The proposal comes after Ms Crosbie’s plan to acquire Virgin Money UK for £2.9 billion, significantly increasing the size and complexity of the mutual.

If approved, the CEO’s total pay could reach up to £4.8m, raising concerns among some members who have been protesting the lack of a member vote on the matter. The deadline for submissions to the Competition and Markets Authority, which is investigating the deal, is Friday.

Despite the controversy, Nationwide argues the pay increase is necessary to attract and retain top talent, citing the society’s systemic importance to the UK economy. They emphasise the maximum bonus would only be awarded for outstanding performance.

Meanwhile, Virgin Money, soon to be acquired by Nationwide, has reported an 18% increase in half-year pre-tax profits to £279 million.