Questions & Answers from the 2020 Annual General Meeting

The Board wishes to thank Members for taking the time to submit questions to the AGM and for their continued support.

1.Liquidity ratio

Our levels of liquidity are significantly above relevant regulatory requirements and even stricter internal tolerance levels.  In addition, the total liquidity available to the Society should not only be assessed by reference to the on-balance sheet liquidity ratio.  As can be seen from the accounts, the Society has pre-positioned a significant amount of collateral (over £200m at 31 December 2019) with the BoE, providing significant additional liquidity drawdown availability if required. 

2.Supplier days increasing from 20 to 30 days

The Society takes its supplier obligations very seriously, particularly when it comes to local, smaller suppliers whose cash flow is important.  As the Society has grown over the last 3 years, and made significant investments in talent, infrastructure and new HO premises, its significant majority of supplier exposure is to national and multi-national organisations.  This increase in suppliers, the supplier type and associated invoice numbers means that an increase to 30 days is appropriate.

3.Remuneration – will Directors forego 2019-2020 bonuses?

The Society has no plans to furlough staff or clawback performance bonuses paid for prior years’ performance. The 2020 Schemes will be reviewed later in the year at the appropriate time by the Remuneration Committee.


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