Savers tell UK’s biggest mutual to curb directors’ pay
Nationwide told to cap executive rewards while savers suffer low interest ratesBy Steve Lodge | 8 June 2012
If they were ‘on our side’, there would not be bonuses or pay rises of 30 per cent: it would be more like three per cent
Alan Debenham, secretary, Building Societies Members Association
Savers are pressuring the Nationwide building society to show restraint over executive pay by curbing directors’ salary increases and bonuses.
The Building Societies Members Association (BSMA) argues that Nationwide, the UK’s biggest building society, and other customer-owned mutuals should also have binding annual votes on executive pay, in line with government plans for shareholder-owned companies.