Britania merger vote

sons_2

cvd wrote: »

For me, that is not the point. The point is that it should not be using its profits to support any political party. It alienates a substantial number of potential customers and so makes the organisation less successful.

I think you will find most companies donate to a political party, does that effect where you shop as well or is it only for the co-op?

Got to be honest it doesn't bother me if a company donates to a party or not.

jack_spratt_2

sons wrote: »

I think you will find most companies donate to a political party, does that effect where you shop as well or is it only for the co-op?

Got to be honest it doesn't bother me if a company donates to a party or not.

Me to !!they are all the same really !!

If I do not like the way a company is run I just do not use them !! there are other Banks and Building Societies who will be quite happy to take your money use them instead

realaledrinker

baby_boomer wrote: »

So expect drift rather than progress.

You obviously missed the Co-op Bank's 2008 results. Yes they actually turned in a PROFIT!

cfs annual results announcement highlights
Very strong trading performance in the banking business with profits increasing by 70% to £85.6m (2007: £50.4m). Income up, bad debts down, operating costs down despite difficult market conditions. .

FoxtonsRIP

Iconic wrote: »

'Britannia Building Society’s members voted overwhelmingly in favour of merging with Co-operative Financial Services at its AGM at Birmingham National Exhibition Centre today - 88.6 per cent of savings members voted in favour of the deal – more than the 75 per cent majority required. Some 86.2 per cent of borrowing members supported the proposal – only a 50 per cent approval from borrowers was required'

http://www.crainsmanchesterbusiness.co.uk/apps/pbcs.dll/article?AID=/20090429/FREE/904299965/1012

Well that was fairly predictable.

cvd

I think you will find most companies donate to a political party, does that effect where you shop as well or is it only for the co-op?

In fact, I do shop in the Co-op.

Got to be honest it doesn't bother me if a company donates to a party or not.

The relationship between the Coop and the Labour Party is rather different. The Cooperative Party (the political arm of the Coop) is a part of the Labour Party - just like affiliated trade unions.

I have no doubt that the Coop movement would be stronger if it cut these ties and just concentrated on promoting its founding principles.

baby_boomer

sons wrote: »

I think you will find most companies donate to a political party

I think you will find that they stopped doing this a while ago.

And they won't want to start again in an era of dividend cuts.

I have always criticised the Britannia "quick vote" [put your X in this box if you want to save yourself the time & bother of reading the document and also want to feel good about giving 40p to charity ] as a gross abuse of democracy.

It was set up to ensure that the management would win important future votes via the Chairman's proxy, without many members even reading the AGM material.

And they succeeded .

sons_2

baby_boomer wrote: »

I think you will find that they stopped doing this a while ago.

And they won't want to start again in an era of dividend cuts.

I have always criticised the Britannia "quick vote" [put your X in this box if you want to save yourself the time & bother of reading the document and also want to feel good about giving 40p to charity ] as a gross abuse of democracy.

It was set up to ensure that the management would win important future votes via the Chairman's proxy, without many members even reading the AGM material.

And they succeeded .

I wouldn't worry about it going forward, they wont happen anymore. It is a shame that the element of democracy that was there is now gone, but it has.

baby_boomer

sons wrote: »

I wouldn't worry about it going forward

I wasn't. The abuse of democracy has enabled Neville Richardson to become completely imune from any future accountability - on all issues including his pay. I'm just admiring his chutzpah before severing all savings connection with his organisation.

ad44downey

It was a right Royal stitch-up, and no mistake. You'd have gotten more chance of a proper democratic vote in Stalinist Russia

realaledrinker

baby_boomer wrote: »

I wasn't. The abuse of democracy has enabled Neville Richardson to become completely imune from any future accountability - on all issues including his pay. .

He is now the CEO of a subsidiary of the Co-operative Group rather than the top dog. Previous Bank CEO Sir Mervyn Pedelty fell out with the Group & "retired to pursue other interests", so there is a precident to remove Richardson if he doesn't deliver.