• 4th November 2024 – PFS AGM

    My understanding from people close to the PFS is that the CII are trying to quietly dismantle any semblance of independence from the inside.

    You should have received a proxy vote form and notification of the PFS AGM, held pm Monday 11 November, at Midland Hotel, Manchester M60 2DS, and online. If you’re able to attend please do so, you can register your in-person attendance by emailing pfsagm@thepfs.org.

    I will unfortunately be unable to attend in person, but I will be attending online.

    Regardless of how you plan to attend, it is so important to vote and make the member voice heard.

    CII’s independent chair, Helen Philips, said at the CII AGM that voting down a particular motion would give a signal that members have wider concerns. You can watch the video clip and read former member-director Vanessa Barnes’s view at this link.

    Steps to take to register your protest vote:

    1. Find your online voting form – this should have been emailed recently, from the email address pfs@lumiengage.com
    2. Go to https://web.lumiagm.com/196802226 to register your proxy votes
    3. Vote AGAINST the report and financial statement, and the auditors. This should send a strong message.
    4. Vote FOR the member directors and lay director.
    5. ASK QUESTIONS – here are some you may want to consider (thanks again to Vanessa Barnes for some of these), but please feel free to re-word or ask your own.
    6. Forward this post to other members.

    Last month four Institute Directors, described by Helen Phillips as high calibre professionals, had their employment terminated without notice. When and how did the PFS Board find out about these sackings and how is their removal an example of the “blueprint for governance” promised by the CII Chair?


    How was the PFS Board informed of the appointment of four CII Execs to the PFS Board?


    Do the Member Nominated and Lay Directors agree that replacing four “high calibre professionals” with four CII Execs will “bring additional strength to the PFS Board”?


    Please confirm that appropriate service level agreements between the PFS and the CII have been amended or put in place following the appointment of the CII ELT to the PFS Board?


    At the CII AGM, Matthew Hill stated “declaration of interest is a thing to which great attention is paid and that causes me no difficulty or trouble whatsoever.” Mr Hill’s declaration of interest is not the main concern. In order to fulfil its fiduciary responsibilities, the PFS Board cannot arbitrarily accept Mr Hill’s assurances of his and his colleagues’ “bona fides”. How will you manage the potential compromise or bias affecting decisions and actions related to services managed by the CII Execs? This will include the CII Execs assessing the charge for those services which will be funded by the members’ subscriptions.

    It has been reported that the previous directors of the PFS who were terminated on 1st October, were improperly terminated, and not told in advance, and were in fact seeking legal advice. Can the board provide an update to the members on behalf of this apparent governance failing from CII?

    Why are members not asked to vote on the appointment of CII directors?

    Will the board be asking the CII to commit to repay the remaining £8.9M of outstanding intercompany loan immediately, or commit to a repayment schedule with appropriate fees and interest paid, to support the interests of PFS members?

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