James’ Election Address
James Sherwin-Smith
Independent non-executive director
Member Nominated Candidate
Skills and experience
James Sherwin-Smith has worked in financial services for over 20 years and is a director of several UK companies. He previously served as CEO of Growth Street, an FCA-registered firm that helped UK small businesses access fair and competitive lending.
James later joined Vocalink, the British company that operates much of the UK’s core payments infrastructure, including Bacs, Faster Payments and LINK. Following Mastercard’s acquisition of Vocalink, he was part of the leadership team responsible for expanding the company’s payment systems internationally.
He now advises and invests in early-stage financial technology and payments businesses.
Election address
I am standing for election to give my fellow Members a more meaningful say in how Nationwide is run – and greater transparency into how its decisions affect them.
Like many Members, I value the role that building and mutual societies play in the UK financial system. As they are owned by their customers, they are uniquely placed to act in the interests of the people they serve, without the pressure of external shareholders.
This model only works if Members are informed and actively engaged. Mutual societies depend on participation to ensure Members’ interests are properly reflected in Board decisions. Nationwide has over 16 million Members, yet only 4% take part in the Society’s annual elections, and far fewer attend the AGM.
Millions more Members are now joining Nationwide from non-mutual Virgin Money as part of the largest acquisition in building society history. The integration will take years – and there will be tough decisions ahead.
Mutual boards benefit from Member Nominated Directors that ensure Members’ perspectives are consistently considered in major decisions – from strategy to pricing and Member benefits – and Members are better informed and engaged.
My professional background means I understand how complex Financial Institutions operate. Through my work in payments infrastructure, and as CEO of an FCA-registered business, I have seen how organisations can balance commercial success and deliver the best outcomes for their customers.
If elected, my clear aim will be to bring an independent, informed Member perspective into the Boardroom and ensure that the voices of all Members are heard where decisions are made, by focusing on three priorities:
- Strengthening how Members’ views are reflected in Board decisions
- Improving transparency, so Members better understand key decisions and how they are affected
- Helping ensure the benefits of mutual ownership – such as pricing, products, service and rewards – are balanced, clearly delivered and fairly shared.
Nationwide has been successful because Members trust it to operate differently from shareholder-owned banks. Protecting and strengthening that trust is essential to its future.
If you would like a Member Nominated Director on the Nationwide Board, please vote: