Page 5 - Swansea Building Society Annual Report 2014
P. 5

Chairman’s Statement
This is my first Statement as Chairman having taken over from Ian Martin in May 2014. I have been a member of the Board since May 2008. It is pleasing to report that the Society has delivered another excellent performance in 2014 with strong levels of liquidity and continued improvements to capital ratios.
As a mutual Building Society with no external shareholders to satisfy, the Society is owned by its members. This model has a profound effect on how we do business in terms of the superior service we provide, better conduct in dealing with our customers and fewer complaints. The Society has to carefully manage the needs of its saving and borrowing members ensuring that both are given fair and competitive interest rates whilst generating enough profit to continue to grow and ensure the long term success of the Society. The members have once again supported the Society magnificently in 2014 which in turn has enabled the Society to support the regional economy of Swansea and South West Wales in which it operates.
Your Board
Good Corporate Governance combined with a strong effective Board plays a critical role in ensuring the continued success and sustainability of any organisation. The Society’s Board conduct an annual assessment to ensure that the Board is operating effectively and that there is a correct mix of experience and expertise.
Ian Martin retired from the Board in April 2014 having served as a Director since August 2000, the last four years as Chairman. Ian made a significant contribution to the Board during his period in office, which coincided with a period of considerable asset growth coupled with a strong financial performance.
Stephen Harrison stepped down from the Board in October 2014 having served as a Director since May 2012. Stephen made a considerable contribution during his period in office and his financial and business acumen will be missed by the Board.
Jeff Herdman joined the Board in May 2014 and brings with him a wealth of knowledge and experience having held many senior positions in the risk and insurance industry over a thirty year career, eventually becoming Group MD of UK Broker, Oval.
The Society intends appointing a further Non- Executive Director in 2015 as part of our ongoing succession planning.
Outlook 2015
The year ahead will bring new challenges for the Society and market conditions are likely to remain challenging in 2015 and beyond. The Society has a high quality balance sheet which, coupled with a cautious approach to managing risk, will underpin its ongoing financial strength.
The results of the past year would not have been possible without the tremendous commitment and hard work of our staff. They continue to respond superbly to the challenges created by competition and regulation and the Board congratulates them on their achievements.
J F Mahoney
Chairman 24 February 2015

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