men in meeting

The 2018 Annual General Meeting

Members, directors and staff all gathered at Bury Town Hall earlier this week for the Society’s Annual General Meeting.

Peter Green, Chief Executive, explained ‘The AGM is the highlight of the year. It gives us an opportunity to meet members face to face, to talk about our performance and plans for the future. Most importantly it gives us time to listen to what our members are saying.’

In his introduction to the Annual Report and Accounts, Keith Ashcroft, the Society’s Director of Finance and Risk reported that members had invested nearly £14 ½ million during the last financial year and that total assets had grown by over 12% to £158 million.

Everyone agreed that the Society had had a really successful year with bonuses of over £2 million added to members’ investments.

As a mutual everyone who invests with the Society is a member and all adult members are entitled to attend or vote by proxy at the AGM. The Society’s Chairman, Steven Spilsbury, highlighted the importance of being a mutual; ‘there are no shareholders to benefit from your investment with the Society. Everything we do is for the benefit of members.’

Not all the questions asked by members were easy, with questions about future growth plans, the use of financial advisers and the relevance of the Society’s historic requirement to ask new members if they are teetotal or temperate. Members also commented on the efficient and helpful service they have received from the Society’s membership team.

At the end of the meeting, the votes cast at the meeting were added to the proxy and online votes with the Society Secretary confirming that all the resolutions had been successfully passed.

The Society publishes the minutes of the AGM and a copy can be found on our website here.