Nationwide building society’s members deserve real votes | Nils Pratley

Governance needs overhaul after there was no vote on Virgin Money takeover and vote on CEO’s £7m pay was only advisoryNationwide boss’s £7m pay package declared an ‘obscenity’“There’s no one else quite like us,” goes the refrain at Nationwide as it champions the virtues of being a big building society rather than a big bank. “We are the only major banking provider that doesn’t have to answer to shareholders – we’re built to put our members first.”It is true that Nationwide brings welcome biodiversity to the banking jungle. The organisation is owned by its 17 million members – its customers – and is five times bigger than the next largest building society. What’s more, its members mostly seem happy with the service. Nationwide tends to come top of industry polls on that score. Continue reading...

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