The following sections provide answers to the most commonly asked questions regarding the Society’s AGM;
What is an Annual General Meeting (AGM)?
Members are entitled to receive notice of, take part in and (subject to eligibility) vote at the Society’s Annual General Meeting (AGM).
The AGM is held to present the Annual Accounts and Directors’ Report on the Accounts, to appoint or reappoint the auditors, and to elect or re-elect Directors. 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 Rules incorporate 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. Members have the right to vote on resolutions put forward at an AGM.
Members unable to attend an AGM (or do not wish to attend) can appoint a proxy to attend and vote on their behalf. The Society will normally send a proxy form on which to indicate voting wishes.
How are directors elected?
At the AGM members elect or re-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.
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 not have voting rights if their account balance drops below a certain level (currently £100). This also applies to borrowers whose outstanding mortgage has fallen below a value (currently £100). Additionally, on a joint savings or mortgage account only the representative joint shareholder (the first named account holder) has voting rights.
What are the results of the 2017 Annual General Meeting?
To receive the Directors’ Report, Annual Accounts and Annual Business Statement for the year ended 31st December 2016:
For Against Abstentions 2,279 71 0
To consider and, if thought fit, pass an Ordinary Resolution to appoint PricewaterhouseCoopers LLP as Auditors until the conclusion of the next Annual General Meeting:
For Against Abstentions 2,205 145 0
To consider and, if thought fit, pass an Ordinary Resolution to approve the Directors’ Remuneration Report for the year ended 31st December 2016:
For Against Abstentions 2,001 349 0
To consider and, if thought fit, re-elect John Philip Allen
For Against Abstentions 2,116 233 1
To consider and, if thought fit, re-elect David Alan Harding
For Against Abstentions 2,141 207 2
A mutual society is run in the interest of its members, the savers and the borrowers – they are the owners and the business entity is not listed on the Stock Market.
A 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 delivering good interest rates and maintaining or improving its services.
For information on your full rights as a society member download the PDF leaflet ‘Your Rights as a Building Society Member’ by clicking here