May 2016 – The gravy train rolls on as usual for directors while savers interest rates continue to be cut.
Thisismoney reports on the ever increasing amounts of members money that directors of some building societies continue to take even though profits have fallen.
From 31 building society annual reports produced so far this year The Mail on Sunday found that 5 chief executives have taken double digit pay increases. Gev Lynott, CEO of Mansfield Building Society took an increase of no less than 17.9% to £178,000.
Stephen Mitcham CEO of Cambridge Building Society took an increase of 12.5% even though the society’s profits plunged from £4.4 million to just £1.5 million.
At Marsden Building Society, the CEO Rob Pheasey took a 13.8% increase even though profits fell 21.0%.
At Beverley, Chorley, Scottish, Swansea and Teachers building societies, all CEOs gave themselves an increase despite a fall in annual profits.