April 2018 – Jeff Prestridge of This is Money reports on the customary annual inflation busting increases that the directors of building societies are helping themselves to.
He goes on to say “While many building societies proclaim that they hold the moral high ground over the banks because they are not subservient to dividend-hungry shareholders, it is often a sham. Like the banks, they are not averse to shutting branches (Skipton) or paying meagre interest on savings accounts.
Nowhere is this sham more evident than in the boardroom where chief executives – come rain or shine – continue to receive inflation-busting increases in their annual remuneration.”
The report includes a chart that shows how much more money the bosses of building societies helped themselves to.