Elect James Sherwin-Smith to represent Nationwide building society members
James Sherwin-Smith & Why Every Member Should Exercise Their Democratic Right to Vote Understand the important role mutuals play in UK retail banking I enjoyed talking to Jeremy McKeown on his podcast “In The Company Of Mavericks”, out today. We covered: If you’re interested in the stories behind the headlines in Financial Services and personal […]
James Sherwin-Smith will be up for election after securing more than 250 nominations to run alongside existing directors Kalyeena Makortoff, Banking correspondentMon 27 Apr 2026 07.00 BST Link: https://www.theguardian.com/business/2026/apr/27/nationwide-first-customer-on-board-nearly-25-years Nationwide building society could have a customer on its board for the first time in nearly a quarter of a century after one of its longtime […]
Nationwide Building Society introduced the “Quick vote” (QV) mechanism in 2006. This was the year after the last Member Nominated Candidate stood for election in 2005. Since that time, there have been no Member Nominated Candidates and no Member Resolutions put forward, so the use of the QV hasn’t been tested in the situation where […]
The UK’s largest building society has a 4% response at its AGM, raising questions about engagement with its 16.4m members
Why the building society’s remuneration vote is advisory, dominated by the Quick Vote, and supported by just 4% of members. At last year’s AGM, the increased package for the CEO of up to £7m was branded by one member as an “obscenity”, as reported at the time in The Guardian. Private Eye noticed at the […]
Kalyeena Makortoff, writing in The Guardian today, has highlighted Nationwide’s blatant double standard when it comes to executive pay. Nationwide is arguing that its executives should be paid in a comparable way to executives at large UK banks, but as Nationwide is a building society, members should not be granted a binding vote on the […]
With 17 million Nationwide building society members, the majority of whom are presumed to be eligible to vote (i.e. more than some sovereign countries), the “modern” mutual’s 2025 AGM should be a leading example of democracy and corporate governance in action. Instead the largest building society in the world exhibits contempt for its members by […]
I am grateful to Akila Quinio who quoted me in this Financial Times piece published today regarding Building Society membership: What does it mean to be a building society member? (2 August 2024) She asked me three questions given I am running for election to the board of Nationwide: my full answers are below. If you’d […]