James Sherwin-Smith

GP & Partner Mostly #aviation, #avgeek, #cricket, #Fintech & #payments. @JSS4NW for

[James Sherwin-Smith @26Left]

.@AskNationwide has confirmed that I have received the required valid nominations and will appear on the ballot for #election to the #Board of Directors at the 2026 AGM.

This creates the opportunity for Nationwide Members to choose to elect a Member Nominated Director for the first time in over 20 years, at an important point in the Society’s history as it continues the integration of Virgin Money.

The Board will now decide whether to recommend my candidacy to Members in the Notice of #AGM, and how the voting process will operate in what could become a competitive election.

This includes the use of the #QuickVote mechanism, which enables Members to vote as per the Board’s recommendations by ticking a single box. While this is largely procedural in uncontested elections, its role is more significant where Members are being asked to make an active choice between candidates.

Clarity on these points ahead of the ballot distribution will ensure Members can participate with confidence.

With a choice for Members secured, my focus remains on ensuring Members have a clear and fair opportunity to make an informed decision about who represents them on the Board. Many mutual organisations have evolved to include at least one #MemberNominatedDirector as part of their #governance, reflecting the importance of Member #representation.

Nationwide has over 16 million Members, and I hope those eligible to vote will take the opportunity to engage in the upcoming election.

Finally, I would like to take this opportunity to thank my supporters for their interest and action in the society’s affairs.

For more info, please visit:
https://t.co/pDfkpHwvC9

or read the press coverage pasted in this thread below.

@JSS4NW #James4Nationwide

[James Sherwin-Smith @26Left]

🚨 NEW: @AskNationwide election dispute escalates just days before voting begins

Today I issued a press release highlighting four key concerns:
1. Nationwide Building Society refused my request to append a message to my Election Address to warn Members not to use #QuickVote if they wish to support my election.
2. The Board has decided to recommend Members vote AGAINST my candidacy while continuing to use Quick Vote.
3. Nationwide removed my website address and QR code from my Election Address without my permission.
4. The Financial Conduct Authority is still considering questions about this just days before voting materials begin arriving from Monday, 8th June.

This isn't about individuals. It's about #fairness, #governance, #transparency and whether #Members of a #mutual organisation have a genuine opportunity to elect one of their own to the Board.

Read the full press release:
🔗 https://t.co/RcIdscmtS0

#Nationwide #AGM #BuildingSocieties #CorporateGovernance #MemberVoice #James4Nationwide #HaveYourSay #VOTE

[James Sherwin-Smith @26Left]

Battling the #BuildingSocieties — and Why We Must Win

📅 Tuesday 9th June
🕕 6:00pm (Zoom)
🎟 Free to attend (registration required)

I’ll be joining Andy Agathangelou, founder of the @TransparencyTF , next Tuesday for a deep-dive discussion into #governance, #democracy and #accountability inside the UK #mutual sector.

https://t.co/77AX26tqGH?

[James Sherwin-Smith @26Left]

Three questions, 1 (non) answer.

Last month, Navendu Mishra MP submitted three important written Parliamentary Questions to @hmtreasury about the future #governance of #BuildingSocieties:
1️⃣ The use of Virtual-only AGMs
2️⃣ Member Nominated Directors on boards
3️⃣ Binding votes on ExecutivePay.

Yesterday, all three received exactly the same response from the Economic Secretary to the Treasury.

"The Government has no current plans to introduce prescriptive requirements in these areas, but will continue to keep the framework under review as part of its broader work to support mutuals.”

I will be writing to Rachel Blake MP to request a meeting to discuss these issues further. We are both due to attend @CooperativesUK Congress 2026 in Birmingham later this month, which seems an appropriate opportunity for a constructive discussion about the future of mutual governance in the UK.

https://t.co/d9NZzIfyB0

#Mutuals #MemberOwned #MemberOwnership #Democracy #FinancialServices #AGM #ExecutivePay #CooperativeCongress2026 #VirtualOnlyAGM #AGM

[James Sherwin-Smith @26Left]

Update: @TheFCA has now formally acknowledged my request for urgent intervention regarding the fairness of @askNationwide's 2026 Board election process.

“We are aware of the urgency of your request and we will respond fully as soon as we are able.”

My thanks to @theFCA for acknowledging this so quicky, after I filed a concern on Saturday morning after #Nationwide finally denied my requests by email at 18:11 Friday evening.

