BSMA & You

Building Societies Members Association and You

Please let people know about this site.

At AGM time do not allow yourself to be used as voting fodder – vote AGAINST everything on the ballot paper.

Always use your vote BUT:-

NEVER USE THE INFAMOUS “QUICK VOTE”
MAKE SURE YOU READ THE INSTRUCTIONS VERY, VERY CAREFULLY
READ THE DETAIL ONLINE
READ AND CHECK THE REVERSE SIDE OF THE VOTING PAPER
CHECK FOR A TICK BOX BURIED IN THE SMALL PRINT

Most societies are now holding their AGMs online. For some people reading their documents online is not very satisfactory. You can always request the society to send you hard copy either on a regular basis or as and when you wish.

The standard of corporate governance of building societies is very poor and accountability is very weak. Building society voting papers are not democratic. Directors may arrange them and any accompanying literature so that you will vote as they wish and that is the purpose of the infamous “Quick Vote”. Members of many societies will one day be surprised if the voting papers are not biased.

If there is a member-nominated candidate standing for election as a democratic mutual supporter, vote only for the member candidate and no one else. To vote for people in addition to the member nominated-candidate will reduce the chances of the member-nominated candidate.

Give your support for any resolutions put forward by members to make societies genuinely mutual and democratic organisations just as they used to be.

Beware of any resolutions put forward by directors. They are very often intended to reduce members rights. Members possess too few rights already and directors are keen to remove them all.

Always ask your building society to supply a hard copy of the Full Annual Report and Accounts, you will not receive one unless you ask. You are always asked to vote in favour of the report but unless you request it you will never know what you are voting for.

If you believe the voting paper or accompanying documents are distorted against members’ interests or if you have not received satisfactory service in any way it is most important that you complain to:-

The building society.

Financial Secretary, HM Treasury, Parliament Street, London SW1P 3AG.

The Treasury Select Committee – Clerk to the Committee, Treasury Committee, House of Commons, 7 Millbank, London SW1P 3JA – Tel: 020 7219 5769 – Fax: 020 7219 2782

Your Member of Parliament. You can find your MP’s contact details here

and please send copies to us (and copies of the replies).

Join the Building Societies Members Association (BSMA)

The membership is only£1. Your membership will help us to help you. Please contact the Secretary at:-

Email: Info@bsma.org.uk
Tel: 01823 321304

We seek your views. We welcome news items and articles for inclusion on this web site from building society members and building society employees. We want our members to be active in helping us and each other.

If we can get everyone who believes in true mutuality to join us this would be a formidable force to press for changes to building societies legislation that will ensure proper accountability and stop malpractices.

Note: Some societies hold regular members meetings which, in some cases are like mini AGMs but now more events are online. These are usually fielded by executive directors and provide a useful platform for you to air your views or possibly sort out problems at a higher level.

Advise us if you intend to stand for election to a building society board or to present a resolution. We can help to get support for you.

The Chief Executive of the Nationwide Building Society, speaking on behalf of the society, told the Parliamentary Treasury Committee that he was in favour of part of the board consisting of member-nominated directors. However, despite that statement and others like it, the directors vigorously oppose member-nominated candidates which means they are opposed to the legislation itself.