'It is a harsh reality': Guernsey Coop members vote for reduced dividends over it being scrapped

The vote was split until it was announced that it was either 2% or shoppers go without, which swayed the majority of voters. Credit: ITV Channel

Guernsey members of the Co-Operative have voted to accept a 2% dividend.

The Guernsey Co-Operative Annual General Meeting (AGM) was held last night (Tuesday 21 May) which saw members vote on whether to accept the reduced percentage of 2% or vote for the option of it being scrapped.

Shoppers of the Co-Operative have typically received a 4% dividend since 1980 but members were told in February their 2023 dividend payment could be reduced or removed entirely.

The vote was split until it was announced that it was either 2% dividends or nothing, which swayed the majority of voters.

One Guernsey shopper who attended the AGM said: "The way we were asked to vote was very misleading because when they said to vote for the 2%, I didn't put my hand up but then the secretary said, it is either you vote for 2% or you get nothing, we didn't have an option."

Director of Channel Island Co-operative Society, Ben Le Huray, said: "I think it's a harsh reality, but it is something rather than nothing.

"I think looking at the team's decision to not take the bonuses as a staff collective across the Channel Islands is a real demonstration of their commitment to the society and what they want to see for members, overall it is a really good result."

Other members shared their dismay, one explained: "I am disappointed that the 4% is gone, although I am happy to have the 2%, I don't think we will ever get the 4% back again."

Another added: "Hopefully it will go back to 4% next year."

Sharing a similar view a different member said: "I feel they have gone about it the wrong way, it has been a very good meeting but the way they announced it a few months ago put people off, so they started shopping in other places."

However, others shared no complaints, one said: "The vote was perfect everything was fine, everything went as it should be."

Similarly, another member added: "All explained very clearly, it is the right thing for Co-Op to do."

It was further announced in the meeting that a new app mobile would be used to entice the younger generation to sign up.

The dividends will be finalised after Jersey members vote at an AGM this evening (Wednesday 22 May).

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