AGMs - what do you do?

poppystar

Now I’ve got accounts with a fair few building societies it’s the season of the year with emails and post giving me the opportunity to vote. I’ve voted a few times before - mainly because they were offering charity donation for voting papers completed or just because I felt obliged to.  

The reality is I would usually go with whatever is suggested on the form since I don’t study the behaviour of officials or the annual accounts in any detail. So what is the point?  I would love to just ignore but then that competes with the feeling that I should play my part🙄 

Curious as to what others do…

gravel_2

NW member for 20+ years. Skipton BS for less. I think I also used to have accounts with YBS. Never voted and don't see the point. Building societies operate on this pseudo customer ownership structure and therefore have to offer the vote to customers but I feel it's largely symbolic and whatever they propose will pass through inertia.

As with other banks, I think the customer's only real power is to vote with their feet. If the product is worse or the rates are not competitive then jump ship and take your capital elsewhere.

At this stage I have the NW 5.5% bond and basically nothing else. I maintain my main current account and household joint account with them but my salary is pulled almost as soon as it hits into more profitable accounts elsewhere.

poppystar

Yes, I do vote with my feet regularly..

I have the NW bond too and did a token anti the board vote the first year they rewarded loyalty but excluded customers who’d been with them for decades! 

It does seem like a huge effort on the part of building societies for next to no gain. At least with online voting and annual accounts now fewer trees are paying the price.

Bridlington1

I've voted in every general election, PCC election and local elections I've been eligible to vote in and would've voted in referendums had I not been too young to vote in the last one.

I can't say I bother with AGMs though, every year I get dozens and dozens of emails about them, I just delete them and move on, I don't vote unless I've got a good understanding of what I'm voting for, and my dealings with building societies seldom goes beyond me chasing the best rates of interest, freebies, keeping accounts with £1 to get hold of loyalty accounts and occasionally complaining and getting a bit of money as an apology.

boingy

The only AGMs I ever vote are for Building Societies or companies who have annoyed me in some way. Then I take the time to vote against everything. All the others I ignore. Both approaches have the same effect on the end result... 

SonOfPearl

I usually vote online since it's easy and only takes a short time. The only deviation I always make from the default votes is to oppose the re-appointment of the auditors. Having the same auditors for many years is not good practice as the relationship can become too cosy. 

Hattie627

I always take a few moments to cast an electronic vote in every AGM which I'm eligible for.

I'd be kicking myself if a membership bonus (eg Nationwide) or a loyalty interest rate became available, but limited to those members who have cast a vote in the previous AGM.

Hasn't happened yet, but you never know what new hoops to jump through will be dreamt up to show "loyalty". Once one does it, they will all be at it.

For speed, I follow the Board's recommendations in the vote. After all, I am trusting the institution with my money, so by definition I trust the Board.

aroominyork

gravel_2 said:

Never voted and don't see the point... whatever they propose will pass through inertia.

I love this! If Seinfeld comes back you could get a job as a scriptwriter.

Rudyson

I vote where they make a donation to a charity for each vote

DullGreyGuy

Depends if I care about the matter in hand... if I do then I vote, if I dont then I won't bother unless incentivised to do so in some way that matters to me. 

Elections are a different matter, personally would like to see compulsory voting but also a "none of the above" option on the ballet - at present anything other than a clear vote for a candidate and you get lumped into the spoiled ballot papers with people who cannot follow basic instructions rather than be a clear protest vote. 

gravel_2

aroominyork said:

gravel_2 said:

Never voted and don't see the point... whatever they propose will pass through inertia.

I love this! If Seinfeld comes back you could get a job as a scriptwriter.

Can you rephrase this for the under 40s?