Staffordshire Building Society
May 2002 – The directors of this society plan to close no less than nine branch offices.
Nationwide Building Society
May 2002 – “Top Mutual Loses Points” – Daily Mail article by Alex Brummer.
Nationwide Building Society
May 2002 – All seven resolutions submitted to the board requesting the board to make itself genuinely mutual and accountable to its members have, not surprisingly, been rejected by the board. The resolutions included a vote on directors’ pay also year on year details of pay and policy for bonus payments to be published for all members to see.
Our Comment – In the spirit of mutuality, for which the Nationwide directors are not renowned, they have changed the meaning of the rules without changing the rules such that although any member can submit a resolution no member can ever get one accepted. Nationwide publicity says they are “open, honest and fair”. Really?
Birmingham Midshires Building Society
May 2002 – £15,000,000 of windfall monies remain unclaimed by former members following the purchase of this society by the Halifax.
BSA Conference
May 2002 – Much use was made of the annual gathering of society directors to gain a propaganda advantage from the press by giving the impression that any member who attempts to stand for election to the board of a society is a carpetbagger. The charge against members was led by Martin Ritchley of the Coventry BS the society with the very artistically designed and undemocratic voting paper and an MP on the board.
Members’ Panels
May 2002 – Many societies, presumably through another BSA driven initiative, are now introducing “members’ representatives” or “customer panels” probably to impress the membership. Some like the Britannia are being very selective on whom they choose. The title suggests that the non-executives, who are supposed to represent members’ interests, have failed to do so. However, some societies already have these panels and the title of “members’ representatives” is quite misleading. Their usual function is to complete simple questionnaires on rather mundane matters.