The Mail on Sunday

Don’t lose control


BUILDING societies are keen to get members to vote at their AGMs because it allows them to boast that they are engaging with their customers.

But some societies are underhand in their attempts to get members to vote. They do this by designing their voting forms in such a way that members can tick just one box rather than having to vote individual­ly on a series of resolution­s – from reappointi­ng the society’s auditors to approving directors’ remunerati­on.

In using this ‘quick vote’ option, members may be saving time but they are simply handing over their voting rights to the society’s chairman. Of course, he will vote for all the resolution­s.

Customers should ignore this and instead spend a little time reviewing the summary financial report and accounts they will have received. This will provide key details on the society’s financial performanc­e and directors’ remunerati­on.

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