Location:

Annual Meeting of Members 2018

Annual Meeting of Members 2018

 

The Annual Meeting of Members (AMM) of the Society were held at:

Hautlieu School, Wellington Road, St Saviour

Tuesday 22 May 2018 at 7:30 pm

Formal Matters

  1. The Minutes of the Annual Meeting held on 16 May 2017 in Jersey and 17 May 2017 in Guernsey were approved.
  2. The Board of Directors’ report for the 53 week period ended 14 January 2018 was adopted.
  3. The audited financial statements for the 53 week period ended 14 January 2018 were approved
  4. The Dividend proposed of 4p in the pound on members purchases was approved
  5. The proposal to fix the Directors’ remuneration was not approved, such that the exiting basis of remuneration remains in force

 

SPECIAL MEETING OF MEMBERS (held directly after the AMM)

The following amendments to the Society’s Rules proposed by the Board of Directors were approved:

 

  1. Changes in the Composition of the Board of Directors

(a) To remove the current restriction on former employees and pensioners serving on the Board for five (5) years following the cessation of their employment by the Society but retaining the existing provision to the effect that not more than one-third of the places on the Board shall be held by former employees of the Society. [Rule 10.2 (a)]

 

(b) To remove the current restriction on the spouses or partners of former employees and pensioners of the Society serving on the Board for five (5) years following the cessation of their employment by the Society. [Rule 10.2 (b)]

 

  1. Changes in the Eligibility to Serve as a Director

(a) To remove the existing restriction on former employees of the Society from serving as a Director for five (5) years after they have ceased to be a Director. [Rule 10.19 (h)]

(b) To add a provision stating that a person should only be eligible to be a Director if they are a Member of the Society and fulfil the following criteria: [New Rule 10.19 (m)]

(i) have not been debarred by the Jersey Financial Services Commission or the Guernsey Financial Services Commission from holding a position of responsibility in a financial services business; [New Rule 10.19 (n)]

(ii) are not under investigation by the Jersey Financial Services Commission or the Guernsey Financial Services Commission in relation to any regulatory breach; or

(iii) are not under investigation by the Police or another law enforcement agency in relation to a suspected offence of dishonesty. [New Rule 10.19 (o)]

 

  1. Changes to the Board’s Quorum

(a) To reduce the existing quorum from five (5) Directors to three (3) Directors (not including any professional external Directors). [Rule 10.23]