Nationwide customers angry at 'controversial' decision
'The truth is that mutuals have often been seen as niche: a 'nice to have but not essential',' says Peter Hunt, the founder of UK-based mutuals consultancy Mutuo.
If you are a member of Nationwide Building Society please consider voting against
CEO Pay
Pay of all directors
Don't re-elect any director as they all have their snouts in the trough.
Cast you own vote. Don't give proxy votes to directors.
👎👎👎👎 https://t.co/PTSWTkAOV9
'Nationwide is a domestically systemic banking institution,' the Building Societies Association (BSA) chief executive, Robin Fieth, said this weekend. 'It gives scale and importance to the whole of our sector.'
James Sherwin-Smith, a longtime Nationwide customer, told the Guardian that Nationwide has been 'debasing … member rights … despite all the lovely positive PR that Nationwide puts out about having your say, and that they're a beacon for mutual good.
"When I scratch the surface of that, I do not find substance.'
Recommended reading:
Edwin Fisher of the Building Societies Members Association said Nationwide is the 'most controversial, and has, in our opinion, the lowest standards of corporate governance'.
'They regularly churn out the line that members are the owners, but we all know that members have no say in anything,' he said.
'From the extensive engagement that we have with our members, we cannot see any evidence that our leading customer service, support for first-time buyers, growing market shares and record member financial value is in any way controversial,' Nationwide said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
a few seconds ago
- Reuters
Advent-backed NIQ valued at $6.1 billion as shares slip in NYSE debut
July 23 (Reuters) - Advent-backed consumer insights company NIQ Global (NIQ.N), opens new tab was valued at $6.1 billion as its shares dipped 3.6% in their NYSE debut on Wednesday, marking a rare setback in an otherwise strong stretch for initial public offerings. The stock opened at $20.25 per share, compared with the IPO price of $21 per share. While strong equity markets and upbeat IPO debuts have boosted optimism among companies and investors alike, NIQ's performance highlights that investors continue to be picky. The Chicago, Illinois-based company had priced its shares at the lower end of the $20 to $24 range it marketed earlier, raising $1.05 billion. NIQ delivers insights on consumer shopping behavior that brands and retailers use to fine-tune their products and strategies. It has about 23,000 clients including Coca-Cola (KO.N), opens new tab, Nestlé (NESN.S), opens new tab and Sony (6758.T), opens new tab and is led by Jim Peck, former CEO of credit information company, TransUnion (TRU.N), opens new tab. NIQ's revenue was $965.9 million for the three months ended March 31, slightly higher than a year earlier. Net loss attributable to it narrowed to $73.7 million, from $173.9 million a year ago. Proceeds from the IPO will be used to repay some debt and for other general corporate purposes, NIQ said. Circana and YouGov are some of the company's competitors. BofA Securities and UBS Investment Bank are among the underwriters for the IPO. The listing came more than four years after NIQ was spun off from Nielsen Holdings.
