What happened: Nationwide building society increased CEO Debbie Crosbie's pay to £4.7m, including £3.2m in bonuses, following its takeover of Virgin Money. This represents an 88% rise compared to the previous year.
Why it matters:
- The pay rise has sparked debate over executive bonuses at member-owned mutuals.
- Members and customers may question fairness as the society is owned by its members.
MNN Take: The increase reflects performance-related bonuses after a major acquisition, highlighting challenges in balancing executive pay with mutual ownership principles.
Sources: Guardian UK