Big banks AGM season coming up
Guest blog by Danielle Paffard, Move Your Money UK
In May, in between the Diamond Jubilee, the Bank Holidays, and the wait for the weather to improve, thousands of shareholders are gathering for the Annual General Meetings of the big banks.
These AGMs are a great chance for us to get the word out: move your money, move it now, and bank on something better.
The AGM circus kicked off at Barclays, where Bob Diamond’s massive $17m pay package was voted through, despite huge public anger. And it’s not the only bank paying huge bonuses, regardless of failure or success. And it’s not the only bank that caused the financial crisis of 2008, for which we’re all paying. They’re all at it, and they won’t change.
Customers aren’t invited to the big bank AGMs. But we don’t need to be. Nothing will change, until we use the only power we have – to vote with our feet, and move our money. There are plenty of alternatives so there’s no excuse: institutions like credit unions, cooperatives, building societies and banks with ethical investment policies like Triodos and Charity Bank, provide current accounts and savings accounts.
Move Your Money launched in February, and we’ve had a huge response. As well as widespread media interest in the alternatives, THOUSANDS of us have moved our money. As Ed Mayo, Director of Cooperatives UK said: “This is THE campaign of our time” – a campaign calling for ordinary people around the UK to take the important yet simple step of moving their money away from a banking sector that destroyed our economy and into banks that care about the kinds of things you care about.
In the next few weeks, two banks are holding their AGM in Edinburgh – Lloyds TSB, owners of Halifax and Bank of
Scotland, and RBS, owners of Natwest. This is a brilliant opportunity to make the most of the press attention around the AGMs and make a big impact to spread the word. If you’re moving your money, come along to your (ex-) bank’s AGM in Edinburgh, ready to cut up your card. The more exposure we can get for people who are standing up to the big banks, the bigger impact we all can make for a better banking sector. Check out the Facebook event or contact Move Your Money UK to find out more.