Nationwide should give its boardroom challenger a fair run
James Sherwin-Smith, who is aiming to become the first customer to be voted onto the board of Nationwide in nearly 25 years, deserves top marks for perseverance.A year ago his attempt to get his name on the ballot paper was stymied, or so it seemed, by data protection rules and so forth.This time, he has the necessary 250 nominations to be a candidate at the July annual meeting.It is a development to welcome.As argued here a year ago, there is something of a democracy deficit at Nationwide.
While the UK’s most important mutually-owned society understandably milks the fact it does not have to answer to beastly shareholders, ownership by the members does not always translate into giving those members a real voice in how the place is run,When Nationwide bought Virgin Money for £2,9bn in 2024 there was no poll of members, even though a publicly-listed bank would have to win formal approval from its shareholders to increase the size of its balance sheet by a third,Nationwide argued its hands were tied by the 1986 Building Societies Act, which was legally accurate, but it was not a good look,Equally, it is perverse that Nationwide does not give its members a binding vote on boardroom pay.
When the chief executive has the potential to earn up to £7m a year, a very bankerly rate of remuneration, it really ought to ensure the members are OK with the approach, which implies a vote with teeth rather than an advisory version,Sherwin-Smith, note, does not come across as a one-dimensional rabble-rouser,He’s a former executive in the world of payment systems and presents himself as a critical friend of Nationwide,His manifesto, as it were, contains such non-radical ideas as “improving transparency” and helping to ensure the benefits of mutual ownership are “balanced”, a nod to the perpetual internal debate over the virtues of “fairer share” cash loyalty payments v keener pricing of savings and mortgage products,On the face of it, he may have something to contribute to boardroom discussion.
Is it possible that Nationwide’s board might even endorse Sherwin-Smith’s candidacy? That feels unlikely,But the building society should be careful to allow him a fair run,Another contentious aspect of voting at Nationwide is its use of a “quick vote” electronic system that allows members to tick a single box in favour of all the board’s recommendations,The claimed justification is greater engagement and a higher turnout,But the potential for such a set-up to squash an outsider’s election chances is obvious: nobody has to use the quick system, but in practice the board starts with a chunk of the votes in its back pocket.
In the circumstances, it would be the best way to keep things simple and suspend the “quick vote” system for this year’s meeting.If the board wants to oppose Sherwin-Smith, which it is perfectly entitled to do, it should make its case openly for why it considers him unsuitable or not needed.Whatever its recommendation, the board has reasons to be confident of prevailing in the end.Nationwide is a high-performing organisation that scores well, year after year, in surveys of customer satisfaction.It should not need to use a loaded voting system.
Nationwide should give its boardroom challenger a fair run
James Sherwin-Smith, who is aiming to become the first customer to be voted onto the board of Nationwide in nearly 25 years, deserves top marks for perseverance. A year ago his attempt to get his name on the ballot paper was stymied, or so it seemed, by data protection rules and so forth. This time, he has the necessary 250 nominations to be a candidate at the July annual meeting.It is a development to welcome. As argued here a year ago, there is something of a democracy deficit at Nationwide
Claire’s to close remaining UK stores on Tuesday with more than 1,000 job losses
Jewellery and accessories chain Claire’s is closing its final UK stores on Tuesday with the loss of more than 1,000 jobs and ending three decades on British high streets.Sources said staff at Claire’s, which had 154 stores when it collapsed in January, had been asked to pack up the final stock and equipment with the remaining outlets to formally close on Tuesday after successive waves of closures in recent weeks.Administrators at Kroll confirmed that all remaining shops ceased trading on Monday and “all store employees have been advised of redundancy”.The move does not affect the retailer’s 356 concessions, including many in Asda stores, and its head office.Talks are thought to be continuing to find a new owner for the Claire’s brand in the UK with French entrepreneur Julien Jarjoura, who controls the brand in several mainland European countries
