Swindon, UK – The campaign to “Give Nationwide Members a Say on the purchase of Virgin Money” has urged Nationwide members to vote “No to All” resolutions and against all candidates put forward for (re-)election by the board at the society’s upcoming Annual General Meeting. Electronic voting opens today, 10th June, ahead of the online meeting scheduled 17th July.
The society’s own polling suggests that less than half of the membership supports the proposed deal[1], and the society has admitted to denying members a say on a technicality using Virgin Money’s investments in derivatives to fail the legal test for a vote[2].
Nationwide members have not been given a say on the proposed acquisition of Virgin Money. Members who therefore want their voice heard can register their protest with the only vote they have: by voting “No to All” via electronic and postal AGM ballots that are available from 10th June.
Mikael Armstrong, leader of the campaign to “Give Nationwide Members a Say on the purchase of Virgin Money” [3] with over 5,000 supporters, commented:
“The best and only option remaining to Nationwide members is to vote “NO” to All resolutions and “AGAINST” the re-election of every board member at the upcoming AGM.
“Starting today, Nationwide members who are aggrieved that they have been denied a say on the proposed acquisition of Virgin Money finally have an opportunity to register their disgust: simply vote NO to all resolutions and AGAINST re-elections ahead of the AGM.
“It takes just 5 minutes to vote: the easiest way is to sign in to the Nationwide app and follow the links to the AGM vote. Members may also request a postal ballot or vote at the AGM meeting which will only be held online.
“As members cannot vote on the proposed acquisition, no one, apart from perhaps regulators, can currently challenge the deal and hold Nationwide to account. This sets a dangerous precedent, as this organisation is effectively now becoming an autocracy, rather than the democracy it was designed to be.
“In whose interests the society is acting: for the benefit of its 16 million members, or for the benefit of the management team and board?
“Voting against all resolutions and re-elections proposed by the board is the only effective method of protest left open to Nationwide members who feel treated with contempt by a mutual society that is supposed to adhere to democratic principles.”
ENDS
### NOTES TO EDITORS ###
- Almost half Nationwide members back £2.9bn merger with Virgin Money, finds poll, ThisIsMoney, 21 April 2024 https://www.thisismoney.co.uk/money/markets/article-13333117/Almost-half-Nationwide-members-2-9bn-merger-Virgin-Money-finds-poll.html
- Campaign press release, 3 May 2024 https://nationwide-virgin-money-member-vote.org.uk/2024/05/03/nationwide-members-demand-clarity-and-balance-on-proposed-virgin-money-deal-and-rationale-for-denying-vote/
- Campaign petition with over 5,000 signatories https://www.change.org/p/give-nationwide-members-a-say-on-the-purchase-of-virgin-money
Contact the campaign to “Give Nationwide Members a Say on the purchase of Virgin Money” by email at: NWVMvote@gmail.com
Learn more about the campaign via the website at: https://nationwide-virgin-money-member-vote.org.uk/about/
Vote No and add a motion to the valot papers saying no to Virgin money takeover
Just checked. I’ve never received my AGM voting email.
Is this another unethical ploy by the developing autocracy?
Unclear – but if you haven’t received a voting notification by post or online, you should be able to complete your vote online using the process we describe on this page: https://nationwide-virgin-money-member-vote.org.uk/2024/07/07/how-to-vote-in-the-nationwide-agm/
I vote to stop virgin money take over .
and no confidence in the current CEO