Statement from James Sherwin-Smith ahead of the 2026 Nationwide AGM
Today marks the conclusion of this year’s Nationwide Board Election.
Over the past two years, this campaign has become about something much bigger than one Board seat. Together, we’ve brought Member democracy, governance and accountability at the world’s largest building society (and the UK’s second largest lender) into the national conversation.
I’m grateful to the thousands of Members who have engaged with the campaign, the journalists who have reported on it, and the parliamentarians from across both Houses and across party lines who have recognised that the governance of Member owned organisations deserves greater attention.
Standing as the first Member Nominated Candidate for more than twenty years has been both a privilege and a revealing experience.
I had hoped this Election would provide a fair and impartial test of whether Members wished to elect an independent voice to the Board.
Instead, it has exposed a number of important questions about how Elections are conducted when Members put forward their own candidate, how Members are encouraged and guided to vote, and whether current governance arrangements remain fit for purpose in a modern mutual.
Whatever happens when the AGM results are announced later today, those questions will remain – and must be addressed. This morning is the end of one chapter.
This afternoon, a new chapter begins
I will be re-doubling my efforts over the next year, and beyond.
Introducing my Four Pillars for Stronger Member Democracy:
- Increase Member Representation at Nationwide (practical and immediate).
- Modernise Governance at Nationwide (institutional and legislative reform).
- Strengthen Member Democracy Across the Building Society Sector (sector-wide impact).
- Build C4DG: a Coalition for Democratic Governance (long-term, broader, national ambition).
“I realize that this is a rough road, but a catalyst for change in a society is usually persona non grata with those who have been the beneficiaries of the system. A catalyst for change has to be able to withstand the insults, the humiliations, the abuses, and the slurs.”
Congresswoman Shirley Chisholm (1924-2005)
ENDS