The 2023 AGM was held on Wednesday 2 August 2023. The Notice of Meeting, Annual Report & Audited Accounts for the year ended 31 March 2023, and proposed notices of motion are available on our website. A summary of the meeting follows.

Board Chair Sarah Haydon, shared the Bank’s highlights for the financial year:

  • Customer rebates of $2.5m for the third consecutive year, $20m since 2013
  • $18.8m reported profit, a sound and sustainable result
  • 8% growth in mortgages, 5% growth in customer deposits
  • Strong capital position, well-provisioned for future credit losses, and Fitch Credit rating of BBB with positive outlook
  • Award winning customer service

Chief Executive Mark Wilkshire highlighted:

  • The Bank’s Purpose and Strategy
  • Returning value to our customer shareholders
  • Supporting our customers through the rising interest rate environment, in times of need, and with a new advice team available
  • Enhanced digital services
  • Support for our people, with turnover down and engagement up
  • Key priorities for the year ahead

Approximately 2,600 shareholders voted in person or by proxy. The following resolutions were passed at the meeting:

  1. To receive and consider the Annual Report and Audited Financial Statements for the year ended March 2023.
  2. To re-appoint KPMG as The Co‑operative Bank’s external auditor for the year ending 31 March 2024 and authorise the Board to fix its remuneration.
  3. To approve in accordance with the Constitution a total remuneration pool of $630,000 (excluding GST) per annum with effect from the year ending 31 March 2024.
  4. To approve in accordance with the Constitution a total Electoral Authority remuneration pool of $25,000 (excluding GST) per annum with effect from the year ending 31 March 2024.

The results of the 2023 Director election were announced and existing Directors Brett Sutton and Helen van Orton who retired by rotation (as required by the Bank’s Constitution) were re-appointed as Directors.

The Chair and Chief Executive answered questions from shareholders including those sent in advance of the meeting. Some of the themes of the questions covered were:

  • Credit provision increases were queried and explained they cover any possible future losses from economic conditions, noting actual losses have remained relatively low.
  • Intentions for other services such as Business Banking, share trading, were queried and are not in The Co‑operative Bank’s plans given a clear focus on the personal banking market. Open banking was raised and is considered an opportunity for Co‑operative as a challenger bank in the medium-term.
  • Director fees were discussed, being set in line with independent recommendations and at the lower quartile benchmark of other organisations.

For further information, please contact:

The Company Secretary
companysecretary@co-operativebank.co.nz