Annual Meeting of Members 2021

Annual Meeting of Members 2021

We held our AMM virtually once again this year. The AMM was followed by a virtual SMM.

The meetings were held on Tuesday 8 June 2021.

Chief Executive’s Report
Our CEO Mark Cox reported on the fantastic work our colleagues have done throughout the pandemic, how we deployed additional safety measures across all locations and protected the vulnerable members of our community through our essential food shopping service.

It was confirmed that stamps would not be returning and that a new member loyalty offer would be coming soon which could enable members to spend their loyalty bonus and dividend instore, check balances on an app, take advantage of offers and even donate to charities!

You can find out more about the stopping of double dividend by clicking here. We will continue to accept stamp cards until the end of 2022.

Member Engagement
We will be increasing our member engagement and participation opportunities on topics like:

  1. Meaning of  membership
  2. The future of loyalty
  3. Improving the service we provide
  4. Attracting the next generation and younger members
  5. Sustainability
  6. How we support community funding  

Financial Update
Our Chief Financial Officer Louise Read confirmed the following key messages:

  1. Strong trading performance
  2. Net surplus £2.4m
  3. Turnover £185m (2020: £184.5m)
  4. Core food sales up £5.2m (up 3%)
  5. Pharmacy sales £10m (up 14%)
  6. Fuel, travel, funerals impacted by Covid-19
  7. £8.2m returned to members
  8. Trusted, safe place for members’ money through A and B share accounts
  9. Strong Balance Sheet with total member funds of £166m.

Formal Matters
The results from votes on the agenda items were:

  1. To confirm the Minutes of the Annual Meeting of Members held on 3 June 2020 - CARRIED
  2. To receive the Board of Directors’ Report for the 52-week period ended 10 January 2021 - CARRIED
  3. To receive the audited Financial Statements for the 52-week period ended 10 January 2021 - CARRIED
  4. To declare and approve the Dividend in respect of the 52-week period ended 10 January 2021 - CARRIED
  5. To confirm the appointment of Grant Thornton as the Society’s Auditor from the conclusion of the Meeting until the conclusion of the next Annual Meeting of Members - CARRIED
  6. To authorise the Board to fix Grant Thornton’s remuneration - CARRIED

New Directors
We welcomed to the Board Jon Bond in Guernsey and Graeme Smith in Jersey, who were appointed as Director’s after being unopposed candidates in each island.

You can find out more about each director by clicking on their pictures.

 

 

 

 

 

 

 

 

 

Our Special Meeting of Members was held immediately after our AMM, to view what was discussed during this meeting, please click here.