Strong show of support for Chelsea

27 March 2008

Chelsea Building Society today held its 2008 Annual General Meeting (AGM) near its head office in Cheltenham. Over 21% of members voted; a consistently high turnout for the fourth year running. Once again each vote has helped raise money for charities, with 10p being donated for each postal vote received and 20p for each online vote. 

“We are delighted with such a fantastic member vote” said Richard Hornbrook, Chelsea’s director and chief executive. “This proves that member confidence, interaction and communication remain strong at Chelsea. I’m also extremely proud to be able to donate over £10,000 to worthy causes as a result of our members voting in such numbers.”

For the fifth year in succession Chelsea members had the opportunity to vote on the Directors’ Remuneration Report, with over 91% voting in favour an increase in previous years5.

Voting results

Ordinary resolutions

  % in favour
To receive the Report and Accounts 98.1%
To re-appoint the Auditors 96.8%
To approve the Directors' Remuneration Report 91.3%

Election of directors

  % in favour
Peter Ford 96.1%
Trevor Harrison 94.2%
David Marsh 94.8%
Peter Walsh 95.4%
Jean Wood 94.4%

At the meeting, members were given presentations about Chelsea's performance for 2007, which, despite a challenging year, was extremely robust:

  • Total group assets increased by 17.5% to £13.1bn (2006 £11.1bn)
  • Profit after tax increased by 10.7% to £45.4m (2006 £41.0m)
  • Significant improvements in efficiency; costs-to-mean assets ratios down from 0.59% to 0.56% (group) and 0.59% to 0.53% (society)
  • Gross lending £3.13bn (2006 £2.95bn)
  • Net mortgage lending £1.35bn (2006 £1.35bn)
  • Asset quality remains high with mortgage arrears substantially below industry average
  • Savers balances increased by 7.7% to £8.4bn (2006 £7.8bn)
  • Liquid assets increased to £3.1bn, 25% of total funds (2006 £2.4bn, 23%)

Notes

  1. Chelsea is the UK’s fifth largest building society with assets over £13 bn
  2. The AGM was held at the Cheltenham Chase Hotel
  3. A charitable donation of 10p per paper vote and 20p per online vote will be made to charities within the sectors indicated on the member voting form (Homeless, Elderly, Disabled and Children). Donations will be made via Chelsea Charitable Foundation. Details can be found by visiting www.thechelsea-charity-foundation.co.uk. Chelsea Building Society Charitable Foundation is a registered charity (number 1079292)
  4. Voting turnout was 90,267 votes, the equivalent of 21.32% of the eligible voting membership. This meets our aim of achieving over 20% of votes as set out in our Corporate Responsibility report which can be viewed at www.chelseacares.co.uk
  5. 91.3% voted to approve the Directors’ Remuneration Report in 2008, an increase on the 90.9% that voted to approve the report in 2007
  6. For further information please contact:

Jeremy Hicks - Divisional Director Communications on 01242 271114, mobile 07831 149460

Vicki O’Connell - Media Relations Manager on 01242 271466, mobile 07774 169535