The Building Societies Association has defended some mutuals' decisions to increase chief executives pay by up to 77%, while their societies are not making equivalent profits. They believe that the rises 'are no more than in other areas of financial services'. Principally, Kent Reliance, Nottingham and Chelsea are just a few of the societies that have been criticised over high wages.
Our view
It is up the members i.e. investors to cast their vote on whether they think their mutual organisation is being run well.