Derbyshire Building Society and its Board once again received strong support at the Society's annual general meeting, which was held for the second time at Pride Park Stadium, home of Derby County F.C. on 24 April.
More than 47,000 members voted – in person, by proxy (postal) or online – an increase of 13% over last year. Between 93-98% of members voting gave their support to the matters put to the meeting.
The Derbyshire's Chairman Alan Woods addressed the meeting and concluded the formal business with all matters being approved by a large majority.
The Chairman reiterated The Derbyshire's strong commitment to its home region. This was evidenced during the year in its investment in the refurbishment of 8 branches and its support for the local community through over 200 groups, clubs and charitable organisations which had been helped by the Society and its employees over the year.
The Chairman introduced Graham Picken, Derbyshire CEO who was appointed earlier this year. He commented on the 2007 results and set out current strategy
On the Society's performance last year, Graham Picken said "In 2007, The Derbyshire achieved record levels of retail deposits; our capital position is strong and we have a very resilient funding base. Our branch based deposit-led mortgage business, supplemented with the provision of long term savings and protection products, is core to meeting the needs of our members. But profit for the year was not satisfactory. It was adversely affected by specific factors, which have now been addressed, both strategically and operationally. Though we expect 2008 to be challenging, the steps we have taken at The Derbyshire will make us fit for purpose in these uncertain times. We are working towards enhanced benefits and services for our members".
Giving more detail on the Group's strategy, Graham Picken went on to explain that, following a strategic review initiated on his appointment, The Derbyshire would no longer provide mortgages to credit impaired borrowers. The Group would continue to provide a focussed range of products around its core competencies in mortgages, savings and financial advice. Mortgage based lending to businesses, much of it based on residential property, would be scaled back while the economy slowed but the steady expansion of Derbyshire Independent Financial Services, providing long-term savings and financial planning, would continue.