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AGM 2014

Thursday 22 May at 3.00pm

The LV= AGM is being held at 3.00pm on 22 May 2014 at The Royal Bath Hotel, Bath Road, Bournemouth, Dorset, BH1 2EW

The AGM

If you're a member of LV=, we’ll write to you with details of the AGM in April 2014. If you haven’t heard from us by the end of April or you have any questions about the AGM simply call us on 0800 202 8102 between 8.30am and 6.30pm Monday to Friday.

You can also email us with an AGM query AGM@lv.com.

How to vote

If you're entitled to vote you can do this in one of three ways:

  1. Go to www.lv.com/myvote and cast your votes online. You'll need to type in your two-part voting code which is in your AGM letter.
  2. Fill in the proxy form in your AGM pack and send it back to us.
  3. Come along to the AGM on Thursday 22 May 2014.
Annual General Meeting

Important notes

  1. To attend and vote at the AGM you must be 18 or older. You must also have held an LV= product which qualifies for membership for at least 12 continuous months, as at the date of the AGM on 22 May 2014.
  2. A member entitled to attend and vote at the AGM may appoint any person as a proxy to act on his or her behalf at the meeting, and may instruct the proxy how to vote.
  3. If you would like to attend the AGM, please bring your AGM letter to the meeting, along with another form of identification.

This year's 11 Resolutions in full

The AGM on 22 May 2014 will be held to consider the following resolutions:

  1. To receive the Report and Accounts for the year ending 31 December 2013. You can view the report online at www.lv.com/annual-report. If you prefer you can request a copy by emailing us at secretariat@lv.com, writing to LV=, County Gates, Bournemouth, Dorset, BH1 2NF or by phoning 0800 202 8102. Copies will also be available at our AGM.
  2. To re-appoint Mark Austen as a director (and chairman). Mark was appointed to the board as chairman at the AGM in 2013. See Note 1.
  3. To re-appoint John Edwards as a director. John was appointed to the board as a non-executive director at the AGM in 2011. See Note 2.
  4. To re-appoint Cath Keers as a director. Cath was appointed to the board as a non-executive director at the AGM in 2011. See Note 2.
  5. To re-appoint Philip Moore as a director. Philip was appointed to the board as an executive director at the AGM in 2011. See Note 2.
  6. To re-appoint David Neave as a director. David was appointed to the board as a non-executive director after the last AGM. See Note 3.
  7. To re-appoint Richard Rowney as a director. Richard was appointed to the board as an executive director at the AGM in 2011. See Note 2.
  8. To approve the Annual Report on Remuneration for the financial year ended 31 December 2013. See Note 4.
  9. To approve the Directors’ Remuneration Policy as set out in the full 2013 Annual Report and Accounts. The policy is intended to apply for three years with effect from 1 January 2014. See Note 4.
  10. To re-appoint PricewaterhouseCoopers LLP as the Society’s auditor until the end of the next AGM.
  11. That the amended Rules of the Society, as tabled and signed by the chairman, for the purposes of identification, be adopted as the Rules of the Society.

What the proposed Rule changes mean (resolution 11)

On 1 April 2013, the Society’s regulator, the Financial Services Authority was replaced by the Prudential Regulation Authority and the Financial Conduct Authority. This change came too late for the Society to obtain all the necessary approvals to amend its Rules at last year's Annual General Meeting, but the opportunity has been taken to make the amendments this year. In addition, the Society has reviewed its Rules to reflect other changes in legislation, update statutory references and make certain other changes, including the use of gender inclusive language.

The most significant changes are as follows:

  1. Allow communications to be sent to members, with the members' consent, by email or other electronic means and allowing communications with members to be made via a website (including voting on resolutions at general meetings).
  2. The deletion of provisions dealing with compensation schemes under the now repealed Financial Services Act 1986. The scheme described in the Rules has now been replaced by the statutory Financial Services Compensation Scheme.
  3. The deletion of the requirement for Directors to retire on reaching the age of 65.
  4. The removal of certain reporting requirements that no longer apply to the Society.

The proposed new Rules, highlighting the changes, can be viewed on our website at www.lv.com/rules.

Note 1.
LV='s chairman volunteers himself for re-election every year.
Note 2.
Under our Rules, directors must resign and offer themselves for re-election every three years, except in the case of the chairman who stands for re-election every year.
Note 3.
Under our Rules, directors appointed since the last AGM must resign and offer themselves for re-election at the next available meeting of members.
Note 4.
Members are asked to approve resolutions 8 and 9 by way of an advisory vote. This is not a legal requirement or in our Rules, but your board believes it is best practice to allow members to express a view.

To vote at the AGM a member must be 18 or over and have held an LV= product which qualifies for membership for at least a year, as at the date of the AGM.

Attending the AGM

If you are a member and would like to attend the meeting there's no need to return a proxy form as you will be voting on the day. Simply bring your voting form along to the meeting, together with another form of identification.

