Annual General Meeting
The Annual General Meeting (AGM) of Teachers Provident Society Limited was held on Wednesday 1st June 2011 at 10.30am at Tringham House, Deansleigh Road, Bournemouth BH7 7DT.
Results of the 2011 AGM are shown below.
At the meeting, the Chairman proposed each of the formal resolutions and asked for a show of hands. He announced the result of the show of hands, and the result of the proxy votes. All resolutions were unanimously passed on a show of hands vote at the meeting. The results of the proxy voting are shown below.
Proxy Voting Results
| Resolution | Number of votes |
|---|---|
| To receive the Report and Accounts for the year ended 31st December 2010 | For: 2,334 Against: 23 Withheld: 19 |
| To re-elect Jane Clarkson as a Committee Member | For: 2,318 Against: 36 Withheld: 22 |
| To elect John Sinclair as a Committee Member | For: 2,299 Against: 46 Withheld: 31 |
| To approve the Committee of Management’s Remuneration Report for the year ended 31st December 2010 | For: 2,211 Against: 116 Withheld: 49 |
| To re-appoint Mazars LLP as the Society’s auditors for the ensuing year and authorise the Committee of Management to fix the remuneration of the auditors | For: 2,315 Against: 40 Withheld: 21 |
Angela Burns resigned as director of the Society with effect from 31 May 2011 and as a consequence the resolution covering her election as a director set out on the Notice of Meeting was withdrawn and was not put to the Meeting.
At the meeting, Chairman John Sinclair commented on the importance of Teachers Assurance remaining a mutual as being in the best interests of members. He added that the continued prudent management of the company’s assets has enabled us to distribute a £4 million Special Mutuality Bonus to With-Profits policyholders. This demonstrates that we are delivering real returns to our members.
He acknowledged the significant efforts of staff to deliver service to customers and members and the significant challenges in the future with the Retail Distribution Review and Solvency II changes which will impact the financial services industry from 2013 onwards.
David Furniss, Chief Executive, commented
"The year end results continue to show steady growth for the Society. £90m was paid to members and customers in 2010 (an increase of £10m on 2009) and we achieved a gross investment return on the With-Profits fund of 11.6% (up from 9.7% in 2009). This has all been achieved with stable costs and an increase in new business volumes of 16.9% (a total increase of 76% over the last five years). This confirms that Teachers Assurance is in a strong position to meet the challenges of a changing industry in the years ahead.”
He further commented
“Our partnership with the National Union of Teachers remains fundamentally important to us and the changes in public sector pensions and funding mean that we will have an increasingly relevant role in providing financial services to the teaching profession.
Customer feedback is very important for the Society and our members’ responses to the AGM questionnaire confirmed that 95% were very satisfied with us. This shows there is still an appetite for teachers to receive well informed financial information, education and advice and have products tailored to their needs and we intend to continue to do our best to fulfil this demand. The majority of customers were quite satisfied with our financial education and range of tailored products and Teachers Assurance continues its efforts to improve in these areas.
We have recently agreed a significant investment in ecommerce and in worksite marketing for the long term benefit of customers and members and to prepare the Society for the changes that will be brought about by the Retail Distribution Review in 2013.
Teachers Assurance is in a financially strong position and the Board are committed to providing tailored products and services for those employed in the education sector delivering - value for money for our customers and a cost effective operating model for the Society.”
