News

April 2018 – Jeff Prestridge of This is Money reports on the customary annual inflation busting increases that the directors of building societies are helping themselves to. He goes on to say “While many building societies proclaim that they hold the moral high ground over the banks because they are not subservient to dividend-hungry shareholders, it is often…

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March 2018 – This is Money reports: Skipton BS boss David Cutter takes £1m salary despite paltry savings rates. The report states that the chief executive of Skipton BS has joined an exclusive men-only elite of building society executives – the £1 milion plus a year club.  David Cutter, 56, and a Skipton employee for…

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March 2018 – The directors of the Holmesdale Building Society have decided that it will no longer be able to continue to function on a financially secure and stable basis.  The proposal is that the society be taken over by the Skipton Building Society.  Members of Holmesdale will be able to vote in June and the…

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December 2017 – The Financial Reporting Council (FRC) has produced a consultation document on proposals for revisions to the Corporate Governance Code. This follows on from the Governments Green Paper review on corporate governance which was instigated as a response to the increasing numbers of shareholder revolts particularly on pay.  However the outcome of the…

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December 2017 – The Investment Association has produced and published a register of FTSE All-share companies naming all those where at least 20% of shareholders opposed one or more of the board’s resolutions. The list shows that 38% of revolts were related to pay. No such register could exist for building societies as all members…

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December 2017 – The Bank Rate may have increased by 100% but members of the Darlington Building Society have learned that the interest rates on their savings accounts have gone in the opposite direction.  Their Loyalty Savings account has been cut from 1.20% down to 0.70%.  Not a very nice Christmas present from the Darlington. It…

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October 2017 – The report of the directors on corporate governance in the 2017 Annual Report of this building society states “Many companies with strong frameworks have failed as beyond the rules there are principles that matter deeply, such as transparency, trust, openness and balance.” However a request for sight of their submission in response to the…

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September 2017 – The Building Societies Members Association invites all members and friends to attend the 35th Annual General Meeting. The meeting will take place on Saturday 28th October at 1.30 PM. The venue is All Saints House Venues (Courtyard Room) 83 Margaret Street, London, W1W 8TB. It is 6 minutes walk from Oxford Circus Underground,…

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September 2017 – Holders of PiBs (permanent interest-bearing shares) will once again receive no interest payments due to further losses although losses have more than halved from last year. The society has stated that there is “material uncertainty” over its future and is in “open dialogue” with regulators. Telegraph Report

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August 2017 – The Government has published a response on corporate governance reform having watered it down following considerable pressure from those who would be affected by the original proposals. The original proposals announced by Theresa May in her inaugural speech included reining in corporate greed and shareholder/member and employee representatives on company boards and were…

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