  1. At: The De Vere Suite, Royal Bath Hotel, Bath Road, Bournemouth, Dorset, BH1 2EW
  2. When: Thursday 22 May 2014
  3. Time: 3:00pm

Frequently asked questions (FAQs)

What's a Friendly Society?
Friendly Societies are mutual organisations that were set up in the 19th century to help and encourage underprivileged people to improve their financial wellbeing.
What's a mutual?
Unlike public companies which are owned by external shareholders, mutual societies are 100% owned by their members. Any profits we make are either reinvested into the business for the future, or if the board decide, distributed to some or all of the members.
How does someone become a member of LV=?
Having a certain product with LV= automatically makes you a member. General Insurance products, like car and home insurance, which are provided by subsidiaries of LV=, don't qualify for membership, so someone who only has one of these types of policies is a customer of LV=, rather than a member.
So if I'm a member, what does that mean?
You are entitled to have a say in in the way your business is run, by voting at our Annual General Meeting (AGM).
You're entitled to member discounts on some of our general insurance products, like car and home insurance.
You can use the Member Care Line for help and advice.
You could apply to the Member Support Fund for a grant if you are in financial hardship. You can nominate a good cause to receive £10,000 through the Member Community Fund.

You can apply to join the LV= Member Panel. You can find out more at www.lv.com/members.
What's an Annual General Meeting (AGM)?
It's a yearly event that allows our members to give an opinion on the way we are run and is normally abbreviated to AGM. AGM's are usually held by official bodies, clubs and financial institutions, not only as a legal requirement, but because it's written into their constitution or is the right thing to do.
Why do you have an AGM?
By law we need to hold an annual meeting for our members. The meeting deals with matters such as the approval of the previous year's financial statements, the election of board directors and the auditor. It's also an opportunity for the board to tell members about the way the business is run, and for members to ask the board questions.
What's a proxy?
A proxy is someone you can nominate to vote for you. Your proxy could be the chairman of the meeting, or someone else. As a member, you can ask a proxy to vote in a particular way, or let them vote as they see fit. The proxy votes will be used if the chairman calls for a poll.
What's a poll?
A poll is a vote that is conducted using voting forms. These will include poll cards handed out to attendees at the meeting and the proxy forms received by post.
Why would a poll be called?
If the show of hands at the meeting differs from the result of the proxy votes, the chairman will call for a poll to ensure the majority vote is carried.
I haven't been a member for 12 months yet, can I still come along to the meeting?
Yes, you can watch the proceedings, you just can't cast a vote. If you have any questions which we haven't answered, please call us on 0800 202 8102 .

Making a difference for a good cause

We'd like to raise £25,000 through our members' proxy votes for a charity that's close to their hearts. Rather than picking a charity to benefit from a donation we're asking our members to choose one.

The amount we raise for the nominated charity depends on how many votes we receive:

  1. Up to 50,000 votes received = £15,000
  2. Between 50,001 and 100,000 votes = £20,000
  3. Over 100,000 votes = £25,000

Guide to picking a charity and terms and conditions

Picking a charity when you vote in the AGM

The charity you nominate should be one:

  1. close to your heart
  2. that you think is deserving that will put the money to good use
  3. which is doing good work in the UK
  4. is consistent with the traditions and values of LV=
  5. is not politically controversial.

Some legal bits and pieces you should know

  1. If you cast your vote, either by postal or online proxy, in the LV= 2014 AGM you’ll automatically be able to nominate a charity to benefit from a donation which reflects the number of proxy votes received.
  2. The charity must be registered in the UK and therefore have a UK charity registration number (this can normally be found on their website and their documents). If your choice is not a UK registered charity your selection will be invalid.
  3. You can only make one nomination.
  4. The amount of the donation depends on the number of proxy votes we receive by the deadline of 3.00pm BST on Tuesday 20 May 2014.
    Up to 50,000 proxy votes received = £15,000
    Between 51,000 and 100,000 proxy votes = £20,000
    Over 100,000 proxy votes = £25,000
  5. Voting online will count double towards the target votes.
  6. No expenses will be paid in relation to the donation.
  7. There is no cash or non-cash alternative.
  8. The prize draw/charity nomination is available to members of the Society who reside in the UK, or overseas, and who are over 18 years old and eligible to vote in the AGM.
  9. We won't accept responsibility for votes that are lost, delayed or damaged in the post or don’t reach us via the online portal.
  10. Proof of posting or online submission isn't proof that we've received a charity nomination.
  11. To be considered, nominations must be made at the same time as registering a proxy vote. All votes and nominations must be received by 3.00pm BST 20 May 2014. One proxy vote, where a charity has been nominated, will be randomly selected by LV='s agents Electoral Reform Services (on behalf of LV='s member relations team) by 30 June 2014.
  12. To ensure members' interests are maintained, the member relations team will ask the LV= Member Panel to confirm that the charity is aligned with our values. Their decision is final. If the charity is deemed unsuitable, another proxy vote will be selected.
  13. When the LV= Member Panel has agreed and confirmed the 'winning' charity we will notify the associated member by 31 July 2014, once we have checked they are still a member. We'll make all reasonable efforts to contact the member. Where we can't make contact, we'll begin the process again and make contact with another member within 45 days.
  14. LV= will make the payment directly to the charity. If you'd like to know which charity receives the money, and how much has been raised please write to:
    Kellie Wilkins, Membership Manager, LV=, County Gates, Bournemouth, BH1 2NF or email membership@lv.com.
  15. The member whose charity is chosen agrees to take part in publicity. They agree to having their name and county of residence published in LV= communications to announce the news and for related marketing purposes.
  16. We reserve the right to refuse to donate the allotted sum and/or to change these conditions at any time.

LV=, County Gates, Bournemouth, BH1 2NF, UK