14 July 2010
Mr G Howe
Chairman
Nationwide Building Society
Nationwide House
Pipers Way
Swindon
SN38 1NW
Dear Mr Howe
I am in receipt of my voting papers and Summary Financial Statement for the year ended 4 April 2010 and despite being an extremely busy person I feel that I can not just ‘cast my vote’ without making comment on the Remuneration of the Directors.
I have studied the detail provided and it is clear from the levels of remuneration for 2009 and 2010 that there has been no acknowledgement by the Directors of the financial difficulties that the country and the banking sector are in. Whilst the Society may have contractual obligations that it is committed to from previous years when times were better, it is completely within your powers to have acted by 2010 on what was clearly a serious problem emerging in early 2008.
Whilst the Society may be one of the strongest in the sector there really is no justifiable reason why anyone on our very small and fragile planet should be worth more than £150,000 per annum remuneration. The situation is made even more distasteful and inappropriate as some of the directors are working for other companies and presumably receiving remuneration from these positions too. How can anyone give 100% to their position if they are working for other organisations too?
It is important that Nationwide Directors wake up to the real world like the rest of us have had to and accept that things are changing. I feel that I have no choice but to vote to re-elect the Board of Directors as what is the alternative? However, morally I feel it is my duty as a member to point out that I am not at all happy with the levels of remuneration or with the Directors apparent lack of acknowledgement that remuneration MUST be reduced drastically to reflect the actual work that any one person, no matter how skilled, can actually contribute.
Yours sincerely
Jocelyn King
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