Nationwide Building Society
June 2002 – Andrew Muir, who seeks to demutualise the society, has found that his election statement contained in the voting documents has been “accidentally” modified by the society to his disadvantage.
Portman Building Society
June 2002 – Two branches are to be closed in Pewsey and Ramsbury in Wiltshire because they are not “economically viable”.
Our Comment – The Annual Report makes no mention of these planned closures at all. In fact the Report states “The Portman’s commitment to the branch network and the convenient access it provides has never been higher”!
As with the other societies, the announcement of these planned closures was made, by pure coincidence, after the AGM and after the BSA annual conference. Needless to say local members are none too pleased.
The very “mutual” Portman directors refused to supply local members with information that would confirm the reasons for closures. So members were forced to occupy the premises, on a shift basis, to keep a check on the numbers of customers.
Directors love to promote the concept of serving local communities (including sponsorship for the Bournemouth Symphony Orchestra in this case) because it is good PR and “loyal members” are good voting fodder. But directors like their annual bonuses and these owe far more to profits than they do to service to members. There is also the new head office building to be paid for. Had the closures been announced before the AGM the directors would have faced a more difficult task and a lot of more bad press.
The directors of this society are renowned for being undemocratic, they changed the rules last year to reduce members’ rights by making it even more difficult for members to nominate candidates or put forward resolutions.
Newcastle Building Society
June 2002 – Plans to close two branches – Liverpool and Glasgow.
Stroud & Swindon Building Society
June 2002 – Five branch offices of this society are planned for closure.