This is now fundamentally about whether Members in a #mutual organisation are entitled to a fair election process and an unaltered #Election Address under the #BuildingSocieties Act.

See if you can #SpotTheDifference in the attached:
(A) is as per my website (21 April 2026) on the basis that the Board would suspend the Quick Vote, vs.
(B) is what I requested, given the Board has not only kept the #QuickVote, but also used it to gather votes from Members AGAINST me.

Further updates will follow here:
https://t.co/iYiT5Q3P8Z

[James Sherwin-Smith @26Left]

I’m grateful to Jasper Jolly at The Guardian for today's piece surrounding this year’s Board election process.
https://t.co/R2uoRUlfuE

Nationwide has refused my request to amend my Election Address to inform Members about the implications of using the Board-backed #QuickVote system (which I believe is the first time it has been used in the UK to vote AGAINST a candidate).

At the same time, edits have been made to my Election Address by Nationwide without my approval. I have not seen a proof copy after they have edited it.

This appears contrary to the Building Societies Act (1986), Section 61, so I have written to Dominic Cashman and the Mutual Societies team @TheFCA asking them to review how @AskNationwide is planning to present my candidacy to the Membership.

More here:
https://t.co/iYiT5Q3P8Z

[James Sherwin-Smith @26Left]

"I'm not surprised, I'm just disappointed." @askNationwide has now formally confirmed that it will NOT recommend my candidacy for election to its Board — and will actively deploy its “#QuickVote” mechanism AGAINST the only independent Member Nominated Candidate in this year’s election - and since the Quick Vote was introduced in 2006.

This matters because 87% of votes last year were cast using the Quick Vote, which appears prominently at the top of the voting form and effectively encourages #Members to endorse the Board’s preferred slate wholesale.

The result is a significant structural disadvantage for any genuinely independent candidate seeking to represent Members. It risks establishing a dangerous precedent for #democratic #governance in any #MemberOwned or #mutual organisation.

From 8 June, ballot papers begin landing with 9.1 million eligible Nationwide Members.

The campaign now moves from awareness to *action*.

If you believe Nationwide #Members should have meaningful democratic choice and independent representation, please:

* DO NOT use Quick Vote
* ⁠Vote deliberately and individually based on the candidate information provided
* ⁠Help spread awareness before voting closes on 15th July

The issue has already attracted coverage in @thetimes and @CityAM, both highlighting concerns about the fairness of the election process.

Full update and supporter briefing here:
https://t.co/CEdZAnLaip

#Nationwide #Mutuals #CorporateGovernance #BuildingSocieties #MemberVoice #FinancialServices #quickvote #AGM #Ballot

[James Sherwin-Smith @26Left]

Today’s coverage in The Times highlights a simple but important issue at the heart of this year’s @askNationwide Building Society board election: #transparency and fair #memberengagement.

I’m proud to have become the first Member Nominated Candidate to reach the ballot at #Nationwide in over 20 years. But key decisions about the conduct of the #election — including whether the board will recommend my candidacy and how the vote itself will operate — have been unresolved for some time.

For a #mutual organisation owned by its #members, #openness and proper scrutiny matter.

This election is bigger than one candidate. It raises important questions about #governance, #accountability and the role members should play in the future of #mutuals.

Thank you to everyone who has supported the campaign so far.

More info here:
https://t.co/gJlQymwHV8

#Nationwide #Mutuals #CorporateGovernance #BuildingSocieties #MemberVoice #FinancialServices

[James Sherwin-Smith @26Left]

A good mutual should welcome scrutiny. @CityAM’s @samnormanwrites has written a thoughtful column on my campaign to bring greater #transparency, #accountability and #member #democracy to @AskNationwide Building Society’s boardroom.

The piece covers some of the key issues at stake ahead of this year’s #AGM:
- the governance questions surrounding the Virgin Money acquisition,
- the lack of a physical AGM for members,
- the use of the “Quick Vote” mechanism,
- and the broader question of how democratic a mutual organisation should really be.

As I said on City AM’s #BusinessAsUsual #podcast this week, I have issue when mutuals present their remuneration report without a binding vote i.e. “pay us like bankers but don’t hold us accountable like bankers”.

If members are the owners, then meaningful scrutiny and engagement matter.

Listen to the podcast here:
https://t.co/Lx9L0IajPh

With AGM voting approaching, I remain focused on ensuring Nationwide’s 16 million members are properly heard in the governance of the society they own.

