibly in an industry where many have not.
The Commission’s work will look at how much ownership matters, the link between fairness and ownership, and how this relates to the distribution of power, and whether the Government should have a role in promoting specific forms of ownership.
