Corporate Governance
The Society is authorised by the Prudential Regulation Authority and regulated by both the Prudential Regulation Authority and the Financial Conduct Authority.
The Directors of the Society are committed to best practice in Corporate Governance. The Board operates several Committees which cover key policy decision areas of the Society.
Each Committee is detailed below:
Annual General Meeting
The 111th Annual General Meeting (AGM) of your local building society took place on Friday 24th April 2026 at The Europa Hotel, Belfast, BT2 7AP.
The Society would like to thank all Members who participated in the 2026 AGM vote for the overwhelming support given to the Board's recommendations.
Progressive Building Society pledged to donate 20p for every postal vote and £2.50 for every online vote cast and this has resulted in a donation of £5,000 to Age NI.
Tax Governance and Tax Strategy Statement
Tax Governance and Tax Strategy Statement
1. Purpose
Progressive Building Society is a member-owned mutual organisation committed to acting responsibly, transparently and ethically in all aspects of its business, including taxation.
The Society recognises that the payment of tax is an important contribution to the communities and economies in which it operates. Our tax strategy supports our mutual values, long-term sustainability, regulatory obligations and commitment to serving members.
2. Tax Principles
Progressive Building Society will:
• Comply fully with applicable tax laws and regulations.
• Pay the correct amount of tax at the correct time.
• Make accurate and timely tax filings.
• Maintain appropriate documentation supporting all tax returns and tax positions.
• Ensure tax outcomes align with the commercial substance of transactions.
• Conduct all tax affairs in a manner consistent with the Society’s values and reputation.
• Comply with both the letter and the spirit of tax legislation and avoid arrangements inconsistent with legislative intent.
3. Tax Governance Framework
Ultimate responsibility for tax governance rests with the Board.
The Board delegates oversight responsibilities to the Audit Committee, which monitors tax risk management, compliance and reporting activities.
The Society’s Finance Director has executive responsibility for implementing this strategy, maintaining an effective tax control framework, ensuring appropriate tax accounting arrangements are in place, and reporting material tax risks and developments to the Audit Committee and Board.
External professional advisers are engaged where specialist expertise is required or where significant tax uncertainty exists.
4. Tax Risk Management
The Society maintains a low appetite for tax risk. Progressive Building Society is committed to responsible tax compliance, transparent governance and maintaining a low level of tax risk. The Society will manage its tax affairs in a manner consistent with its mutual values, regulatory obligations and long-term interests of members, ensuring that tax outcomes are aligned with genuine commercial activity and the spirit as well as the letter of tax law.
Tax risks are identified, assessed, managed and monitored through the Society’s Enterprise Risk Management Framework and Internal Control Framework.
Material tax matters are escalated through established governance channels and reported to senior management and the Board where appropriate.
The Society seeks certainty in its tax affairs and will obtain external advice where legislation is complex or subject to interpretation.
5. Tax Planning
The Society may undertake tax planning where it supports genuine commercial activity, reflects the economic substance of transactions, utilises tax incentives, reliefs and exemptions intended by legislators, and delivers benefits to members consistent with the Society’s strategic objectives.
Use is made of external tax experts to support appropriate tax compliance, advise on legislative changes and provide ‘best practice’ guidance.
Director and employee remuneration is structured so as to ensure that the appropriate amounts of tax and national insurance are paid.
In accordance with the rules set by HMRC, we offer our members the opportunity to earn tax-free interest via the provision of Individual Savings Accounts (ISAs). We do not promote any form of tax avoidance to our customers.
6. Relationship with HMRC and Tax Authorities
Progressive seeks to maintain an open, honest and constructive relationship with HM Revenue & Customs and any relevant tax authorities.
The Society’s objective is to minimise uncertainty through transparency and early engagement.
• Respond promptly to requests for information.
• Provide accurate disclosures.
• Discuss significant tax matters proactively where uncertainty exists.
• Seek advance clearances where appropriate.
• Work collaboratively to resolve tax issues efficiently and professionally.
7. Tax Control Environment
The Society maintains a robust tax control framework incorporating:
• Defined tax roles and responsibilities.
• Segregation of duties within Finance.
• Regular tax reconciliations and reviews.
• Management review of significant transactions.
• Periodic independent review by external advisers.
• Ongoing monitoring of legislative and regulatory developments.
• Training for relevant employees.
The effectiveness of tax controls forms part of the Society’s wider governance and assurance framework.
The tax strategy above is published in accordance with Schedule 19 of the Finance Act 2016 in respect of accounting period ended 31st December 2025 and has been approved by the Society’s Board.