Mutual Greed

August 2001 – A report by Steve lodge in Moneyfacts on society chief executives’ very mutual pay increases shows that the greed continues and most are still helping themselves to bigger and bigger handfuls of members’ money.
Brian Davis – Nationwide still gets the “Biggest Snout in the Trough Award” at £768,000.  That is over twice as much as the next in line – the Yorkshire.  No wonder a member resolution for voting on directors’ pay was rejected by the Nationwide directors.

Brian Thomas of the little Hanley Economic which has just four branches gets the “Biggest Percentage Increase of the Year Award” at no less than 120% up to £167,000.  That is more than he would get if he had to run the economy for the whole of the United Kingdom.  The runner up is Colin Smith of the Beverley with just one branch at 72% up to £147,000.

The chairman of the BSA – Martin Ritchley, who is also the chief executive of Coventry, says that society members have the right to vote if they are not happy about the leapfrog pay increase game that is going on among directors.  Just how members’ votes are supposed to stop the greed only Martin Ritchley can say particularly as the Coventry probably uses the most artistically biased voting papers of all societies.