July 2015 – The AGM was held on home territory once again to suit the directors and where staff usually outnumber members.
Loyal members who have seen the interest on their “Loyalty” savings account cut from an initial pathetic rate to peanuts will be overjoyed to learn that one loyal member, Graham Beale – the chief executive, has hit the jackpot once again and has taken a total of £3,278,000 of members’ funds. This represents a 27% increase over the previous year which was £2,571,000 and that was a 14% increase on the year before that! And so these massive increases continue year after year after year and just for running a rather average performing building society.
Graham Beale’s basic pay is £875,000 but with benefits and pension allowance of £473,000 and by hitting certain impossible to miss so called “targets” his final pay is magically increased by almost four times basic! A bonus is supposed to be a little bit extra – not at “Your” Nationwide Building Society (where members come first) it isn’t!
What kind of performance by an individual produces a “bonus” that is nearly four times basic pay?
Needless to say, as always, there is no proper explanation of what he did to receive this massive increase or how any of the directors achieved their personal take. The most obvious answer seems to be that these increases were achieved through the frequent cuts in “your” savings interest rates.
That is what is meant by mutuality – “Your” Nationwide Building Society – owned by the directors, run by the directors, for the benefit of the directors. They claim to be proud that there are people working there on only the “Living Wage”. No doubt such obscene increases must make the staff feel really cherished.
It is difficult to believe that the original purpose of building societies was to enable people to buy houses who could not afford to do so.
“On your side” – whatever that means.