Protest at Nationwide pay-off

MEMBERS of Nationwide Building Society today lodged a sizeable protest vote over a director's £889,000 pay-off.

The payment meant Alistair Dales, who retired as group finance director in April, earned £1.4 million during the year, compared with £511,000 for the previous 12 months, including a salary of £301,000 and £212,000 in performance related bonuses.

Dales, who joined Nationwide in 1992, was one of only two directors at the society on a two-year contract, which triggered the payment when he left.

Nearly 20% of those who atteneded the society's annual general meeting in London voted against accepting the director's remuneration report. But the report, which was voted on for the first time today, was still passed by 781,158 votes to 153,533.

Yesterday the society said that two rebel members had failed to be elected to its board.

Tim Tanner and Alan Debenham both wanted the society to remain a mutual but had called for it to be more accountable to members.

Tanner received 273,847 votes and Debenham 293,410, compared with about 700,000 for each of the six candidates who were backed by the board.