Chelsea's member voting increases again to over 21%
29 March 2007
Chelsea Building Society today held its 2007 Annual General Meeting (AGM) near the Society's head office in Cheltenham. Once again the proportion and number of members voting in response to the AGM mailing exceeded last years figures with almost 22% of member's voting. As in previous years each vote has helped raise money for charities with 10p being donated for each postal vote received and for the first time, 20p for each online vote.
For the fourth year in succession the Chelsea's members had the opportunity to vote on the Directors' Remuneration Report. Over 90% of members voting, voted in favour.
Voting results
Ordinary Resolutions
| % in Favour | |||
|---|---|---|---|
| To receive the Reports and Accounts | 98.0% | ||
| To re-appoint the Auditors | 96.6% | ||
| To approve the Directors' Renumeration Report | 90.9% | ||
Election of Directors
| % in Favour | |||
|---|---|---|---|
| Richard Green | 94.2% | ||
| Patrick Hall | 95.2% | ||
| Trevor Harrison | 93.7% | ||
| Richard Hornbrook | 94.8% | ||
At the meeting, members were given a presentation on the Society's performance for 2006, which had been outstanding:
- Profits increased by 18% to £58.8 million
- Total assets grew by 15% to £11.1 billion
- Retail savings' balances increase by 9% to £7.8 billion
- The Society's level of efficiency, as measured by the costs to mean assets ratio, improved for 14 successive years and at 0.59%, remains one of the lowest in the building societies sector
- Net interest margin maintained at around 1%
This year John Williams retired from the board after 14 years. Trevor Harrison Chairman told the meeting, "John Williams is retiring from the Board at the end of this meeting. He has been Deputy Chairman since June 2000 and is also Chairman of the trustees of our Pension Scheme and Chairman of our Remuneration Committee. John has contributed enormously to the progress of Chelsea and we wish him well for the future."
Richard Hornbrook, Chief Executive, added "Chelsea people know very clearly that we are here to make a difference and to deliver the benefits to our members. Chelsea has had a remarkable year and nothing we've done or achieved would have happened without the commitment and hard work of our staff. I can honestly say that, wherever I look, I am proud of the passion and commitment of staff as they strive to make Chelsea a truly successful organisation."
Notes
- Chelsea is the 6th largest building society in the UK with assets of £11bn
- The AGM was held at the Cheltenham & Gloucester Chase Hotel
- This year we are donating 10p to charity for every voting form returned and donating 20p for every online vote we receive. The charities are within the sectors indicated on the member voting form (Homeless, Elderly, Disabled and Children). Donations will be made via the Chelsea Charitable Foundation. Details can be found by visiting www.thechelsea-charity-foundation.co.uk.co.uk). Voting turnout was 90,863 votes, the equivalent of 21.73% of the membership
- More information on Chelsea charitable foundation can be found at www.thechelsea-charity-foundation.co.uk
- The Chelsea Building Society Charitable Foundation is a registered charity (number 1079292)
- For further information please contact:
Jeremy Hicks - Head of Communications on 01242 271114, mobile 07831 149460
Vicki O'Connell - Public Relations Manager on 01242 271466, mobile 07774 169535
