East of England Co-op announce a £1.8m dividend for members
Over 120,000 members of the East of England Co-op can look forward to a share of a £1.8million dividend payment this year.
The dividend was approved at the retailer’s Annual Members’ Meeting, held online on Thursday 13 May, following a recommendation from the Board of Directors.
Chaired by East of England Co-op President, Frank Moxon, over 140 members joined the virtual event, as the retailer reported on their sales and trading profits for the 2020/21 financial year.
2020 saw the East of England Co-op invest more than £300,000 in local communities through its Community Cares Fund, with over £140,000 donated by members. The East of England Co-op set up its Community Cares Fund in April 2020 in response to the pandemic to provide much needed support to local organisations.
The meeting also included the results of the election to the Board of Directors. This year saw ten candidates standing for four places on the Board. Just under 5,000 members voted in this year’s election which saw two new directors appointed: Joy Burnford and Esme Cole who will each serve a four year term, whilst John Cook and Judi Newman were re-elected for a further three and four year terms respectively.
The East of England Co-op said a fond farewell to Fiona Powell who has come to the end of her term on the Board of Directors and Chris Newbury who has retired after serving a maximum of three terms (12 years).
Members who are eligible for dividend will receive their payment by post starting next month (June 2021). A full breakdown of the East of England Co-op’s audited figures is now available online at: www.eastofengland.coop/about-us/our-co-op-today/annual-report-and-accounts.