Reuters
a few seconds ago
- Reuters
Exclusive: In rare move, California steps in to find buyer for Valero refinery to avoid closure, sources say
NEW YORK, July 23 (Reuters) - California government officials are trying to find a buyer for Valero Energy's (VLO.N), opens new tab Benicia refinery near San Francisco, three sources familiar with the matter said, an unusual effort as the clock ticks down on the company's planned closure of the facility in April. The rare attempt by a state government to broker the sale of privately-owned infrastructure reflects its growing concerns over protecting fuel supplies in the most populous U.S. state and keeping a lid on prices, where California's nearly 28 million drivers already pay among the highest prices for gasoline in the country. California's effort to save the refinery from closing also marks a shift from the focus of government policy in recent years to champion green initiatives and restrict fossil fuel usage, that has led to an often tense relationship between the state and oil companies, including the second-largest U.S. refiner by capacity. The state's primary energy and policy planning agency, the California Energy Commission (CEC), has actively sought buyers for the plant, three sources told Reuters, speaking on condition of anonymity to discuss private deliberations. The CEC declined to say whether it is engaged directly with buyers for the facility but acknowledged it is working to ensure the facility remains open. "CEC is engaging with market players to explore pathways for the continued operation of in-state refineries," the agency said in an emailed statement. Valero, which reports earnings on Thursday, did not respond to comment requests. Earlier this year, Valero announced its intention to cease operations by April 2026 at the 145,000-barrel-per-day San Francisco-area refinery amid worries about California's declining fuel supplies and high gasoline prices. The San Antonio, Texas-based refiner is also reviewing whether to continue operations at the rest of its refineries in California, including the 91,300-bpd Wilmington plant near Los Angeles. This comes after Phillips 66 (PSX.N), opens new tab said last October it will shut its Los Angeles-area refinery due to "market dynamics" and begin in October winding down operations at the 139,000-bpd plant. The two refineries, combined, produce roughly 17% of the state's gasoline supply. Their shutting, alongside other closures and refineries converted to produce renewable fuels, like Phillips 66's Rodeo facility last year, will leave California even more dependent on more expensive fuel imports that would further drive up prices. Average regular gasoline prices in California on Wednesday were $4.484 per gallon, the highest in the nation, according to industry group AAA. The average U.S. price was $3.155 per gallon. Studies by the University of California Davis and the University of Southern California said, respectively, the refinery closures could push average prices to $6 and $8 per gallon. Industry experts have said getting an agreement in place by the planned April closure of Benicia could be difficult. A thorough sale process, including adequate time for bidders to do due diligence and negotiate an agreeable price, traditionally takes place over several months. Even once an agreement is reached, refinery sales typically take between three to six months to close. "It would be a pretty aggressive timeline to get it done," said Skip York, chief energy strategist at Turner, Mason & Co. Among the parties contacted by CEC about Benicia is HF Sinclair(DINO.N), opens new tab, a source said. The refiner and fuel distributor was in talks with Valero last summer about acquiring Benicia, but negotiations collapsed over an environmental issue at the plant, two people familiar with the matter said. HF Sinclair did not respond to requests for comment. The CEC has also contacted parties that have owned fuel-producing plants in Europe, a source said. The European Union's strict environmental standards would make them more agreeable to operating in California, multiple sources added. The state government's climate-first agenda has brought California into conflict with American energy companies, which have criticized state policies for creating difficult business conditions and pushing up pump prices. There have also been tensions between California's green agenda and the federal government. Last month, U.S. President Donald Trump signed a congressional resolution to the state's landmark plan to end the sale of gasoline-only vehicles by 2035. California and 10 other states have sued to the repeal. California's energy regulator last month recommended new rules to encourage more private investment in fuel imports and a pause on refiner profit limits in response to Governor Gavin Newsom's call for reliable fuel supplies and a bid to save the struggling refiners in the state. Newsom's office declined to comment.
Reuters
a few seconds ago
- Reuters
Energy contractor Saipem posts 39% rise in second-quarter core profit
MILAN, July 23 (Reuters) - Italian energy contractor Saipem ( opens new tab reported a 39% annual rise in its second-quarter core earnings and confirmed its guidance for this year on Wednesday. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 413 million euros ($485 million) between April and June, beating an analyst consensus of 395 million euros compiled by LSEG. Saipem's offshore and engineering and construction businesses were the drivers of growth in the second quarter as the group pressed ahead to complete orders achieved in the previous quarters. New contracts acquired in the period dropped to 2.2 billion euros compared with 4 billion euros in the same period of last year, and were concentrated on its Energy Carriers business. They included engineering, procurement and construction activities to expand Eni's ( opens new tab biorefinery near Venice and a job related to Eni's carbon capture and storage project in Liverpool Bay, northern England. The Milan-based group, which in February announced a preliminary agreement to merge with Norway's Subsea 7 ( opens new tab, said its net income rose 3% to 63 million euros in the second quarter compared with the same period of last year. ($1 = 0.8513 euros)
