Voting Opens in Nationwide AGM Election as Member Candidate Raises Governance Concerns

FOR IMMEDIATE RELEASE

Voting Opens in Nationwide AGM Election as
Member Candidate Raises Governance Concerns

Member-nominated candidate James Sherwin-Smith calls on Nationwide Members to reject the “Quick Vote” and consider each resolution individually as voting opens in the Society’s 2026 AGM election.

8TH JUNE 2026, LONDON — James Sherwin-Smith is the first Member-nominated candidate to stand for election to Nationwide’s Board in more than twenty years and the only candidate standing who has not been selected by the Board.

The Nationwide Board is recommending Members vote against his election while recommending support for every Board-backed candidate.

The opening of voting comes amid wider questions about governance in the mutual sector, including executive remuneration, Member representation, virtual-only AGMs and voting arrangements.

Nationwide’s AGM papers show that Chief Executive Debbie Crosbie’s total remuneration increased from 2.49 million to £4.67 million during the year, while the CEO-to-median employee pay ratio increased from 63:1 to 109:1.

At the same time, Members are only being offered an advisory vote on executive remuneration, with the AGM notice stating that directors’ entitlement to remuneration does not depend on the vote being passed.

A recent letter from Navendu Mishra MP to the Chancellor raised concerns about governance standards within the building society sector, including advisory-only remuneration votes, “Quick Vote” mechanisms, virtual-only AGMs and the absence of Member Nominated Directors on many mutual boards.

James Sherwin-Smith said:

“This election is about much more than one seat on the Board. It is about whether the owners of Nationwide — its Members — have a meaningful voice in the governance of their Society.”

“Members are being asked to approve executive remuneration arrangements that have seen CEO pay rise significantly by over £2m this year alone, yet the vote itself is only advisory. Members can express a view, but they cannot directly determine the outcome. That raises legitimate questions about accountability.”

“At the same time, Nationwide has distributed Fairer Share payments to Members shortly before voting opens. While many Members welcome those payments, governance requires that Members are able to distinguish clearly between the distribution of profits and the exercise of their democratic rights as owners.”

“The solution is not confrontation. The solution is stronger representation. Mutual organisations work best when Members have an independent voice in the room when important decisions are being made.”

Sherwin-Smith also criticised the Society’s handling of the election process.

James Sherwin-Smith said:

“I remain concerned that information I sought to communicate to Members was removed from my election address before distribution. Members should be able to hear directly from candidates seeking election and make up their own minds.”

“I am also concerned by the operation of the Quick Vote system. For the first time in more than twenty years, Members have the opportunity to elect a Member-nominated candidate, yet the voting process encourages Members to approve the Board’s recommendations in a single action — including voting against the only Member-nominated candidate.”

“Members should decide elections. Boards should not effectively decide them in advance.”

Responding to the Board’s published criticism of his suitability, Sherwin-Smith said:
“The Board argues that I lack the experience necessary to contribute effectively. Members can judge that for themselves.”

“I have spent more than twenty years working in financial services, including as Chief Executive of an FCA-registered business and as part of the leadership team at Vocalink, the company that operates much of the UK’s critical payments infrastructure.”

“Independent directors are not supposed to replicate the existing Board. Their value comes from bringing different perspectives, asking difficult questions and ensuring that Members’ interests are properly represented.”

Sherwin-Smith said that the election presented Members with a straightforward choice.

“Nationwide is owned by its Members. The question in this election is whether Members want at least one truly independent representative in the boardroom.”

“My message to every Member is simple: DO NOT USE THE QUICK VOTE. Read the resolutions. Review the candidates. Cast your votes individually. Whatever conclusion you reach, make it your decision.”

ENDS

Notes to Editors

Campaign Media Centre James4Nationwide.co.uk/media-centre

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