Skipton Building Society remains in 'strong position' to deal with global economic uncertainty

Skipton Building Society last night held its annual general meeting in the most extraordinary circumstances in its 167-year history.

The society was forced to change the usual format of the event following UK social distancing rules.

A spokesman said: "The event saw the meeting closed to non-colleague members.

"Instead 20 Skipton colleague members based in the society’s head office represented the wider membership, observing social distancing rules, to enable the AGM to be quorum.

"The meeting was stripped right back to basics, lasting just 15 minutes."

Members were still able to submit questions to the board and vote by post and online for all the resolutions.

Skipton Chairman, Robert East, gave a brief overview of the society’s performance in 2019, together with answering some of the questions submitted by members ahead of the event.

Speaking after the event Skipton Group chief executive, David Cutter, said the meeting was being held in testing circumstances but despite this, the society remained in a strong position to deal with the global economic uncertainty created by the Coronavirus outbreak.

He said: “Skipton, like all other UK banks and building societies, is a Government defined essential services provider. We have a duty to ensure critical services, like personal finance, continues.

“Our country is going through unprecedented circumstances that we all now find ourselves in, and this has made me even more proud to witness how our people have been able to continue providing first rate services despite such demanding conditions.

“In the space of just a few weeks our people have implemented two Bank of England base rate reductions – now at the lowest in the Bank of England’s 325-year history, the busy tax year end period, together with ensuring Skipton was one of the first organisations to respond to the government introduced mortgage payment holiday by setting up a dedicated system for customers to easily get in touch and us to process their requests.

"I certainly have renewed admiration for our colleagues’ determination in not only delivering against all these challenges, but in doing so while juggling the personal impact this pandemic is having on them and their families.

“We’ve had a massive transition in successfully adapting our business to the fast-changing Coronavirus pandemic. Our digital Skipton Link video service is proving a lifeline for customers - enabling them to access mortgage, savings, and investment advice face to face from the comfort of their own home.

"Our Skipton app, webchat, social media customer services and our contact centre are all ensuring we are here for our customers if they need us.

"We’ve managed to get 90% of our 1,600 head office colleagues set up and working from home together with keeping the bulk of our national branch network open too – albeit under changed hours. And we’ve done so while keeping all of our colleagues on full pay – irrespective of their family responsibilities outside of work. Skipton’s full executive team have also voluntarily agreed to withdraw from their 2020 bonus scheme.

“People should rest assured that, as a mutual, the decisions we’re making are being guided exclusively by doing what’s right by our people and customers. These are certainly testing times for us all, but Skipton has a long history – and has stood reliably strong for almost 170 years.

"With the continued unwavering support of our people and customers, we’ll do so for many more years. And next year’s AGM event will certainly be a terrific reflection of everyone pulling together to build a better society.”