On Tuesday 16 September in Jersey, and on Wednesday 17 September in Guernsey, we were joined by hundreds of our Members for a Special Members’ Meeting.

We did things a little different this year. Following feedback from Members who told us they’d like more regular updates on our performance; we hosted a half-year business performance update so you could see exactly how we’re doing mid-way through the year, not just at year end.

We were proud to share a resilient and successful half-year performance, reflecting our commitment to delivering value for our Members and investing in the future of our islands. Here are some highlights from the half-year review:

Trading performance:
Turnover has reached £119 million, up 4.6% from last year, with a net surplus of £685k, an increase of £1 million year-on-year. We’ve served 6.1 million customers so far, a 5.4% rise, showing continued trust in our services.

Strategic investments:
We’ve made significant upgrades to our food stores and introduced new technology across our pharmacy business, which saw sales grow to £13 million which is an impressive 20% increase.

Member value:
Members have saved £2 million through over 800 member prices, and we’re continually improving your experience.

Sustainability progress:
Our Blueprint for a Sustainable Future is delivering real impact and we’ve cut our carbon footprint by over 5% through low-energy lighting and efficient refrigeration.

Community impact:
We supported over 50 local producers, spending more than £5 million in the last six months.

Investing in people:
Our colleagues completed over 3,500 hours of training, ensuring we continue to serve our Members and customers to the highest standards.

Shaping the future together

The meeting also gave us the opportunity to present proposed rule changes that will enable us to enhance member rewards. These changes included the introduction of new long-term share classes. This will create an investment opportunity designed to benefit members who invest for longer periods, helping both you and your Coop grow stronger together.

We’re pleased to say that following the conclusion of the Special Meeting of Members (SMM) the motion was passed. You can find details of the sole motion below.

Sole motion:

To approve the amendments to the Society's Rules proposed by the Board of Directors summarised as follows:

·       to approve the issue of a new C class of shares, which will be for a fixed term for a period of 12 months with interest applied at a rate determined by the Board of Directors, at its discretion;

·       to approve the issue of a new D class of shares, which will be for a fixed term for a period of 24 months with interest applied at a rate determined by the Board of Directors, at its discretion;

·       to approve a change in the interest payment terms for B class shares, where interest is paid through the 90 days’ notice period to the date of withdrawal;

·       to allow a Member to subscribe for their initial A class share either by paying £1 upon initial application or to permit the Society to deduct and retain some or all of such sum from any future dividend or dividends paid in favour of the Member;

·       to amend the dormancy provisions so that they relate to the A share class only and member inactivity through lack of relevant purchases made against an A share class account;

·       to remove clauses 10.1.1(A) and 10.6A which are no longer relevant as there are no Directors on the Board who held office prior to the 2018 rule change;

·       to make it clear that membership is open to charitable, social and non-profit organisations whether they are body corporate or in the form of a legal person; and

·       to make certain clarificatory and updating amendments, such that the Society's Rules shall be the clean version made available to the Members as described in this notice. 

The sole motion was passed with an overwhelming majority in favour of it. We extend our gratitude to our Members for actively participating and exercising their democratic privilege.

Your voice at the table

We also built in time for round-table discussions with our directors and executive team, so we could hear directly from you about the issues that matter most. Your views help shape our direction, this is your Coop, and your input is vital.