Nationwide boss paid £500 a day in expenses

Joe Garner

Britain’s largest builing society handed £185,000 in perks to Mr Garner during the 12 months to April 4.

This breaks down to almost £507 for every day of the year and were in addition to his £885,000 salary, £292,000 pension allowance and £1 million bonus.

These took his total remuneration for the year to £2.37 million, up from £2.32 million a year earlier, even as pre-tax profits at the mutual fell by 15 per cent to £833 million.

Having previously been the head of BT’s Openreach infrastructure division, Mr Garner took charge of Nationwide a little over three years ago.

Since then he has received benefits from the mutual worth £583,000 in total.

The perks have included travel costs, including a car allowance and a chauffeur-driven car, private medical insurance and security arrangements.

A spokesman for Nationwide said: “Guided by our values as a building society, we pay our senior executives, including our CEO, below the market average. Our CEO’s maximum pay is typically around half the FTSE 100 CEO average.”