A Nationwide customer seeking a board seat claims the building society offered him a directorship at another firm if he withdrew his candidacy. James Sherwin-Smith is challenging for a board position at the upcoming AGM, citing transparency and accountability as key concerns.
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Nationwide customer claims offer to drop board bid
IN SHORT
A Nationwide customer seeking a board seat claims the building society offered him a directorship at another firm if he withdrew his candidacy. James Sherwin-Smith is challenging for a board position at the upcoming AGM, citing transparency and accountability as key concerns.
Frequently asked questions
James Sherwin-Smith is a Nationwide customer who is running for a board seat at the building society's annual general meeting. He is advocating for greater transparency and accountability.
He is concerned about transparency, particularly regarding the Virgin Money acquisition, and the lack of member voting rights on such decisions. He also criticizes the exclusion of members from attending AGMs in person and executive compensation.
CEO Debbie Crosbie has declined to endorse Sherwin-Smith's candidacy, stating the matter is for the board to decide. The alleged offer to drop his bid has not been directly addressed in the provided sources.
As a building society, Nationwide is owned by its members, theoretically giving them more rights than shareholders in a public company. However, Sherwin-Smith argues these rights are not being fully realized in practice.
What Happens Next
01Nationwide's annual general meeting will take place on July 15.
02A decision on whether the board will endorse Sherwin-Smith's candidacy is expected.
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