Governance

Annual General Meeting

The 170th Annual General Meeting of The Cambridge Building Society was held at the Head Office premises on Monday 20th April 2020 at 6.30pm.

The Resolutions outlined in the mailing pack to Members were all passed in line with the voting results displayed below, and the Chairman’s speech is reproduced for you.

As Members were unable to attend this year’s meeting due to restrictions, an opportunity to meet the Board will be announced on our website later this year.

Many thanks to all of our Members who registered their vote in advance of the meeting either online or by post – the results are below:

 

Ordinary Resolutions

 

To receive the Directors’ Report, the Annual Accounts, the Annual Business Statement and the Auditors’ Report for the year ended 31st December 2019. 98.73% were in favour
To approve the Directors’ Remuneration Report. 94.53% were in favour
To approve the re-appointment of KPMG LLP as Auditor to the Society for the period from the conclusion of the meeting until the next general meeting at which accounts are laid before the Society. 97.11% were in favour
To approve the re-election of Directors:

(i) Peter Burrows
(ii) Pauline Holroyd 
(iii) Andrew Jones
(iv) Andrew Morley
(v) Jonathan Spence
(vi) Victoria Stubbs


97.71% were in favour
97.95% were in favour
97.66% were in favour
97.53% were in favour
97.79% were in favour
98.05% were in favour

 

Board Committees

The primary focus of the Board is to ensure that the Society has a sustainable future based on strong financial and risk management. The Board also has a duty to ensure that The Cambridge operates within relevant regulation and that proper accounting records and effective systems of business control are established, maintained, documented and audited.

Audit Committee

The Committee is responsible for the review of the integrity of financial statements, the effectiveness of internal controls and compliance systems. It recommends acceptance of the annual accounts to the Board and monitors the performance, objectivity, competence and effectiveness of the internal and external auditors. The Committee recommends to the Board (for approval by our members) the appointment or reappointment of the external auditors.

Remuneration & Organisational Design Committee

The Committee is responsible for the terms and conditions of employment of the Executive Directors and also recommends Non-Executive remuneration to the full Board.

Nominations Committee

Responsible for succession planning for both Executive and Non-Executive Director positions, the Nominations Committee leads the process for recommending and appointing new members to the Board. It considers the balance, skills range, knowledge and experience of the Board, the requirements of the organisation, and recommending change where appropriate.

Risk Committee

The Committee advises the Board on setting the Society’s overall risk appetite, risk tolerance and risk strategy and is responsible for monitoring risk management across the organisation. The Committee has close links with the Society’s Mortgage Credit, Assets and Liabilities, Conduct Risk and Operational Committees.