The chairman of a parliamentary group that normally waves the flag for financial mutuals has criticised building societies for awarding chief executives five or six-figure bonuses last year while the country was in lockdown.
Exclusive research by The Mail on Sunday shows that 23 building society bosses received bonuses last year, ranging from £3,000 to a staggering £226,000. These bonuses were received at a time when many of the industry s 25million customers were struggling financially – not least from record low savings rates.
Gareth Thomas, Labour MP for Harrow West and chairman of the All-Party Parliamentary Group for Mutuals, told The MoS: Runaway levels of executive pay are an issue for society as a whole and there cannot be any business or moral justification for any executive pay to be obscenely disproportionate to that of its lowest paid workers.
Yorkshire BS boss Mike Regnier nets £226,000 bonus dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.