Nationwide Building Society was set for an unusually lively annual meeting today as members met to vote on a new set of bonuses for chief executive Debbie Crosbie and finance chief Chris Rhodes.
Members of the mutually-owned society will not vote on the proposed takeover of Virgin Money as management said their approval was not needed to get the deal done.
Crosbie, who used to work at Virgin Money, and Rhodes will see their potential bonuses rise to three times their salary from two times currently under the new proposal.
The CEO was paid £3.5 million at Nationwide for her first ten months in charge, a record for the mutual sector.
Another motion will allow directors over the age of 70 with another resolution to give more powers to raise capital and acquire without members' approval.
One critic, Jay Smith, told the Standard: “The changes effectively empower the CEO and CFO (rather than a matter reserved for the board) to make bigger / bolder moves when it comes to capital and funding.”
A Nationwide said: “The vote is advisory pursuant to the corporate governance code and is consistent with the approach taken by companies with shareholders. “