Nationwide blocks off rebel plans

By JUSTIN HARPER FOR MAILONLINE
Updated:

 

THE LATEST attempts by Nationwide rebel members Andrew Muir and Tim Tanner to seize control of the society appear to have failed.

Nationwide, the UK's biggest building society, received six resolutions from Mr Tanner, and one special resolution attempting to switch control of the society away from the board of directors.

One resolution was also received from Mr Muir calling for conversion of the building society to a plc.

However, it is believed all resolutions have failed because they seek to direct or advise the board of directors.

A spokesman for Nationwide says: 'We have made it clear in the past that resolutions that seek to direct or advise the board are likely to be invalid.'

This, in effect, closes the door to carpetbaggers. Mr Tanner and Mr Muir are expected to be sent letters this week confirming that their resolutions are invalid.

Both rebel members are also standing this year for a place on the board of directors.

Last year Mr Muir failed to win a seat on the board, being beaten by a ratio of three votes to one. Philip Williamson, chief executive of Nationwide, says: 'If we were to become a bank we would have to act like a bank. For our members this would mean higher mortgage rates and lower savings rates. That's just not what our members want.'

Voting for the election of directors starts on June 24 and the announcement will be made at Nationwide's AGM on July 25.

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