2024 Metfriendly AGM
The 2024 AGM took place at Metfriendly’s offices at Central Court, Orpington, on Wednesday, 3rd July.
The resolutions covered the acceptance of the 2023 AGM Minutes, Annual Report and Accounts, Auditor’s Report and Remuneration Report and the re-appointment of Mazars as the Society’s auditors. All resolutions were carried. You can view all the documents referred to in the AGM on this page.
Ten Board Members were re-elected. Details of the Board can be viewed here.
Our Chair, Graeme McAusland outlined how the Society has increased its interaction with the UK Police Family over the past year to give us invaluable insight and help us better understand our Members. He also announced that in 2023, we successfully delivered:
- Our new system and associated processes
- The launch of two new products specifically responding to Member demands
- The first phase of the FCA’s Consumer Duty requirements
- A major review of our investment management arrangements.
These combined should result in making us easier to deal with, reduced unit costs and ultimately improved returns.
Our CEO, Annette Petchey, summarised the performance of the Society in 2023. The cost-of-living crisis continued to affect many of our Members, impacting how much they are able to invest during 2023. Nevertheless, your Society grew to 18,916 Members and received £32m in premium income.
During 2023, our With-Profits Fund returned 8.4%, recovering much of the impact of the sharp investment market crash seen in 2022. As a result of this positive return plus money invested by Members, our total Assets Under Management grew to £295m. Due to the Fund’s positive performance in 2023, we have been able to remove around a third of the Market Value Reductions entirely and those that do remain are substantially smaller than previously.
Annette explained how Market Value Reductions (MVRs) ensure fairness for our Members, and she outlined areas of focus for the Society in 2024. Further details can be found in the 2024 AGM Minutes.
Thank you for participating
As well as participating in the regulatory process of the AGM, Members took the opportunity to ask questions and chat with the Metfriendly team giving us another great opportunity to get to know our Members even more. The Member questions and answers provided can be found on pages 4-6 in the 2024 AGM Minutes.
Thank you to all our Members who voted and/or attended the AGM and to our wider Police Family for everything you do.
National Police Memorial Day Fund Donation
As promised, we will be donating £1 for every Member who voted online to the National Police Memorial Day, which will take place in Glasgow in September. For the latest information regarding the Memorial Day please visit policememorial.org.uk/national-police-memorial-day/
Prize Draw
All Members who voted were entered into a draw to win one of two £250 John Lewis vouchers, and the winners have been notified.
