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Progress and Challenges “A new industry is being reshaped”
PRESIDENT’S SPEECH AGM 2010
Fellows and Members of the Chartered Institute of Bankers in Scotland, Colleagues:
We meet in, I hope, a more positive mood than of late. The UK economy is slowly emerging from recession, though the recent Budget showed we cannot take recovery for granted and the economy carries an extraordinary burden of debt. A new banking industry is being reshaped, with stronger commercial banks focused on core UK retail and corporate markets, with emerging challengers driven by new business models and divestments required by the European Commission.
Banks understand that the future demands caution and brings greater regulatory scrutiny. The Chancellor’s recent announcements highlight forthcoming change to the regulatory framework. Your Institute reaffirms the need to re-professionalise institutions and the industry overall, by building confidence in the competence of individual bankers. We have a major role to play.
Meeting the challenges With student enrolments falling as banks recruited fewer staff, especially at graduate level, we have positioned the Institute to support professionalism in our industry. The Institute has: • Launched accelerated routes to Chartered Banker status for experienced banking professionals; • Launched a new “Professional Banker Certificate” as an entry-level qualification for new entrants to the industry; • Developed new retail banking qualifications to support the implementation of the FSA’s RDR; • Established a new CPD programme, including annual professional ethics refresher training, and launched online Professional Ethics and Credit Skills libraries; • Become the first professional body to move all examinations online, so candidates sit exams when and where it suits them and their employers; • Become the only professional body with qualifications recognised on both English and Scottish qualification frameworks, giving true UK coverage; and • Engaged with banks throughout the UK, and beyond, to ensure that the Institute’s message of professionalism is widely disseminated.
We are seeing results, and member and student numbers are increasing.
Independent research commissioned by the Institute in 2009 showed that most business decision-makers would rather patronise a bank where their Relationship Manager is a professionally-qualified Chartered Banker. A similar survey of retail customers found that almost 90% expected bankers to have professional qualifications, with Chartered Bankers the most trusted providers of financial advice.
Back to basics In recent decades, supporting professional qualifications and professional body membership became old-fashioned. Few could deny, however, that the Institute’s mission is as relevant today as it was 135 years ago.
The Institute was established to “improve the qualifications of bankers and to enhance their status and influence.” These values and behaviours, developed through the Institute’s education programmes, are far from old-fashioned; they are universal, and needed to support the re-professionalisation of our industry.
The Institute is instrumental in improving the financial literacy of young people in Scotland. This year, our Financial Education Partnership delivered almost 1,000 workshops, engaging with over 30,000 young people, at no cost to schools.
Spread the word Rebuilding public confidence and trust takes time. Whilst we have made great strides forward this year, looking at the UK overall, the Institute remains a relatively well-kept secret. With customers and colleagues demanding the reprofessionalisation of banking, we should ensure our organisations are fully appraised of what the Institute can offer. Individuals should champion and promote the Institute and our aims to their colleagues. I look forward to your continued support in our 136th year.
Philip Grant, President
MINUTES OF THE ANNUAL GENERAL MEETING 25 JUNE 2010
The 135th Annual General Meeting of the Institute took place at Institute’s offices at Drumsheugh House, Edinburgh.
The Minutes of the 134th Annual General Meeting, which was held in June 2009 in Edinburgh, were printed in the August 2009 edition of Chartered Banker and were taken as read.
1. President’s Address Extracts from the President’s address are printed elsewhere in the August 2010 Chartered Banker magazine.
2. Annual Report A summary of the 2009-2010 Annual Report appeared in the June 2010 edition of Chartered Banker. The full report was available from the CIOBS website. The adoption of the Annual Report was proposed by the President and, subsequently, approved by the meeting.
3. Annual Accounts The adoption of the accounts was proposed by the President and, subsequently, approved by the meeting.
4. Appointment of Auditor for 2010-2011 The President proposed the re-appointment of Messrs Chiene + Tait as the Institute’s auditor. The resolution was carried.
5. Election of Corporate Patron Representatives The nominations for Corporate Patron Representatives were as follows: J Lindsay, Airdrie Savings Bank The nomination had been considered and approved by the Nominations Committee and was proposed by Prof Charles Munn and seconded by Mrs Ann Jakeman. Members voted in favour of Mr Lindsay’s election.
6. Election of Fellow Representatives The nominations for Fellow Representatives were as follows: T Burns, formerly National Australia Group Europe J Fraser, ING Direct W J Kinnear, Airdrie Savings Bank D Mackay, Santander M R McLean, Adam & Company The nominations had been considered and recommended by the Nominations Committee and were proposed by Mr John Needham and seconded by Mr Jim Lindsay. Members voted on the nominations and all five candidates were elected.
7. Election of Member Representatives The nomination for Member Representative was: R McElroy, Barclays Bank The nomination had been considered and approved by the Nominations Committee and was proposed by Mr Colin Morrison and seconded by Mr Manus Fullerton. Members voted in favour of Mr McElroy’s election.
8. Nominated to Represent the Scottish Banks The nominations to represent the Scottish Banks were as follows: P Grant, Lloyds Banking Group J D Needham, The Royal Bank of Scotland Group K Page, Clydesdale Bank PLC P G Walker, Lloyds TSB Scotland plc The nominations to represent the founder banks had been received and were proposed by Mr Graeme Hartop and seconded by Mr Jim Riddet. Members noted the appointments.
9. Election of President 2010-2011 The nomination for President had been considered and approved by the Nominations Committee. Mr Jim Lindsay proposed the reelection of Mr Philip Grant, Managing Director, UK Private Banking, Lloyds Banking Group, and this was seconded by Mr John Needham. Members voted in favour of Mr Grant’s election.
10. Election of Senior Vice-President 2010-2011 The nomination for Senior Vice-President had been considered and approved by the Nominations Committee. Mrs Ann Jakeman proposed the re-election of Mr Jim Lindsay, General Manager, Airdrie Savings Bank, and this was seconded by Mr Graeme Hartop. Members voted in favour of Mr Lindsay’s election.
11. Election of Vice-Presidents for 2010-2011 The nominations for election/re-election were as follows: T Burns, formerly National Australia Group Europe J Needham, Risk Director, The Royal Bank of Scotland plc K Page, Operations Director, Clydesdale Bank PLC P G Walker, Integration Director, Lloyds TSB Scotland plc The nominations had been considered and recommended by the Nominations Committee and were proposed by Mr Manus Fullerton and seconded by Mrs Kerry Falconer. Members voted on the nominations and all four candidates were elected.
12. Proposal to Set Subscriptions for Certificated Members The motion was proposed that: “Subscriptions for Certificated Members shall be set at £95 per year for all new Certificated Members from 1st July 2010.” The motion was carried unanimously.
13. Any other business As there was no further business the President thanked everyone for their attendance and support, and brought the meeting to a close.
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Jim Lindsay, General Manager, Airdrie Savings Bank