The Co-operative Bank’s customers elect four Directors

The Co-operative Bank’s customers elect four Directors

Customers of The Co-operative Bank have elected four board members in the bank’s latest Director Elections.

The four successful candidates: Steven Fyfe, Sam Robinson, Dianne Kidd and Brendon O’Donovan were announced at The Co-operative Bank’s Annual General Meeting last night.

The Co-operative Bank’s chief executive, Bruce McLachlan, says the Bank’s business model is very different from other banks because it is 100 percent owned by its customers.

“Since our customers own us, they’re eligible to vote each year for the Board of Directors. Having a say about who is on the Bank’s Board is something quite different. I believe it’s a key differentiator for The Co-operative Bank.”

This year, The Co-operative Bank received the largest number of votes from its customers - the highest level of customer participation in the elections to date.

“It’s fantastic that we’ve received so many votes this year. The co-operative model is fundamentally different and it’s great to see the model in action. Hopefully each year more and more customers will exercise their right to vote,” says Mr McLachlan.

All of the elected candidates, with exception of Mr O’Donovan who is newly appointed, are existing members of The Co-operative Bank Board. Mr O’Donovan’s appointment is subject to approval from the Reserve Bank of New Zealand.

The Co-operative Bank Board consists of eight members, the four members elected at the bank’s AGM last night, along with the four existing Board members: Paul Goulter, Joanna Perry, Peter Ellis and John Isles.

Profiles on the four Board Members elected at the AGM on July 25th are available here.

ENDS

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