The Cambridge aims to 'thrive not just survive'
20 April 2017 • Corporate
The Cambridge Building Society hosted its 167th AGM last night at Murray Edwards College.
Those attending heard from Chairman Jonathan Spence who spoke about the balancing act a mutual building society has of bringing in enough savings to fund the mortgage book.
He said: “We need to grow and develop to stay relevant to our members. We will look forward with the aim of thriving rather than simply surviving.”
The Chairman also thanked Andy Brown for his service after he retired from the Board following his three year rotation.
Chief Executive Stephen Mitcham explained how he believes there will always be a need for physical branch locations.
He said: “There is no getting away from the fact that less people are using bank and building society branches for basic transactions but we believe the death of the branch is much over stated.
“Absolutely we believe physical sites need to change and adapt but we do still believe that for major life changing transactions people want to be able to talk to a trusted, well trained member of the Cambridge team.”
Members voted in favour of the following:
- To receive the Directors’ Report, the Annual Accounts, the Annual Business Statement and the Auditor’s Report for the year ended 31st December 2016.
- To approve the Directors’ Remuneration Report.
- 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.
Pauline Holroyd and Peter Burrows were elected to the Board of Directors while Jonathan Spence, Stuart Cruickshank were re-elected.
There were several questions around the topics of the financial accounts, branch locations and remuneration.
As part of The Cambridge’s commitment to the community, a donation was made for every vote cast as part of the AGM to the charity Cam Sight. Fundraising Ambassador Warren Wilson was at the AGM to receive a cheque for £1,250 on behalf of the charity that supports blind and partially sighted people of all ages in Cambridgeshire.