#Nationwide #Mutuals #CorporateGovernance #BuildingSocieties #Banking #Democracy #AGM #VirginMoney #Governance #MemberOwned

Read the article here:
https://t.co/biM9IgAuYx

[James Sherwin-Smith @26Left]

Thank you for the opportunity and the great questions

[James Sherwin-Smith @26Left]

My thanks to @samnormanwrites and the @CityAM team for the coverage on their #BusinessAsUsual podcast today.

We talk about the need for greater #transparency into the @VirginMoney integration, the #FairerShare payments announced last week, and the terms on which I am seeking #election to board of @AskNationwide Building Society which are still yet to be decided / communicated ahead of the 2026 #VirtualOnlyAGM.

You can listen to via YouTube below (starts 3m32s) or podcast platforms:

Spotify: https://t.co/pi54sQy9ku
Apple: https://t.co/knFX8ZWTI8
Youtube: https://t.co/pWWIDpLiSM

#Nationwide #membership #mutual #MemberOwned #democracy #voting

[James Sherwin-Smith @26Left]

https://t.co/nKkbPnWlwH

[James Sherwin-Smith @26Left]

The @guardian published today an important piece by @kalyeena Makortoff on #governance and #democracy within the #mutual sector.

The article covers:
- the use of #QuickVote mechanisms and a #VirtualOnlyAGM
- #ExecutivePay accountability
- and the broader question of #Member #Representation on building society boards.

It also references the letter sent by @NavPMishra MP to the Chancellor @RachelReevesMP and @AskNationwide chairman Kevin Parry OBE regarding these issues.

As a Nationwide member standing for #election to the #board, I believe these are legitimate and important questions for the mutual sector to engage with openly and constructively.

Nationwide responded to The Guardian with a number of statements regarding: remuneration voting, AGM participation, and the use of the quick vote mechanism.

I have therefore published a fact-check / contextual analysis examining those claims against the historical record and publicly available data.

The broader issue here is not simply one #BuildingSociety or one election. It is whether #MemberOwned institutions continue to evolve commercially while preserving meaningful democratic accountability for the members who own them.

See the links to the Guardian article and my response fact-checking the society's response in the comment below.

As always, I always welcome the input from fellow Members and others, including:
@ShareActionUK, @BSABuildingSocs, @gareththomasMP, @CooperativesUK, etc.

https://t.co/11mJ2Nxo8W

[James Sherwin-Smith @26Left]

I am grateful to @NavPMishra MP for submitting a series of questions in Parliament addressed to the Chancellor, Rt Hon Rachel Reeves, relating to #governance issues in #member-owned organisations:
* #ExecutivePay (Nationwide’s offers a non-binding / advisory vote on remuneration policy, supported by the #QuickVote)
* #VirtualOnlyAGM (Nationwide is the only building society to deny members physical access to the AGM)
* #MemberNominated Board member (Nationwide hasn’t had a MND on it’s Board since 2002)

I include reference to Nationwide Building Society here as an example - with an estimated 20M members (given the legal transfer of Virgin Money customers), it operates perhaps the largest single annual #election in the UK.

However the issues are not just #Nationwide issues. They are not just #BuildingSociety issues. There are a number of member-owned organisations the rely on #democratic governance that make up the fabric of the UK, ranging from:
✔︎ retail (e.g. @coopuk 7.2M)
✔︎ heritage and wildlife organisations (e.g. @Natures_Voice 1.1M, @nationaltrust 5.4M)
✔︎ professional bodies and trade unions (e.g. @ACCA_UK 300k, @UNITE 1.1M)
✔︎ sports and leisure organisations (e.g. @EnglandGolf 730k, @CAMRA_Official 150k)
✔︎ charities and non-profits (e.g. @PoppyLegion 180k, @RNLI 150k)
✔︎ political parties (e.g. @UKLabour 310k, @reformparty_uk 220k)

If you care about how these organisations are run, you should care about how they are governed. If you're a member of a member-owned organisation (because you pay your dues), use your #vote at the next #AGM, scrutinise performance, and think about how you'd like to be represented.

Before long you might be asking similar questions.

[James Sherwin-Smith @26Left]

@Steptoe57 @agnostoxxx @in_mavericks Thanks Stefan

[James Sherwin-Smith @26Left]

I enjoyed talking to Jeremy McKeown on his #podcast “In The Company Of Mavericks” (@in_mavericks) out today.

