Nationwide Building Society is under pressure to address governance concerns as its annual general meeting approaches. Labour MP Navendu Mishra has written to chair Kevin Parry, highlighting issues such as the use of 'quick vote' options and a lack of board seats for members.
Mishra, a Nationwide member, criticised the bundling of voting options and the absence of direct member representation on boards. He argued that as a mutual, Nationwide should ensure democratic values are upheld, especially as its assets have grown to £382bn following the Virgin Money takeover.
The MP also raised concerns about online-only AGMs, which may exclude some members, and non-binding votes on executive pay. This follows controversy over a 43% pay rise for CEO Debbie Crosbie, whose maximum package could reach £7m.
In response, a Nationwide spokesperson defended the quick vote tool, stating that most members find it clear and easy to use. They noted that 95% of votes supported the remuneration policy and that online AGMs have increased participation. The chair is expected to reply to Mishra's letter shortly.
