Your vote, your rights
As a member of a mutual organisation, customers have opportunities to have their say in how the organisation is run and to contribute in a variety of ways.
Attending the AGM
Each mutual organisation will have an Annual General Meeting (AGM), at which it reports to its members on its results for the previous year and plans for the organisation’s future. Here members have a right to quiz the Board on its strategy, and to vote on resolutions and issues affecting the mutual society such as internal governance (appointing new Directors to the Board of Governors) and other important matters. Your vote makes a difference.
Members may have an opportunity to shape their organisation’s future in a more active role as part of a customer panel. In this role members are usually asked to represent other members when meeting with senior management to discuss relevant issues such as business strategy, product launches, or bonus rates on investments. Members may also be offered opportunities to get their views across by taking part in activities such as questionnaires and focus groups.
Organisations may also have regional events where there is an opportunity to meet other members, such as social events or fundraisers for charity. Many mutuals issue regular newsletter to their members, with financial help and information about the organisation.
Good to know
Members may also find they are entitled to privilege offers, such as discounts and special offers on other products provided by their mutual.
What are mutuals saying?
“Mutuals are all about helping people to help themselves. Risk is pooled in these organisations and members share the benefits and profits of their mutual trade.”