|
It is the
season for AGMs of IBM's social Retiree Associations and as in previous years
the Webmaster welcomes reports on them. This report is on the Hursley AGM
and provided by Brian Marks.
The
outline format of these meetings has been the same for many years - somebody
talks for the Lab, the association officials describe the association's year and
finances, and somebody from North Harbour describes how the Trust is going.
(It is very long time since IBM senior management attended, or a
trustee-director spoke for the Trust.)
Paul
Gibson gave the presentation for the Lab. It was avuncular and upbeat - "Hursley
is growing", 2005 was "Great year, great results". There were reminders of
the flood of money still being earned by projects that retirees are familiar with. The
importance of CICS and the messaging products to customers was stressed.
The
Retiree Association had a quiet successful year, judged by the absence of
coaches going to the wrong place, etc. The average number going on the
trips was 135, slightly down on last years 148. The IBM subsidy was
slightly up at £27,825 because that is based on £25 for each Hursley retiree.
The
chairman read out the names of the 17 retirees who had died during the year.
(There were 5 in 2004)
David
Newman (the Trust Manager) gave the
"state of the Trust" presentation. IBM in general had a good
2005 with profit of $8 billion. (2004 was $7.5 billion)
Hursley also had a good year.
The
Trust's investments had a good return - 19% in 2005.
[Up from 12% in 2004] That is similar to other large trusts.
David
explained that current lower interest rates, coupled with people living longer,
had increased the amount the actuary calculated would be needed to maintain the
final salary plan and that IBM had decided to reduce the benefits.
Protection against inflation, although reduced, will be delivered as annual
increases, in April.
David
noted that the £500 million that IBM had paid into the fund was expected to lead
to the deficit being extinguished. In answer to a question about how the
£500 million compared with "contribution holidays" he said that from memory he
thought the total of the holidays was noticeably less.
[This is really an actuarial question because pounds now
are not the same as pounds of ten years ago.]
Mark Wakefield, the Corporate
Community Relations Manager who is based in South Bank described his job
(implementing, for the UK, IBM's global strategies on Corporate Social
Responsibility etc.) and urged participation in two schemes. "On Demand
Community" provides additional help from IBM where IBM employees and retirees
are involved in community projects. 3000 people are registered with this
scheme in the UK, including 160 retirees. (Although that does not mean
they are all getting the additional help. An IBM internal body decides who
does get it).
"World
Community Grid" provides the framework to incorporate your PC into an
enormous grid of computers solving problems that need that sort of
calculation.
|