Key facts
- James Sherwin-Smith is a Nationwide customer running for a board seat at the building society's annual general meeting.
- Sherwin-Smith alleges that Nationwide offered him a directorship at another company in exchange for withdrawing his board candidacy.
- His campaign focuses on transparency and accountability, particularly concerning the £2.9bn Virgin Money takeover.
- Nationwide is the only UK building society that does not permit members to attend its AGM in person.
- Labour MP Navendu Mishra has raised concerns with Nationwide's chair and the Chancellor regarding member communication.
James Sherwin-Smith, a Nationwide customer, is challenging for a seat on the building society's board at its upcoming annual general meeting. He claims the society offered him a directorship at another firm if he dropped his bid, a move he views as an attempt to stifle dissent. Sherwin-Smith's campaign centers on transparency and accountability, particularly regarding the £2.9 billion acquisition of Virgin Money, a decision on which members were not allowed to vote. He also points to the de-banking of Michael Armstrong, a critic of the Virgin Money deal, and the fact that Nationwide is the only building society preventing members from attending AGMs in person.
Labour MP Navendu Mishra has expressed concerns about Nationwide's communication with its members in a letter to chair Kevin Parry and Chancellor Rachel Reeves. Sherwin-Smith has criticized CEO Debbie Crosbie's £7 million pay package, arguing that the society should be held to the same standards of accountability as banks. Crosbie has stated that the board will decide on endorsing Sherwin-Smith's candidacy. Sherwin-Smith has spent two years gathering over 250 nominations, facing hurdles due to data access restrictions and balance requirements for members.