Nationwide could have first customer on board for nearly 25 years

Nationwide building society could have a customer on its board for the first time in nearly a quarter of a century after one of its longtime members secured enough support for a spot on the lender’s annual ballot. James Sherwin-Smith will be up for board elections at Nationwide’s annual general meeting (AGM) in July, having gathered more than the 250 peer nominations necessary to run alongside existing directors. If successful, the 45-year-old from West Sussex would be the first Nationwide customer – known as members – to sit on the board of the building society for 24 years, with the last having retired in 2002. The last time a member-nominated customer was even on the AGM ballot was 2005, though they failed to secure enough votes to be elected to the board. The building society’s board members are typically appointed by the existing directors. Nationwide, which was founded in 1884 in south London as the Southern Co-operative permanent building society, has yet to make a decision on whether to recommend Sherwin-Smith’s election to the rest of its membership before the annual meeting. If it does not, it could significantly hinder the prospects of a boardroom seat, given Sherwin-Smith would not be put on a list of automatic “quick vote” options that mirror board recommendations and that most members opt for. …