We would like to thank all members who participated in the 2023 Annual General Meeting (AGM) vote, and for the overwhelming support you have given to the Board’s recommendations.
This year 2,458 members voted, which represents 10% of the eligible voting membership. The results of the Resolutions proposed at the AGM on 28 March 2023 are shown below.
PERCENTAGE IN FAVOUR
To receive the Directors’ Report, Annual Accounts and Annual Business Statement for the year ended 30 November 2022
To appoint Mazars LLP as auditors
To approve the Directors’ Remuneration Report for the year ended 30 November 2022
Ordinary Resolutions for the Election and Re-election of Directors
a) To relect Lynda Blackwell
b) To elect Barry Carter
c) To re-elect Colin Franklin
d) To re-elect Colin Fyfe
e) To elect Rebecca Griffin
f) To elect John Lowe
g) To re-elect John Mulvey
h) To re-elect Barbara Taeed
i) To re-elect Gary Wilkinson
j) To re-elect Nemone Wynn-Evans
Questions and answers from this year's AGM
Are there any plans to offer members the option of making withdrawals online?
Yes. The Digital Transformation project will introduce new functionality for our Members. Members will be able to open savings accounts online and transfer funds to their nominated bank account.
Are there any plans to introduce a Hinckley & Rugby Building Society mobile phone app?
Yes. Part of the Digital Transformation project will be a new app allowing Members to access increased digital functionality including opening a new savings account.
What does the Society mean by gross mortgage growth?
Put simply, this means the Society grew the amount of money it lends. On the Society Balance Sheet, the money lent to Members (mortgages) after money repaid grew by 6.5%.
House price inflation is a big factor on the growth figures, so how much is growth as a result of inflation opposed to growth from improved sales delivery?
House price inflation has been a factor but on average the overall value of mortgages we offer has increased. House price increases is a small factor and plays a small part in the 6% growth.
How does the Society position compare to other lenders?
The Society position is increasing compared to our peer lenders. Growth was subdued during the financial crisis of 2007-2008 and lower profits were made in the following years. Then the Society took a prudent position during the Covid years. Now we are moving forward and we are seeking to improve our NIM (Net Interest Margin) – we are currently achieving 1.45%, and on average our peers are achieving 1.5-2%.
Why can’t my passbook be updated in head office?
Unfortunately, we do not have the facilities to update passbooks at Head Office. This service is only available in our branches.
Do you foresee the deposit guarantee scheme UK causing significant issues in the coming year?
It is recognised that the system was set up by the regulators in a time of crisis and in doing so, provides protection for customers in the event of a wholesale failure in the banking sector. It is good that customers are protected and given the strong controls and oversight of the financial service sector, the likelihood of wholesale failure is minimised. This has not been a challenge for the Society, however, in the unlikely event of a mass failure of retails banks, there would be a cost implication for the Society.