Interim Dividend payment to Members of the former Penrith Society
Following a presentation on the proposed dividend payment to former Penrith Society Members, the members:
• declared interim dividend payment(s) of 0.75p per £1.00 to honour the commitment to the former Members of the Penrith Co-operative Society. This dividend will take account of the loyalty payment already paid to members so that there is no double counting.
• granted authority to the Board to determine the timing and process used to calculate the interim dividend payment(s) using appropriate bandings of spend.
• confirmed the harmonisation of the Society’s dividend policy using the Society’s community dividend scheme rather than the Penrith Member dividend scheme and granted the Board authority to take the necessary steps to cease the dividend payment to the Penrith members so that all Scotmid members receive equal benefits.
The results of the Society wide vote excluding abstentions were as follows:
For 150
Against 0
The resolution was duly carried.
Rule Changes
A presentation was given on the Board’s proposal to:
• replace references to the Financial Services Authority with the Financial Conduct Authority;
• replace references to the Industrial and Provident Societies Act 1965 with The Co-operation and Community Benefit Societies Act 2014; and
• remove rule 59.2 (b) which provides that a Regional Committee member shall cease to be eligible to serve on a Regional Committee if he/she “ has attained his 72nd birthday. Any member of the Regional Committee on reaching his 72nd birthday shall retire at the immediately following annual meeting and shall not be eligible for re-nomination.be removed.”
As the resolution related to a rule change it was required to be passed by two thirds majority of the total Society wide votes cast.
The results of the Society wide vote excluding abstentions were as follows:
For 149
Against 2
The resolution was duly carried.
Results of Board Elections 2014
At the Ordinary General Meetings held in Edinburgh on 29 September 2014 and in Hamilton and Brechin on 30 September 2014, there were uncontested elections for 5 places to serve on the Board. The following Members were elected
Board Member to represent the East Region
John Miller and Grace Smallman were re-elected to serve a 3 year term of office
Eddie Thorn was elected to serve a 2 year term of office
Board Members to represent the West Region
Tom McKnight was re-elected to serve a 3 year term of office
Michael Ross was elected to serve a 2 year term of office