Nationwide could have first customer on board for nearly 25 years
Summary
James Sherwin-Smith has secured enough member nominations to run for a seat on Nationwide Building Society’s board, potentially becoming the first customer to join the board in 24 years. The society’s board usually appoints members internally, and Nationwide has not yet decided whether it will recommend Sherwin-Smith’s election at the annual meeting in July.Key Facts
- James Sherwin-Smith gathered over 250 nominations, the minimum required to appear on Nationwide’s board election ballot.
- If elected, he would be the first Nationwide customer on the board since 2002.
- Nationwide’s board members are typically chosen by current directors, not by member vote.
- The last member-nominated customer on the ballot was in 2005 but was not elected.
- Sherwin-Smith and others have criticized Nationwide for limiting member influence, especially after the purchase of Virgin Money in 2024 without a member vote.
- Nationwide has 17 million members and £377 billion in assets.
- Sherwin-Smith is a financial technology adviser and investor, and he may give up those roles to qualify for the board.
- Nationwide will decide soon if it will recommend Sherwin-Smith to members before the annual general meeting on July 15.
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