Vote in Nationwide AGM 2011

NationwideMember

Links to Nationwide will be added to this thread.
The AGM isn't yet, but soon.

Nationwide is a mutual building society, owned by the members.
It is run by bankers who get paid millions and have fat pensions.
They no longer listen to you, its (shareholding) owners.
If you have more than £100 savings, or mortgage, then please join my facebook campaign to get members to stand for elected directors.

Why MoneySavings / Facebook?

Because you need a whopping 500 members nominations to stand as a director. (Of course, that's easy if you're at Nationwide HQ).

Take a look at "Silverstone" (deposit) notes subsidiary in its accounts. Sounds like another credit crunch trigger, packaging bundles of (riskier?) mortgages. Directors from Lehman Brothers, Citigroup...

You can't even ask questions at the AGM. Its your money.
All you can do is sack those in charge, and appoint ordinary members to ask difficult questions in the boardroom.

I am recommending you DO NOT ACCEPT ACCOUNTS (without disclosure of Silverstone mortgage bundling to independent audit by CRB checked representative member).

DO NOT SEND ELECTRONIC BANK / CONTACT DETAILS.
Join the open facebook group, and get invited to the closed group, where you will be verified by good old postman here in the UK, not some russian hacker.

Neil Humphrey
On facebook as Nationwide Building Society (As mutual members, we own it).

dggar

Can you enter the link with obvious additional characters so it does not show as a URL

Loughton_Monkey

I don't want to ask questions at the AGM. I simply want the reasonably good interest on my "MySave" account, guaranteed by the FSA.

If I were to consider the salaries/pensions/ethics of every bank's directors, I'd probably be forced to put all my money under the mattress.

Now how about joining my campaign to boycott Facebook for invasion of privacy......

Froggitt

Unfortunately NM, even if you do get enough nominations, the membership of almost all building societies have historically voted like sheep for the directors recommendations......whether its member directors, resolutions, demutualisation etc.

wynkin

Froggitt wrote: »

Unfortunately NM, even if you do get enough nominations, the membership of almost all building societies have historically voted like sheep for the directors recommendations......whether its member directors, resolutions, demutualisation etc.

The Nationwide Directors benefit from the way the AGM voting is made. Most members don't even know how to vote and when they try it's difficult and loaded in favour of the current Directors.

I have asked how many votes the Nationwide directors get individually, (I am not expecting a reply) they only have to open multiple accounts for themselves and their families to claim lots of votes.

It just isn't democratic - not a single person to oppose the board.

I implore all members to vote AGAINST every thing at the AGM.

alanq

wynkin wrote: »

I have asked how many votes the Nationwide directors get individually, (I am not expecting a reply) they only have to open multiple accounts for themselves and their families to claim lots of votes.

It's a mutual. One member one vote - director or not. Multiple accounts do not give anyone multiple votes. Their family members are entitled to the same rights as other members.

There are enough real causes for complaint without inventing extra ones.

http://www.nationwide.co.uk/about_nationwide/membership_matters/membership.htm#1

TheMatrix_2

All overpaid in my opinion, with well above inflation payrises

caveat_emptor

You're up against member apathy and the directors know that they can rely on that to maintain the status quo. I doubt most members will read the annual report or bother to vote and it would take a massive advertising campaign to change this. We all have a choice, there are plenty of banks out there.

talexuser

I wish you well but unfortunately the Kent Reliance saga shows just how difficult the task is. The directors rely on ignorance/apathy/slanted communications to maintain their closed shop.

mbrownish

I must say, having had my voting papers today, I was shocked at how there is no competitive element (X positions, X candidates), and most are identikit bankers with many having hints of unpalatable backgrounds (Railtrack? Lehman Brothers? really?). I'd be all in favour of some concerted long-term campaign to use AGMs (probably would take years) to reclaim the society from these people. Obviously we don't want to throw financial expertise overboard, but this just does not seem healthy.

Any such campaign should obviously make use of social media (including facebook), but it clearly needs its own website and a little bit of PR nous (a stunt at this year's AGM to get media attention would be a start, but probably too short notice). Use the fact that members can nominate someone other than the chairman for their votes - that would be essential, and get a representative of the campaign to be nominated and attend. And then work towards getting one or more people getting 500 nominations via the campaign. Once you've got that, I presume Nationwide then needs to provide at least a blurb about these candidates, and hopefully with a competitive element there'd also be some kind of manifesto or vision for the society - something to help distinguish candidates so that there's some real choice.

Imnoexpert_2

I intend to vote against the Directors remuneration report.

Surely this is an open goal!

Could anyone justify a 'package' over £ 1 million pa like 2 directors enjoy?

Come on Martin launch a campaign. The end of the millionaire club!