Member Challenges Nationwide Board Seat

0:00On April 27th, a big shake up at Nationwide Building Society for the first time in 24 years, a customer could snag a board seat. James Sherwin-Smith, a 45-year-old member from West Sussex, hit the nomination threshold with 256 signatures landing him on, the ballot for the annual general meeting this July 15th. He's running against the usual board picks who get tapped by current directors. The last customer to actually join the board, retired back in 2002, and even getting on the ballot hasn't happened since 2005. Members like Sherwin-Smith worry the society's massive growth, now with 17 million members, and over 377 billion pounds. In assets, has watered down their voice. They point to no member vote on the 2.9 billion-pound Virgin Money Take-Over last year, or the 43% CEO Payhike to 7. Million pounds that skip the binding say. Nationwide engages through panels and surveys, but hasn't decided yet on Backing Sherwin-Smith.

1:02They're vetting him now, which sets the quick vote options most members use, and he might ditch his FinTech advising gigs to qualify. This ballot run highlights the push for more member power in a society founded way back in 1884, with eyes on whether grass roots. Democracy gets a real boost at the AGM.