It has been a career-defining summer for Debbie Crosbie. Three years after taking over as the chief executive of Nationwide Building Society, the straight-talking Glaswegian has become a darling of the Labour government: awarded a damehood, namechecked in the chancellor’s Mansion House speech and hailed for furthering a Labour party manifesto pledge to double the size of the mutuals sector.
But outside Westminster’s warm embrace, a storm has been brewing. A 43% increase to Crosbie’s maximum pay package, worth up to £7m per year, is due to be rubber-stamped without a binding vote by members, effectively sidelining any opposition at Nationwide’s annual shareholder meeting on Friday. It has prompted outrage among campaigners who say it is the latest sign that the 140-year-old building society is losing its way.
