Nationwide building society could have a customer on its board for the first time in nearly 25 years after a longtime member secured enough support to stand for election. James Sherwin-Smith, 45, from West Sussex, has gathered more than 250 peer nominations required to run alongside existing directors at the lender's annual general meeting in July.
If elected, Sherwin-Smith would be the first customer, known as a member, to sit on the board since 2002. The last time a member-nominated candidate was on the ballot was 2005, but they failed to secure enough votes.
Sherwin-Smith is among members who have raised concerns that Nationwide's rapid growth has weakened its democratic roots. These include the decision not to hold a member vote on its £2.9bn takeover of Virgin Money in 2024, while shareholders of the target had a say, and refusing a binding vote on a 43% pay rise for chief executive Debbie Crosbie, taking her package to £7m.
Nationwide has yet to decide whether to recommend Sherwin-Smith's election. If it does not, his prospects could be hindered as he would not be on the 'quick vote' list that most members opt for. The building society will vet him before finalising recommendations.
Sherwin-Smith, an adviser and investor in financial technology firms, said he would consider giving up those roles if elected. He previously failed to secure a ballot spot in 2024 despite 600 signatures, criticising the complex hurdles members face.
A Nationwide spokesperson confirmed Sherwin-Smith received 256 valid nominations and will be on the ballot. The society has 17 million members and over £377bn in assets.
