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Mutuality

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The Society is a mutual organisation. This means that it is owned by its members. Each member is regarded as a part owner of the Society.

Being a part owner simply means that you own a stake or interest in the Society. However, this means that virtually all the personal customers of the Society are also its owners. This is rarely the case in a financial institution which is a public limited company. In their case, most of their customers will not own shares in the institution and many of the shareholders will not have accounts with the institution.

This is an important difference because the shareholders of a public limited company expect to be paid a dividend. However, this will not necessarily benefit the account holders.

A mutual organisation, such as the Society, is completely different. As our account holders are also our owners we do not have to attempt to please two different sets of people. Furthermore, because we do not have external shareholders like a public limited company we do not have to pay a dividend to them. This allows us to return the benefits of our success to our members.

The Society is committed to remaining a mutual organisation. Our Board of Directors has promised that the Society will manage its affairs to ensure that we strike a balance between the need to maintain adequate reserves and a commitment to return the benefits of our continuing success to our members.