Nationwide Building Society – Big Pay Increases for Directors – Peanuts for Members – That’s Mutuality

June 2022 – Jeff Prestridge the Mail on Sunday Personal Finance Editor comments on the excessive amount of members’ money being taken by the directors of this building society while interest rates for members’ savings accounts are among the lowest in the country.

The chief executive, Joe Garner, increased his take by 71% over the previous year and he is retiring with a £1,000,000 bonus.  The chief finance director took a 41% increase.

It is strange that directors of this building society consider it to be their God given right to always take more of members’ money than directors of any other building society yet they do not consider it to be an equally God given right for members to expect interest rates to always be the best.  They very rarely are.

Mail on Sunday Report