In the Company of Mavericks

Jeremy McKeown has fascinating conversations with entrepreneurs who dared to be different.

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May 20, 2026

The Maverick Taking on Nationwide: James Sherwin-Smith & Why Every Member Should Exercise Their Democratic Right to Vote

For the first time in 21 years, Nationwide Building Society members will see a genuine choice on their AGM ballot paper. Jeremy McKeown sits down with James Sherwin-Smith, fintech executive, former MasterCard senior leader, and Oliver Wyman strategist, who is standing as the first member-nominated candidate for the Nationwide board since 2005.

In this episode, James reveals what it actually takes to challenge the UK's largest building society: an FCA hearing, 350 hand-collected paper nomination forms, and a year-long battle over access to the member register. We explore why the Virgin Money acquisition went through without a member vote, why mutuals matter for everyone (not just their customers), and what every Nationwide member needs to know before ballots land in June ahead of the AGM on 15 July.

Whether you're a Nationwide member, a building society customer, or simply interested in corporate governance and financial democracy, this conversation exposes a quiet erosion of member rights and what one maverick is doing about it.

What You'll Learn

  • Why Nationwide's acquisition of Virgin Money never went to a member vote — and what it revealed about the society's governance
  • How the "quick vote" box on Nationwide's ballot steers c. 85% of votes straight to the board's recommendation
  • The story behind James's FCA hearing (the first in 30 years) and his statutory fight for access to the member register
  • Why the bar for member nominations was raised five times higher in 2000 — and what that means for democracy in mutuals
  • How a strong mutual sector keeps the wider banking market honest (and why mutuals didn't need bailing out in 2008)
  • Why virtual-only AGMs are bad for member accountability
  • The difference between member ownership in theory and in practice at a £300bn institution
  • What every Nationwide member should do when their ballot arrives in June

Links & Resources


Nationwide Building Society, Nationwide AGM 2026, James Sherwin Smith, member-nominated director, building society governance, Virgin Money acquisition, UK mutuals, mutual building society, corporate governance, FCA, financial democracy, member voting rights, Nationwide ballot, quick vote, cooperative banking, retail banking UK, Jeremy McKeown, In the Company of Mavericks

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