Member Democracy Campaign Begins ‘New Chapter’ Following Nationwide Board Election
Over 75,000 Members rejected Nationwide’s Quick Vote and “slow voted” instead in favour of Sherwin-Smith’s Election
FOR IMMEDIATE RELEASE
15 July 2026
James Sherwin-Smith today announced a “New Chapter” of his campaign for stronger Member democracy, following the conclusion of Nationwide Building Society’s 2026 Board Election.
Although not elected to the Board, Sherwin-Smith said the campaign had already achieved far more than initially expected.
Over the past year it has brought governance at Britain’s largest building society into the national spotlight, prompted concern in both Houses of Parliament and across party lines, attracted national media coverage and engaged thousands of Members in discussion about how building societies are currently governed.
Responding to the result, James Sherwin-Smith said:
“Today’s result changes neither my assessment of the challenges facing Member Democracy nor my determination to improve it.
“This campaign was never simply about winning one Board seat.
“It was about asking whether the owners of the world’s largest building society, and the UK’s second-largest lender, are given a genuine opportunity to shape the future of the organisation they own.
“I believe those questions remain every bit as important today, especially in light of the 2026 AGM results.”
Sherwin-Smith said the preliminary proxy voting figures released during the AGM illustrated both the scale of the challenge facing independent Member Nominated Candidates and the importance of continuing the campaign.
More than 75,000 Members cast proxy votes in favour of his Election despite the Board recommending Members vote against his candidacy.
The preliminary figures also suggest that average support for Board-backed resolutions was lower than in 2025, while preliminary analysis indicates that the maximum possible use of Quick Vote among proxy voters was approximately 86.2%. The Society has not yet published the official 2026 Quick Vote figure.
Preliminary results and analysis are available here. The analysis will be updated once Nationwide publishes the final certified results and the official Quick Vote statistics
Throughout the campaign, Sherwin-Smith raised concerns about the operation of this Election, including the use of the Quick Vote mechanism and the treatment of the first Member Nominated Candidate to stand for the Board in over twenty years.
He said today’s result marks the beginning — not the end — of his work to improve Member democracy.
A New Chapter
Sherwin-Smith confirmed that he will stand for Election again at the 2027 Nationwide AGM, and is inviting eligible Nationwide Members to nominate him immediately. He is also encouraging others interested in becoming Member Nominated Candidates to come forward.
Alongside this, Sherwin-Smith will gather Member support for governance reform at Nationwide, including preparations for a Special General Meeting to change the Society’s Rules, ahead of next year’s AGM, in order to raise governance standards, increase Members’ rights and level the playing field for future candidates.
He will also continue working with parliamentarians, regulators and organisations across the mutual sector to promote stronger democratic governance and better Member representation, including continuing to argue for legislative changes to bring the 40 year old Building Societies Act (1986) up to date.
Sherwin-Smith concluded:
“Today’s AGM closes one chapter.
“The question is no longer whether governance at Nationwide should evolve.
“The question is how quickly Members want that to happen.
“I intend to spend the coming year helping Members answer that question.
“Nationwide now has 19 million Members.
“If enough of those Members want stronger representation and stronger governance, they have the power to achieve it.
“Today, we turn the page. A New Chapter begins this afternoon.”
Four Pillars for Stronger Member Democracy
Pillar One — Better Representation at Nationwide
Sherwin-Smith confirmed that he intends to stand again in the 2027 Election and today invited eligible Members to nominate him immediately.
He will also begin publishing the Campaign Playbook, documenting every stage of the 2026 campaign to make it easier for future Member Nominated Candidates to stand for Election.
Action supporters can take
✔ Nominate James for the 2027 Election
✔ Encourage other candidates to step forward
✔ Register to stay informed of developments
Pillar Two — Modernising Governance at Nationwide
The preliminary AGM results reinforce the importance of reviewing the Society’s governance arrangements.
Sherwin-Smith confirmed that preparations will now begin for a Member-led campaign seeking a Special General Meeting to consider reforms to the Society’s Rules, including proposals relating to Quick Vote, Election procedures, Member voting rights, executive remuneration and hybrid AGMs.
Action supporters can take
✔ Register support for a Special General Meeting
✔ Support calls for more modern building society governance standards via legislative changes
Pillar Three — Strengthening Member Democracy Across the Building Society Sector
Action supporters can take
✔ Join and support the work of the Building Societies Members Association (BSMA)
Pillar Four — Building a Coalition for Democratic Governance (C4DG)
Sherwin-Smith will continue dialogue with potential founding member organisations.
Action supporters can take
✔ Register your interest to support and/or engage the C4DG
NOTES TO EDITORS
For further information, please consult the campaign Media Centre.
ENDS