26 April 2010
Saffron Building Society holds successful AGM
Saffron Building Society held its Annual General Meeting on Thursday 22 April at the Stansted Centre in Takeley, Essex.
The AGM offered a review of the Society's 2009 results, with members encouraged to put their questions to Saffron's board. Members also exercised their right to elect Directors to the board and appoint the Society's auditors.
With pre-tax profits for 2009 standing at £2m (double that of 2008), the Society's commitment to careful lending and cost-control had delivered another stable and successful year. The event was also used to give members an insight in to future plans for the Society.
Chief Executive Andy Golding said: "The AGM may be an annual requirement for all Building Societies, but to us, it represents an opportunity to engage with our members and reiterate our duty to safeguard their interests.
"It has been another challenging year for financial services, and, for me, it's of paramount importance that we are open with our members about the impact of the current climate. We are extremely proud of our strong 2009 results, but cannot afford to become complacent. As such, we used the AGM to give members an overview of what we have learnt in the last 24 months and our view of 2010 and beyond".
Questions put to the board by members sought clarification on figures in the Report and Accounts, and explored the day-to-day operation of the Society. There were also discussions stemming from recent press coverage of the Society, covering both shared services in the sector and the continued support of branch-based customers.
Andy continued: "Saffron are very proactive in responding to financial news stories and changes within the sector. We've worked hard over the year to communicate with members through my blog, regular columns and personal contact - and this transparency has been well received by members over the course of the economic downturn.
"We are proud to be one of the first Building Societies using Twitter actively. Further to this, we will shortly be producing an AGM Podcast for members absent from the AGM. The AGM has reinforced to me that delivering security, service and a personal touch still has value in the modern fast-moving world."
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