Sherwin-Smith gathered more than 250 nominations from fellow members, major media reported. The last customer to serve on the board retired in 2002, and the last time a member-nominated candidate appeared on the AGM ballot was 2005, though that candidate was not elected. Nationwide's board members are typically appointed by existing directors.
Nationwide has not yet decided whether to recommend Sherwin-Smith's election to its membership before the AGM, according to major media. If it does not, his prospects could be hindered because he would not be on the 'quick vote' list. Sherwin-Smith is one of several members concerned that Nationwide's growth has compromised its democratic roots. Concerns include the building society's decision not to hold a member vote over its £2.9bn takeover of Virgin Money in 2024, and criticism for refusing to give members a binding vote on a 43% pay rise for CEO Debbie Crosbie, pushing her pay to £7m. Sherwin-Smith failed to secure a ballot spot last year despite 600 signatures, highlighting complex hurdles for member nominations.
At a time when Nationwide is integrating Virgin Money, I think this raises a wider question about member representation, mutual governance and how contested board elections should work in practice.
Nationwide has 17 million members and over £377bn in assets. The building society says it regularly engages with a panel of 6,500 members and surveys 500,000 each year, and gives them a vote on director elections. It is understood Nationwide will put Sherwin-Smith through an internal vetting process before finalizing the AGM recommendation. According to The Guardian - Business, Sherwin-Smith described his candidacy as raising wider questions about member representation and mutual governance. He also said his focus is on ensuring members have a fair opportunity to make an informed decision about board representation.
With a place on the ballot now secured, my focus is on ensuring members have a clear and fair opportunity to make an informed decision about who represents them on the board.