20 July 2018
The results of Nationwide Building Society's Annual General Meeting (AGM) held today, 19 July 2018, at Nationwide House in Swindon are detailed below.
1. To receive the Directors’ Report, the Annual Accounts, the Annual Business Statement and the Auditors’ Report for the year ended 4 April 2018
For: 586,192 (98.86%)
Against: 6,730 (1.14%)
Votes withheld*: 5,628
2. To approve the Directors' Remuneration Report for the financial year ended 4 April 2018
For: 534,342 (90.75%)
Against: 54,448 (9.25%)
Votes withheld*: 9,743
3. To approve the re-appointment of PricewaterhouseCoopers LLP as Auditors until the end of the next AGM
For: 558,118 (94.89%)
Against: 30,042 (5.11%)
Votes withheld*: 10,402
Election or re-election of Directors
The results of the election/re-election of Directors for Nationwide are as follows:
Accordingly, all of the Directors standing for election/re-election were elected and re-elected.
Welcoming members to Nationwide’s head office in Swindon, David Roberts, Nationwide's Chairman, said:
“Nationwide’s difference lies in our mutuality. Our distinct purpose and values, and the fact that we are owned by our members, makes us genuinely different from our banking peers.
“As a member-owned Society, we engage with our members all through the year, as well as at our AGM, so that their views inform the decisions we make. Each member has an equal vote on decisions brought to the AGM and we’re encouraged by members’ strong support for all the Resolutions recommended by the Board at today’s AGM. Each resolution passed with over 90% of votes cast in favour.”
Commenting on the Society’s performance, the Chairman said: “We’re exceptionally proud to have led our high street peer group on service satisfaction for the last six years1, and to have been named Which? Banking Brand of the Year 2018 for the second year running. In the last year we delivered over half a billion pounds of extra value to members through better rates, fees and incentives than the average of the market and our capital base and leverage ratios are at all-time highs. The Board looks to the future with great confidence.”
David Roberts concluded: “I’d like to thank our members, for their support and loyalty to the Society over many years.”
1 Source: © GfK 2018, Financial Research Survey (FRS), 6 year lead held over period 12 months ending 31 March 2013 to 12 months ending 31 March 2018. Each monthly data point contains customer feedback referring to previous 12 months. Proportion of extremely/very satisfied customers minus proportion of extremely/very/fairly dissatisfied customers summed across current account, mortgage and savings. High street peer group defined as providers with main current account market share >4% (Barclays, Halifax, HSBC, Lloyds Bank (inc C&G), NatWest, Santander and TSB). Prior to April 2017, high street peer group defined as providers with main current account market share >6% (Barclays, Halifax, HSBC, Lloyds Bank inc C&G (Lloyds TSB prior to Apr 15), NatWest and Santander).