Wind fall payments are usually made when societies ditch their mutuallity.

Is this happening here? No, they are all staying mutual.

   Executive directors who were happy to pick up bonuses when times were good should have the decency to apologise for their failure (now, that would be a novelty, wouldn't it?) to run the Cheshire properly and give up any contractual right to any payment on top of salary. Their salaries alone will represent a small fortune to most Macc people. It is not enough to blame market conditions or bad debts. If the Society had been properly managed during the past few years by the Board and the executives, it would have survived the current economic climate. And bad debts are avoided by prudent lending policies. I retired from the Cheshire 5 years ago after 25 years and I am confident that the Chief Executives who ran the Society before McCormick and her immediate predecessor would have ensured this situation never arose.