Nationwide's 'Fairer Share' £100 payment for eligible members

TheBanker

yippeekiay said:

Just got my voting notification - never voted before but also went straight there & voted against the directors renumeration package - I'm guessing they want the cut of the profits for their "deep relationship" despite the majority of the candidates being on the board for 2 or LESS years!! Only one having 10 or more years service. Still 20+ years less than my "relationship".

And with that in mind I also voted against election or re-election of ALL candidates.

Good on you, My papers haven't come yet. The last email I got from Nationwide was promoting their 'exclusive' member two year bond paying 4.75%. Yet there are over 30 2 year bonds paying 5% or more on Moneyfacts. Not sure what's 'exclusive' about 4.75%. 

yippeekiay

Yeah, I got that offer a few weeks back & laughed at it to myself.

artyboy

kaMelo said:

Anyone upset by the qualification for fairer share payments need to vote to show their displeasure. Don't be apathetic.

Moaning in a forum might make you feel better but doesn't change anything, voting can.

I damn well will. Hopefully my vote will count for something as it appears Nationwide now take the view that not all members are equal (or maybe just that some are more equal than others).

And in the meantime, if you can't beat 'em, join 'em - I'll ask Mrs Arty to convert her flex direct account to a joint one with me (honestly having brain fade over why it wasn't set up that way to start...) - that way I should at least get the £100 if they decide to do it again.

scepticOfCheltenham

The terms and conditions of the AGM vote include the following:

"I acknowledge that this online voting service makes facilities available to me to allow me to appoint a representative to attend and vote for me at the AGM (and at any adjournment) on each of the resolutions and the election/re-election of directors (as described in the Notice of AGM) and otherwise as he or she sees fit and I agree to appoint my representative by means of these facilities."

Does this mean the proxy you appoint does not have to follow your voting instructions?

metrobus

Since the vast majority of the 17 million will not vote and by default their vote goes for the recommendation it’s totally pointless .

Section62

metrobus said:

Since the vast majority of the 17 million will not vote and by default their vote goes for the recommendation it’s totally pointless .

Not true.

Members who don't vote and those selecting 'vote withheld' are not considered votes in law so are neither counted in the total votes for/against nor in the percentages for/against.

Nationwide management might choose to believe non-votes are votes in support (I don't know if they do) but in reality the apathy they represent should be seen as part of the Board's failure to engage members in the democratic process.

metrobus

Sorry my mistake, but it does not matter since each year the board get elected on about 97% to 3% against😂😂
https://www.nationwide.co.uk/about-us/governance-reports-and-results/agm-results/?_its=JTdCJTIydmlkJTIyJTNBJTIyMjkwNjA0YmMtMWQwYy00YTM2LTliN2UtNDk1ODUzYjIyMzZmJTIyJTJDJTIyc3RhdGUlMjIlM0ElMjJybHR%2BMTY4Njk1MjI5MX5sYW5kfjJfMjY0NDg5X3Nlb19hMzQxYTAwZThlNDRjNTMwMTg4MDI5ZmY5MTkxNDRkNiUyMiUyQyUyMnNpdGVJZCUyMiUzQTM5NDk4JTdE

will be interesting seeing how much that changes this year

Section62

metrobus said:

Sorry my mistake, but it does not matter since each year the board get elected on about 97% to 3% against😂😂

Indeed, one of the things I think Nationwide need to sort out if they want to remain a credible mutual building society. A democratic process which leads to a result like that isn't very democratic.

My suggestions would be -

1) A new rule which requires at least one extra candidate than there are seats available.

2) Ending the 'Quick vote' option.

3) Making receipt of the 'dividend' distribution (if it continues) conditional on having voted (including using the 'vote withheld' option) in the AGM.

If members can't be bothered to vote then their relationship isn't very "deep" is it? So I think that would be a fair additional criteria to add regardless of any other changes.

Crag30

I dropped a clanger with this, opening an account whilst working, and didn't read the criteria properly. 
I've had a Flex Plus account for god knows how long, but no savings account. I've rang them to see if I can get the money out, but have been told now that 14 days have passed , I can't move it out of there.

Mum161111

I'm not sure if I would be eligible, that is if the same Fairer Share is available from January, February and March 2024.

I don't have much in my Flex Account but I transfer out £200 every month into Nationwide Regular Saver. and one small Direct Debit goes out  to a non Nationwide Accountevery month.  I also have a Nationwide Savings Account with not much in it.

If it is the same system as last time, and I manage to put £500 in January, February and March would the money being paid out of my Flex Account (two payments in 2 of the 3 months,) have to be to a non Nationwide account, or would transfer from Flex into my Nationwide Savings Account, or would cash withdrawal at ATM be eligible?

By juggling I might manage it, although I would not be able to leave the £500 in every month for three months.  If I became eligible the extra payment would be really handy.