AGM Information
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AGM InformationWhat is an Annual General Meeting (AGM)?Members are entitled to receive notice of, take part in and vote at the Society’s Annual General Meeting (AGM). Manchester Building Society usually holds its AGM in April, four months after the end of our financial year in December.The AGM is held to present the Annual Accounts and Directors’ Report on the Accounts, to appoint the auditors and to elect the directors. Any changes to the Society’s Memorandum or Rules (the Memorandum describes those activities that the Society can undertake and the rules that govern its relationship with its members) would also be considered at an AGM. During an AGM, members are able to ask questions of the Board and make comments on the Society’s business. Who can vote at an AGM?Manchester Building Society operates on the principle of ‘one member, one vote’. This means that members have one vote each, regardless of the size of their savings account or mortgage loan. If a member is both a saver and a borrower with the Society, they will still normally have just one vote (except when asked to vote on a conversion or merger, when two separate votes are given). Members have the right to vote on proposals put forward at an AGM, such as any proposed changes to the Memorandum and the Rules of the Society. The Memorandum and Rules can be amended only by a decision of the members at the AGM.Members unable to attend an AGM (or who do not wish to attend) can appoint a proxy to attend and vote on their behalf; the Society will probably send you a proxy form on which to indicate your wishes and your vote can be used. How are directors elected? At the AGM members elect the directors of the Society. Manchester Building Society has a board of directors all of which are members of the Society. The board of directors takes major decisions in the running of the Society, such as deciding on the overall levels of interest rates, the products and services to be offered and the business strategy as a whole, and also appoints the senior managers. The directors serve a term of three years and may then stand for re-election. The Society will let you know when directors’ terms are due to end. Do all members have rights?Most people taking out a mortgage or opening a savings account with the Manchester Building Society become members and therefore have the rights mentioned above.Savings members of the Society may lose their membership rights if their account balance drops below a certain point. This also applies to borrowers whose outstanding mortgage has fallen to a certain point. For full information please contact the Society on 0161 923 8000 or download the PDF leaflet ‘Your Rights as a Building Society Member’ by Clicking Here Member RightsA mutual society is run in the interest of its members, the savers and the borrowers – and is not listed on the Stock Market or owned externally.The key advantage of this over a Stock Market listed or “plc” bank is that a mutual does not have to pay dividends to its shareholders. This means that the profit a society makes can be put back into the organisation to benefit its members, through competitive interest rates and improved services. A building society’s board of directors in effect act as trustees, holding the society’s assets in trust so that future members also have access to cheaper mortgages and attractive savings accounts. For information on your full rights as a society member download the PDF leaflet ‘Your Rights as a Building Society Member’ by Clicking Here |