A 43% increase to Nationwide Building Society chief executive Debbie Crosbie's maximum pay package, worth up to £7m per year, is due to be approved without a binding vote by members at the annual general meeting on Friday. Critics say the 140-year-old mutual has strayed too far from its roots.
Campaigners argue that Nationwide, founded in 1884 as the Southern Co-operative Permanent Building Society, is centralising power while diluting member voice. The building society bought Virgin Money for £2.9bn last year without a member vote, further fuelling discontent.
However, the industry backs Crosbie, recognising her role in elevating the mutual sector. Nationwide is the second largest mortgage provider with 17 million members and £368bn in assets. The government has pledged to double the size of the mutual sector.
Longstanding concerns include Nationwide's retention of online-only AGMs post-Covid, 'quick vote' options that favour board recommendations, and difficulties for members to get resolutions on the ballot.
