Skipton members back bosses' pay packages

SKIPTON Building Society members showed their support for the mutual's board by voting in favour of the directors' pay packages.

Skipton Building Society chief executive David Cutter at Skipton Castle..Picture: Sean Spencer/Hull News & Pictures.01482 210267/07976 [email protected]

David Cutter, the building society’s chief executive, received total pay of £666,000 in 2015, down from £699,000 in 2014.

Following the mutual’s 163rd annual general meeting (AGM), Skipton revealed that around 99 per cent of the members who voted supported the annual report and accounts, while 90 per cent voted in favour of the Directors’ Remuneration report.

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In total, just under 70,000 members voted (69,928), compared with the 66,992 members who voted last year.

Around 50 members attended the AGM, which took place at Skipton’s head office.

Speaking afterwards, Mr Cutter said: “Once again, this year’s AGM was a great opportunity to meet with our members, listen to their feedback, and let them know how we’re continually working to build a better society for them.

“And on behalf of our board, I would like to thank our members for the confidence they have shown in Skipton and their support of the direction we are travelling in. Last year, our membership grew by over 43,000 to 838,000.”

Mr Cutter said that the mutual’s mortgage book grew by 11.9 per cent last year, at a time when the UK market grew by just 2.7 per cent.

He added: “But it isn’t just what we do, but how we do it, that is important to us, believing that it is our behaviours and strong values that will help us succeed in the long run.”

Skipton is the UK’s fourth largest building society, with £17.5bn of assets.