06 Apr 2020
Changes to Chief Executive’s remuneration in response to COVID-19
In light of the uncertainty caused by COVID-19 for its members, the Nationwide Building Society Board Remuneration Committee has agreed to a request by its Chief Executive to reduce his base salary and pension combined by 20 per cent.
He has also agreed with the Remuneration Committee that he will forfeit any variable pay award that may be due to him for the financial year 2019 / 2020. The changes will take effect immediately and the reduction in base salary will be for the remainder of the 2020 / 2021 financial year. The changes in base salary and pension equates to a reduction of £228,000 from the current position.
In order to provide certainty for its employees, Nationwide has also confirmed that it will make no compulsory redundancies during 2020.
Notes to editors
Joe Garner’s current base salary (from the 2019/20 financial year) is £916,000 and a pension allowance of £219,840. The changes, as agreed by Nationwide’s Remuneration Committee on 3 April 2020, will reduce his base salary to £783,000 and his pension allowance to £125,280. A combined reduction of £227,560.
