Members of the Guernsey branch of the Channel Islands Co-operative have voted in favor of a 2% dividend payout for the 2023 financial year. The decision was made at the Annual Meeting of Members held at St Pierre Park Hotel, which saw a turnout of over 100 individuals. Earlier this year, the CI Coop had warned of potential reduced or no dividend due to losses amounting to £1.8m. The outcome of the vote by Jersey members, scheduled for Wednesday, will confirm the final result. In response to the initial dividend announcement, a number of shareholders closed their accounts; however, the CI Coop stated that these accounts could be reinstated to ensure individuals receive the dividend they are entitled to. CEO Mark Cox acknowledged that communication regarding the dividend could have been better and highlighted the importance of learning from such situations.
The challenge we face is unique to our island community, with 122,000 individuals who are deeply passionate about our Coop. Communicating effectively and conveying our message to these individuals is a significant challenge for us. However, we acknowledge that there is still more work to be done, and one of our main priorities in the coming year is to improve our engagement with our members.
Regarding the sale of Sandpiper’s retail brand to Morrisons, Mr. Cox expressed optimism about its impact on the future of the Coop. He highlighted the Coop’s resilience over the past 102 years, emphasizing that it is locally owned by our community. Nevertheless, he expressed disappointment that a significant portion of the business will now be owned in the UK as a result of the Sandpiper/Morrisons deal.
In addition, the Coop announced its plans to launch a mobile network in Guernsey, pending approval from the competition watchdogs in Guernsey and Jersey.
The Coop had initially intended to utilize Sure’s infrastructure, but they have now announced that they will establish their own “competitive prices”.
Mr. Cox believes that the merger of Airtel Vodafone and Sure presents a special opportunity to provide the service.
In addition, Guernsey stakeholders voted for two open positions on the board, and Ben Le Huray was elected.
Jon Bond was re-elected by the Guernsey shareholders, but his position on the board is still pending a decision from Jersey’s members.