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Skipton and Chelsea in backing for pro-mutual directors

Both Chelsea and Skipton building society members have voted

overwhelmingly in favour of their pro-mutual directors, as predicted by

Money Marketing last week.

At Chelsea&#39s AGM, 88 per cent of its 100,000 voters gave a resounding

endorsement to the board by re-electing pro-mutual directors Timothy Barry,

Bill Blackburn and John Williams.

In an independent report on Chelsea&#39s strategic opt- ions, David

Llewellyn, professor of money and banking at Loughborough University, told

the meeting: “The business arguments which have been used in favour of

conversion are flawed.

“Chelsea has a crystal- clear strategy positively helped by its mutual

status. There is absolutely no case to change status.”

But voters passed a resolution requiring the board to consider its mutual


Carpetbaggers are hoping this will open the door on demutualisation,

leading to windfalls but the board says it routinely considers its status

regardless of any resolutions urging it to do so.

Totalise – a year-old int- ernet provider of flowers and cars – has

already made a merger offer to Chelsea which is opposed by the board. The

company is considering resubmitting its merger proposal.

At Skipton&#39s AGM, 90 per cent of the 170,000 voting members re-elected

pro-mutual John Goodfellow, John Macaskill and David Cutter.

Chairman Richard Robson says: “The carpetbaggers asked members to show their disagreement by voting not to return the chief executive and other directors.

“As the outcome shows, every one of the board&#39s resolutions received

support from more than 90 per cent of those voting.”


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