Britannia members have voted overwhelmingly to keep the building society’s mutual status by electing pro-mutual candidates to its board of directors.
More than 370,000 members returned their voting forms (30% of those eligible to vote) making it the biggest ever turnout in a Britannia AGM ballot. Members voted five to one in favour of the board’s four recommended candidates ‘ chief executive Graham Stow, operations director John Suffolk and non-executive directors Bridget Rosewell and Rhidian Jones.
Richard Yendall, who was in favour of demutualising the group, received a 16% share of the vote.
‘Britannia members have shown their clear and unequivocal support for their society remaining independent and mutually owned,’ said Britannia chairman, Barrie Bernstein.
‘They have endorsed our view that Richard Yendall was not a suitable director of the society, not least due to his carpetbagging history,’ he added.
Julie Henderson is editor of IFAonline