The boss of Britain’s biggest building society collects hundreds of thousands of pounds of perks every year – on top of £2.1million in pay and bonuses.
Nationwide chief executive Joe Garner enjoyed benefits such as a car allowance and private medical cover worth £217,000 – or £595 a day – in the year to April 4.
The benefits bonanza – more than eight times the average worker’s salary – was paid in addition to Garner’s base pay of £855,000, a bonus worth £903,000 and £342,000 towards his pension.
Nationwide chief executive Joe Garner, pictured, enjoyed benefits such as a car allowance and private medical cover worth £217,000 – or £595 a day – in the year to April 4
In the previous 12 months, the 48-year-old’s benefits package was worth £181,000. It means he has been handed almost £400,000 of perks since joining Nationwide, higher than the value awarded to the chief executives of many globally important banks.
Critics said it damaged the mutual’s claim to be different to the big banks and put its reputation at risk.
Luke Hildyard, executive director of the High Pay Centre, said: ‘It’s hypocritical for Nationwide to market themselves as a different kind of organisation to the big banks, and then lavish these kinds of sums of money on its executives. It’s hard to believe these payments were critical to the success of the business.