James’ Address to Nationwide Members at 2026 Annual General Meeting
Thank you, Mr Chairman, for inviting me to address the meeting today.
I would also like to thank every Member who is voting in this year’s Election, attending today’s AGM and those submitting and asking questions.
I have made a copy of this address available on my website for those that are hard of hearing or would like to review it at a later stage.
Whatever the outcome of today’s vote, your participation matters.
Nationwide is one of Britain’s great mutual institutions. Its strength is measured not only by its financial performance, but by the willingness of its Members to take an active interest in how it is governed.
For that reason, I hope both turnout in this Election and participation in future AGMs mark the beginning of a long-term reversal of the gradual decline in Member engagement we have seen over the past two decades.
30 years ago, Nationwide had 3 Member Nominated Directors serving on the Board.
Today there are none – and there hasn’t been one since 2002.
My decision to stand in this Election was not about simply about seeking a seat on the Board.
It was about asking a much broader question:
How healthy is Member Democracy at Britain’s largest building society?
Are Members given sufficient opportunities to shape the future of the Society they own?
Do our governance arrangements encourage meaningful participation?
And do they meet the standards we should expect of one of the UK’s largest financial institutions?
Those are questions that extend well beyond this Election.
Over the past year, this campaign has generated conversations with thousands of Members.
It has prompted coverage across local, national, international and financial press.
It has generated concern from parliamentarians across both Houses of Parliament, and across party lines.
Most importantly, it has demonstrated that Members care deeply about how their Society is governed.
That, in itself, is encouraging.
Throughout the campaign I have also raised concerns about aspects of this Election, including the operation of the Quick Vote, the presentation of my candidacy on the ballot and in the AGM materials, and the overall treatment of the Society’s first Member Nominated Candidate for more than 20 years.
Whatever Members think about my candidacy, and the Board’s negative reaction to it, I hope there is broad agreement that these issues deserve careful reflection before future Board Elections.
Strong governance is not about avoiding challenge.
It is about embracing transparency, encouraging participation and continually improving.
Healthy challenge should be seen as a strength of a mutual organisation, not a weakness.
I do not yet know the outcome of this Election.
Whatever that outcome may be, I hope this campaign will have achieved something important.
I hope more Members will attend future AGMs.
I hope more Members will ask questions of the Board and the Society they own.
I hope more Members will take the time to review AGM materials before voting.
I hope more Member will vote.
And I hope more Members will consider putting themselves forward as Member Nominated Candidates in the years to come.
A healthy democracy depends on people being willing to participate.
There are three ways in which I hope Members will continue to offer their support after today’s AGM.
First, I hope Members will continue to engage with the Society.
Read the material published by Nationwide.
Ask questions.
Vote thoughtfully.
Encourage others to do the same.
Instead of promoting a Quick Vote, I echo a comment made in the House of Lords last week: that Board’s should be promoting a “Slow Vote” instead.
Member democracy and governance should not be confined to one day each year.
Second, if you’ve ever considered standing as a Member Nominated Candidate yourself, I’d encourage you to do so.
If my experience can help others navigate that process more easily, I’d be delighted to share what I’ve learned.
No Member should feel that standing for election is beyond their reach.
Third, I hope Members will support continued discussion about how governance at Nationwide can evolve.
Over the coming months I’ll be publishing proposals aimed at strengthening Member Rights and encouraging greater participation, including potential changes that could be made under the Society’s own Rules as well as wider reforms across the building society sector.
I hope many of you will take part in that conversation.
Finally, I want to thank everyone who has supported this campaign.
Thank you to the Members who nominated me.
To those who donated.
To those who volunteered.
To current and former Nationwide staff members who have shared their insight with me in confidence.
To journalists who reported on these issues.
To parliamentarians who took an active interest.
And above all, to the many Members who simply took the time to engage.
Whether or not I have been elected today, you’ve already helped achieve something significant.
Together, we’ve brought Member Democracy into the national conversation.
Thirty years ago, Nationwide had three independent Member Nominated Directors on its Board, directly representing our interests, challenging boardroom thinking, and helping shape the society for decades to come.
Whatever today’s result, I hope we do not have to wait another twenty years before we again see Members Nominated Candidates on the ballot, and we don’t have to wait another 30 years to have Member Nominated Directors on the Board.
Member Democracy is not about one candidate.
It is not about one Election.
And it is not about one AGM.
It is about ensuring that the Society’s owners — its Members — continue to play a meaningful role in shaping its future.