If it’s only AI that’s keeping you up at night, maybe you’re doing OK | Letters
Reading Alexander Hurst’s column on the frictionless experience of life promised – or threatened – by AI algorithms, I was struck by how little I recognised the picture he painted of daily experience being stripped of the friction necessary to furnish it with meaning (To be human is to live with friction. That’s something AI boosters will never understand, 23 April). Rather, isn’t it the case that, bar the mega-rich, we’re all suffering from an excess of friction due to rising living costs, an avoidably dilapidated public realm, poor housing and innumerable related stresses?I belong to a volunteer group that twice a week cooks hot meals for homeless and destitute people in central Liverpool. The hot meal they collect from us may be the only relief they get that day from the constant, grinding analogue hassles of invisibility, illness, disrespect and material poverty: the only recognition they receive that a degree of comfort is a prerequisite for survival. The specific depredations of AI, created and encouraged by men without souls, seem so distant in these cases as to be nonexistent
Elon Musk and Sam Altman face off in court over OpenAI’s founding mission
A lawsuit between two of Silicon Valley’s biggest tycoons goes to trial on Monday in California, the culmination of a years-long bitter feud. Elon Musk has accused Sam Altman of betraying the founding agreement of the non-profit they started together, OpenAI, by changing it to a for-profit enterprise.Musk accuses Altman, OpenAI, its president Greg Brockman, and its major partner Microsoft of breach of contract and unjust enrichment in the lawsuit. Jury selection is scheduled to begin on Monday morning at a federal courthouse in Oakland, with opening arguments from both sides expected later this week. The trial is slated to last two to three weeks
Gay and Bedingham ace Durham’s chase against Lancashire: county cricket, day four – as it happened
Durham’s Emilio Gay and David Bedingham turned a substantial run chase into an ice-cream and Pimm’s knockabout at Chester-le-Street, chasing down a target of 336 to beat Lancashire with 18 overs to spare. Their unbeaten centuries, in a record stand, came at a gallop and Lancashire had no answer, despite winkling out Ben McKinney and Alex Lees before lunch. “The team is starting to believe,” said the Durham head coach, Ryan Campbell. “There’s a feeling of calmness around the group that I haven’t seen in a while.”Tom Westley and Dean Elgar both made centuries and in process batted Essex to safety against Surrey at the Oval, in a game soaked in sunshine and runs
Murphy goes head-to-head with Loughnane on Guineas weekend in jockeys’ title race
A little over a month after the Brocklesby at Doncaster launched the new season on turf, the Flat jockeys’ championship will finally be off and running at Newmarket on Saturday. For the first time since Oisin Murphy and William Buick took the race all the way to Champions Day in October 2021, there is a genuine chance of a contest that extends beyond the end of July.It has the potential to be a historic contest too, and the bookies cannot agree on a favourite in what is likely to be a straight head-to-head between 20-year-old Billy Loughnane - who would be the youngest champion for more than a century - and Murphy, the reigning champion, looking to join Kieren Fallon as a six-time winner.Murphy was an easy victor with a total of 143 winners last season, and while Loughnane was the only other rider to reach three figures, he was a long way adrift on 108. On that basis, punters might expect Murphy to be a heavy favourite, but at lunchtime on Monday, it was possible to back Murphy at 11-10 with Ladbrokes, and Loughnane at 6-4 with William Hill – an 88% book in a contest for which Rossa Ryan, at 16-1, is the only other runner shorter than 25-1
Shell to buy Canadian shale producer ARC Resources for $16.4bn
Goldman raises oil price forecasts as Iran war deadlock continues; Shell buying Canada’s ARC in $13.6bn deal – as it happened
Musk and Altman’s bitter feud over OpenAI to be laid bare in court
UK departments at odds over energy demands of AI datacentres
Higgins ends O’Sullivan’s attempt for eighth world snooker title as Selby blasts ‘horrific’ conditions
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