We covered
- what it takes to get on the ballot of a #BuildingSociety as a member nominated candidate for director
- what motivated me to give up a huge amount of my time to get this far
- why #mutual societies matter
- what might happen next

You can listen to the pod on Spotify, Apple etc. or online via this link:
https://t.co/ZiJrYa4tKJ

If you’re interested in the stories behind the headlines in #FinancialServices and personal #investing topics, do check out Jeremy’s Substack “#Hypernormal Times”:
https://t.co/PyCmRPJ4fs

[James Sherwin-Smith @26Left]

As anticipated, @AskNationwide has released this morning an announcement about the #FairerShare and their 2026 preliminary results. (The Notice of #AGM is yet to be published, and I await the Board's decisions on my candidacy and the ballot design.)

* Member financial #benefit is down £1B year on year as Nationwide's pricing advantage versus the wider market narrows
* #Integration costs have risen materially, and Virgin Money customer migrations are yet to begin from an IT / systems perspective.
* Group profits are up, the CET1 ratio is maintained, and customer service standards remain high (the #ExecutivePay report isn't yet public)
* VM performance is not broken out, and Clydesdale Bank plc statutory accounts are yet to be filed with Companies House.

My post on the 2026 prelim results:
https://t.co/SVGCp46HbC

And primarily information (and SEO) reasons, my new post on the Fairer Share:
https://t.co/J58Ic9Qv8q

[James Sherwin-Smith @26Left]

Ahead of Thursday's results announcement, @thetimes examines #Nationwide’s £2.9bn acquisition of @VirginMoney, the integration challenges ahead, and the broader questions of member oversight and accountability within #mutual organisations.

The article explores:
• whether Members should have had a #vote on a transaction of this scale
• how mutual #governance compares with listed companies
• #transparency around post-acquisition performance
• the wider role of Member #scrutiny in customer-owned institutions

As mutuals grow larger and more complex, these questions become increasingly important — not just for @AskNationwide #BuildingSociety, but for the future of member-owned organisations more broadly.

Thank you to @Benjaminwmartin for the thoughtful coverage.

https://t.co/K3r9kD9x3O

[James Sherwin-Smith @26Left]

@stevewright7 @PatrickTooher @AskNationwide @DailyMail Thank you for your support Steve

[James Sherwin-Smith @26Left]

My thanks to @PatrickTooher for including my question re @AskNationwide’s #FairerShare policy in today’s @DailyMail on Sunday:

https://t.co/PxH2NtfkpG

“James Sherwin-Smith, who hopes to become Nationwide's first director representing members in over two decades, questioned why only a minority of them received payouts.

'Is there a better use or more equitable distribution of members' capital?' He asked.

It’s interesting to note that:
1) following the acquisition of @VirginMoney, #Nationwide paid a one-off Big Thank You of £50 to ~12million (ie 3/4 of Members). But for the last 3 years, it has decided to share profits with 1/4 of Members instead.
2) in 2007, Members were asked to vote on whether to donate >1% of profits to #charity each year. No vote was offered re the Fairer Share.
3) less than 700k Members voted at the last #AGM.

My most recent post on this topic:
https://t.co/bFgWYWERPT

[James Sherwin-Smith @26Left]

A decade after @theresa_may promised to reform corporate Britain and strengthen stakeholder #representation, the question remains:

➡️ Who really holds large institutions accountable?

Today, @kalyeena Makortoff writing in @guardian examines the upcoming @AskNationwide Board election and the wider debate around #governance, member #democracy and #accountability within mutual organisations.

https://t.co/ixg4NT35MY

The piece covers:
• the barriers faced by potential Member Nominated Candidates
• the total absence of Member Nominated Directors across all 42 UK #BuildingSocieties
• concerns around "#QuickVote" mechanisms
• whether #mutual ownership still translates into meaningful Member influence

Thank you to everyone who has supported my efforts thus far.

Thank you also to Andrew Johnston, @uniofwarwick and Monica Franco-Santos, @cranfieldmngmt for their input to the article.

@gareththomasMP (chair of APPG Mutuals) and Sarah Harrison (CEO of @BSABuildingSocs) - I have written to you both previously and would be delighted to discuss my candidacy and governance concerns with you directly, as well as understand your perspectives better.