Nationwide BS Vote 2007 - Don't 'Quick Vote'

topbuzz

For Nationwide Members out there, you've should have received your voting form. However since being with the BS since 13 and now have grown up, bought my first house and read this site a lot, I've become much more money aware....and read the small print

If you do the easy option, which is sign for the 'Quick Vote', you’re actually agreeing to the 'Directors Remuneration Report' which basically means your agreeing that some directors who have left the BS last year to get a LARGE golden hand-sake.

P Williamson shall get £3.2M
B Simpson shall get £1.7M
J Willens shall get £1.8M

How can any one be worth that amount? If you read even deeper most of the directors are doing this part-time and earning the same amount in other roles! This roughly works out that they earn on average £50K a day.:mad:

It just increases the rich and poor gap. Like in a report in the www.thisismoney.com (http://www.thisismoney.co.uk/tax-advice/income-tax/article.html?in_article_id=421577&in_page_id=77) saying the super rich pay less tax then their cleaning lady due loop holes in the tax system.

I'm aware this sort thing has gone on for decades and it’s unlikely to stop. Shame as I never use Nationwide products as they are not competitive enough. I'm only still a member because they cash cheques quicker and don't charge for me when I need a 'banker’s cheque'.

Anyway, I'm off my soap box now - Just don't do the 'quick vote' option!!

bristolleedsfan

id love to know how much nationwides constant peak time television advertising costs.

when nationwide slags off the banks, nationwide appears to forget 2 things

1. it couldnt exist without a bank
2. it once wanted to merge with national + provincial building society and had it done so it would have converted to PLC status

its nice that people dont get charged for using their cards abroad, and can make free withdrawals at cash point machines, if any of these people save with nationwide they are paying for the service through lower savings rates that can be achieved elsewhere. ( im off to open a sainsburys account, 6% gross with no cashpoint card :j

do we assume by nationwides " shareholder" bubbly jibe in their tv ads that nationwide directors are teetotal :rolleyes:

Jonesya

I agree, the remuneration does seem excessive.

A while back I saw some of their job adverts in the local paper - call centre jobs paying ~£13k; so the director on £3.2M at the top is paid 246 times more than those at the bottom - good to see that the spirit of mutuality lives on!

mutley74

as a nationwide customer for over 8 years i have always wondered where they re-invest there profits...cant see anything obvious for customers in teh past few years...such as extra interest members bond or bonuses.

Kilty_2

Jonesya wrote: »

I agree, the remuneration does seem excessive.

A while back I saw some of their job adverts in the local paper - call centre jobs paying ~£13k; so the director on £3.2M at the top is paid 246 times more than those at the bottom - good to see that the spirit of mutuality lives on!

Even worse - Customer Service Representatives start on £11,500.

thor

Of course their excuse is that they have to pay the going rate for directors otherwise they could not get the best possible to serve their mutual members. Total b*ll*cks as I bet there are loads of us who could do their job just as well if not better. It's just a shame that we can't get on the gravy train.

caveat_emptor

Every year the NW Board of Directors and Renumeration Committee rely on the apathy of the membership to do what they like. Chances are 9 out of 10 members bin the voting forms or give their vote to the Chairman to cast.I doubt that this year will be any different.

baby_boomer

A resounding "yes" will send the board the message that the mutual gravy train can carry on with impunity .

Surely we want Nationwide directors to be able to fill their boots? If we ever stopped their greed, they might convert to a bank :eek: .

fwor

Thanks to the OP for pointing this out. As a result I've just voted online, "against" the Directors Renumeration Report.

I know it is very unlikely to make any difference, but at least it's a way to register my disgust at such obscene amounts of money being given away to people who are no doubt already extremely rich.

Hopefully more ordinary people will come to see this sort of activity for what it really is: legalised corruption.

baby_boomer

It should in theory be much easier for mutuals to sell their products, so pay comparisons between building societies and banks are not appropriate.

But the real scandal in the building society sector is not so much the pay at Nationwide, as the soaring pay in the rest of the sector - nearly sixty societies whose whole combined business is about the same as the Nationwide / Portman merged business.

These smaller societies could merge in order to give their members better value - and it would increase competition for consumers if there were three or four really large mutual societies.

But instead their selfish directors focus on building their pay and pension packets rather than risk losing their perks in a cost cutting merger which would improve rates for their savers and borrowers.

Secret_Wookie

thor wrote: »

Of course their excuse is that they have to pay the going rate for directors otherwise they could not get the best possible to serve their mutual members. Total b*ll*cks as I bet there are loads of us who could do their job just as well if not better. It's just a shame that we can't get on the gravy train.

Are there really loads of people who can run banks and other large organisations. Does everyone have the leadership skills, commercial acumen, abilty to define stratgey, financial understanding, abilty to deal with the work load and pressure etc etc etc?

If you have the skills, the energy and the desire then surely you have a good chance of getting on gravy train?