Annual General Meeting
The Annual General Meeting (AGM) of Teachers Building Society was held at 10.30am on Monday 23 April 2012 in the Castleman Suite, Allendale House, Wimborne, Dorset BH21 1AS.
Results of the Voting
The results of the voting, which was postal, online or in person, was as follows:.
Resolution 1
To receive the Directors' Report, Annual Accounts, Annual Business Statement and Auditors' Report for the year ended 31 December 2011.
For: 2573 (96.73%) Against: 87
Resolution 2
To receive the Directors' Remuneration Report.
For: 2187 (83.73%) Against: 425
Resolution 3
To re-appoint Deloitte LLP as auditors until the conclusion of the next AGM.
For: 2430 (92.33%) Against: 202
Resolution 4
To re-elect directors:
a) James Jaiparkash Bawa
For: 2322 (88.63%) Against: 301
b) Michael Hugh Percy
For: 2309 (88.50%) Against: 242
c) Kevin Francis Richardson
For: 2298 (88.18%) Against: 311
Resolution 5
As special business, to adopt the new Rules of the Society on 1st July 2012:
For: 2287 (91.52%) Against: 215
Questions & Answers
Members were able to submit questions in writing and by email prior to the AGM and also in person at the meeting. One question was asked at the meeting:
Q: The management expense ratio increased slightly last year. What is the reason for this increase?
A: Teachers Building Society invested in an intermediary channel launch, marketing campaigns and recruited new members of staff in 2011. The ratio is also impacted by the slight reduction in assets.
For more information about the Society's annual results, please see the Group Summary Financial Statement 2011 here.