Positive turnout for Scarborough AGM

Scarborough Building Society recorded another positive voting turnout for today's Annual General Meeting (AGM).

The percentage of people taking the opportunity to have their say on the Society's future direction was 19.4% - a turnout of 26,982 - continuing the positive annual trend of members showing an active interest in the direction of the business.

The figures were released following a successful 162nd AGM at the North Yorkshire-based mutual, which ratified the 2007/8 Annual Report & Accounts recording another year of record results.

Chief Executive John Carrier said: ‘Our status as a successful, independent mutual building society is very important to us and I am always delighted to see our members underlining the value they place on this by playing a part in our Annual General Meeting.

‘This year's has, once again, been a successful meeting with a very positive voting turnout.

‘It follows 12 months of continued growth and diversification for the Scarborough Group in which we achieved pre-tax profit growth of 16%, to £7.8 million, and asset growth of 24%, to a record £2.85 billion.

‘However, the whole financial services sector currently faces some very significant challenges around a deteriorating economic outlook, falling house prices, rising inflation and the higher cost of retail and wholesale funding. There is no doubt that a tough year lies ahead.'

For the second year running, Scarborough encouraged its members to vote by donating 20p for every vote cast to two of the Society's key charitable partners, Home-start UK and the Yorkshire Wildlife Trust (YWT), which will each receive £2,500 towards community enhancing initiatives.

Scarborough has established partnerships with the two charities in line with the Communities and Environment strand of its Corporate Social Responsibility (CSR) policy, which sees it supporting good causes such as this with a mixture of cash sponsorship and volunteering involvement.

Other steps Scarborough takes to encourage its members to get involved include the inclusion of the Connect member magazine with its AGM mailing, containing real-life case studies and ideas on a wide range of financial topics, from effective budgeting to mortgages and investment opportunities - as well as reminders about the importance of voting.

And it's not only at AGM time that Scarborough encourages its members to take an active interest in its future development. The Society constantly seeks their feedback and opinions on everything from product development to service enhancements through communications including its main and Corporate Social Responsibility (CSR) websites, and every edition of its Connect member magazine.

For further details regarding Scarborough Building Society visit scarboroughbs.co.uk