Nationwide boss’s £7m pay package declared ‘obscenity’ during AGM

Nationwide has argued that Debbie Crosbie’s pay rises reflect new demands after the takeover of Virgin Money. Photograph: Stefan Rousseau/PA

A £7m pay package for the Nationwide chief executive, Debbie Crosbie, has been labelled an “obscenity” and hypocritical by members of the mutual, even as it gained approval at the building society’s AGM on Friday.

Concerned members who tuned into the online-only meeting on Friday morning criticised the board’s plan to increase Crosbie’s maximum payout by 43%, saying the move was out of touch and did not align with the mutual’s principles.