Britain's Mutuals Vote On CEOPay

ROME - (07/27/05) -- In a practice not likely to beembraced by America's credit unions, the members of the UnitedKingdom's not-for-profit, mutual building societies have the rightto vote on their CEO's salary. During WOCCU's World Conferencehere, Adrian Coles, director-general of the London-based BuildingSocieties Association, told The Credit Union Journal that duringthe annual meeting of every building society each year members inattendance cast their votes on a number of issues before thesociety, including the CEO's pay. Coles added that those samebuilding societies faced a similar round of demutualizations, orcharter conversions, a decade ago that are currently being dealtwith in the U.S. "The most marvelous thing for a complacentorganization is a good kick in the backside," he said of thedemutualizations.