SO WHY ARE SO FEW MEMBERS SPEAKING OUT?

AT COVENTRY Building Society’s annual meeting on Thursday, customers raised a number of pertinent questions.

Why were interest rates worse on tax-efficient Isas than standard savings accounts – and both lower than at challenger banks? And how much had the society recently forked out to sponsor the local Championship football club stadium?

Many questions on excessive pay were submitted by members before the meeting, leading the head of the remuneration committee to deliver a tenminute presentation defending rewards handed to executives including boss Steve Hughes, who received a package for last year totalling £863,000.

Attending a building society meeting used to be a faff. You had to traipse to the society’s headquarters or other venue. But this year most societies have been holding hybrid meetings, which means that you can also attend via computer at home.

As a Coventry member myself, I watched online, submitting questions via its ‘chat’ facility. Of course, it does not beat attending in person. Not just because of the refreshments and entertainment, such as the brilliant Camerata orchestra at Skipton. Awkward questions can remain unanswered online, while executives cannot ignore you if your hand is in the air. Although my questions on boardroom pay were addressed in a fashion, I will attend in person next year. I can then look the executives in the eye as they try to justify their largesse.