July 2001 – From the AGM – In the board’s continuing fight against members’ rights, it has decided to outlaw members’ resolutions without any change to the rule book. This is said to be the latest legal interpretation of what members’ are not allowed to do. This comes in response to attempts to make societies more open and accountable. So in future you can expect directors to be even less open, less accountable to their members and even less mutual and democratic than they already are, if that is possible.
In the Annual Report the chairman says ….this year we decided we should put our house in order…
Our Comment – We look forward to the year when the Nationwide directors put their house in order. Then they will treat members with respect, stop their greed and stop using dirty tricks. The Annual Report shows that the directors are still helping themselves to large portions from the trough with a pay increase of 10% equal to four times the rate of inflation but lower than previous years 25%.