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  1. #1

    Protest over Nationwide director's pay-off

    Members of Nationwide Building Society have lodged a protest vote over a director's 889,000 pay-off.

    The payment meant Alistair Dales, who retired as group finance director in April, earned 1.4 million during the year, compared with 511,000 for the previous 12 months, including a salary of 301,000 and 212,000 in performance related bonuses.

    Mr Dales, who joined Nationwide in 1992, was one of only two directors at the society on a two year contract, which triggered the payment when he left.

    Nearly 20% of people at the society's annual general meeting in London voted against accepting the director's remuneration report.

  2. #2
    Financial Journalist
    Join Date
    Mar 2003
    Which rather implies that over 80% of people couldn't be bothered to protest ...

  3. #3

    Nationwide members in protest vote over board pay

    From The Daily Telegraph

    Nationwide members yesterday accused directors of awarding themselves "fat cat" salaries as Britain's biggest building society faced a sizeable protest vote over boardroom pay at its annual meeting.

    Some 153,533 members, nearly 20pc of those voting, cast their ballots against the society's remuneration report.

    Nationwide was criticised for awarding former finance director Alistair Dales a payoff of more than 600,000, equivalent to two years' salary. Mr Dales, who retired "by mutual agreement" on April 4 was last year paid 1.44m in total, including accrued bonuses of 287,057.
    Daily Telegraph

  4. #4
    If you missed out on the AGM and want to see it goto and click More Info. You will need to have RealPlayer or Windows Media Player installed to view the webcast.

    High Speed internet access recommended!


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