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Britannia hails &#39endorsement&#39 of mutuality

Britannia Building Society says members have voted “overwhelmingly” in favour of mutuality by re-electing pro-mutual candidates to the board at the AGM.

Five board members of the UK&#39s second-biggest society, including chairman Barrie Bernstein, were re-elected last week by over 91 per cent of the 308,000 members who voted. Around 1.25 million members were eligible to vote.

Each director polled an average of 20 times as many votes in favour of their remaining on the board as those voting for removal. Each year, between three and five of the board&#39s 12 members have to stand for re-election.

Britannia says the vote delivers a “ringing endorsement” of its strategy to remain independent and mutually owned.

In the past five years, it claims to have returned £310m to members through its loyalty bonus scheme and mortgage and savings rates.

The society will be donating £30,881 to children&#39s charities after pledging 10p for every vote cast.

Chairman Barrie Bernstein says: “Britannia will not convert to a plc bec-ause our members know it is not in their interests. With no outside shareholders to satisfy, our sole task is to provide value and service to members.”

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