Nationwide customer seeking board seat criticises lender over treatment
The Story
James Sherwin-Smith, a Nationwide customer seeking election to the building society’s board, has criticised the lender for “unfair” treatment after Nationwide said it would tell members to vote against him. Nationwide’s chair stated that Sherwin-Smith’s election would not be in the best interests of the society due to lack of necessary experience. Sherwin-Smith argued that the board is entrenching its position and disadvantaging a member-nominated candidate.
Key Facts
- James Sherwin-Smith is a Nationwide customer seeking election to the board.
- Nationwide said it would give members a default “quick vote” option that includes a vote against Sherwin-Smith at the annual meeting in July.
- Nationwide is Britain’s largest building society, mutually owned by member-customers.
- The last member to sit on Nationwide’s board retired in 2002.
- Nationwide’s chair, Kevin Parry, said in a statement that Sherwin-Smith’s election would not be in the best interests of the society.
- Nationwide has 17 million members and more than £377bn in assets.
- Last year, 87% of about 670,000 votes cast used the quick-vote system.
- Sherwin-Smith is a former executive at payments company Vocalink and worked as a management consultant at Oliver Wyman focused on retail banking.
- Labour MP Navendu Mishra criticised “emerging governance issues” across the building society sector.
- Nationwide blocked Sherwin-Smith from making changes to election materials.
- Parry said no board should recommend a director who does not have necessary skills and experience.
Conflicting Reports
No conflicting reports identified in the source article.
Still Unclear
The article does not specify the exact date of the annual meeting in July or the outcome of the election.
Misconceptions
No widespread misconceptions addressed in the source article.
Key Figures
- James Sherwin-Smith (Nationwide customer seeking board election)
- Kevin Parry (Nationwide chair)
- Navendu Mishra (Labour MP)
Sources: The Guardian
