Anger as Nationwide refuses members a binding vote on boss’s 43% pay hike | Executive pay and bonuses

Under fire, because he refused to vote for members throughout the country.

Campaigns say that the mutual members of the UK banks have left less rights than their shareholders and put forward a worrying “gap” in creating the rules of society.

Nationwide argues that Crobie’s salary should compete with banks such as Lloyds and Natwest after the seizure of £ 2.9 billion of Virgin Money. However, on July 25, the Board offers only “consultancy” votes to the members of the annual General Assembly (AGM), that is, if they refuse, there are no reflections.

Large street banks are required to vote for binding policies for at least every three years in accordance with the laws that manage large enterprises listed in the London Stock Exchange. If the shareholders reject the policy, they must return to the old payment plan and make a payment agreement to the shareholders within 12 months.

Nationwide can do the same, but he said that it was only further than necessary, in accordance with the law of building societies that require binding votes for the election of members of the board of directors.

“As a part of our member participation and commitment to transparency, a spokesman puts a wage charge policy throughout AGM on the basis of advice on an AGM and we do not have a plan to change this approach right now,” he said.

Although he has never offered a binding vote for payment throughout the country, he did not propose such a large renewal package for the general manager, which could cause a record of £ 7 million worth £ 4.8 million from the current levels. This is behind Natwest Group, which provides support for a package worth £ 7.7 million for General Manager Paul Thwaite in April.

Luke Hildard, Director of Hight Payter Thinktank, described the situation as çap vacancies in the governance of building societies ”.

“Provisions need to have a more collective approach than corporate banks, but banks need to respond to the stock market if they review the wage policies rejected by the majority of shareholders and vote more than 20%.”

“The lawsuit throughout the country, where there may be an important discomfort with the large payments planned for the President of the Executive, emphasizes the need to close the gap,” he said.

Crosbie’s 7 million pounds payment agreement has angered some members. “I am a country -wide customer and I didn’t know it? Please send me a voting form immediately,” he said on X. Another claim was claimed.

Sara Hall, the co -director of the campaign group Positive Money, said, “While walking the wage of the general manager, this will be completely contradictory to what the building societies should stop.”

The movement added that “the main point of sale is unreasonable for an institution that is to put its customers in shareholders”.

A country spokesman, even though he has always received overwhelming member support – even though his wage offers – he returned against the criticism.

“Any suggestion we will ignore against this is only absurd. We always think about their views and more than 94% of the votes in the last AGM are in favor of the proposed wage policy,” he said.

“Record member value, which was given a record member value throughout the country last year, changed its current accounts according to other brands throughout the country.

“We have achieved this because we can attract, hold and motivate talented leaders. Even after the suggested changes in the AGM, the CEO of Nationwide will still be paid significantly less than other major banks.”