James Sherwin-Smith, a 45-year-old from West Sussex, will stand for election at Nationwide’s annual general meeting in July, having gathered 256 peer nominations – above the threshold of 250 required to run alongside existing directors.

If successful, he would become the first Nationwide customer, known as a member, to sit on the board for 24 years. The last member-nominated director retired in 2002, and the last time a member even reached the AGM ballot was 2005, when the candidate failed to win enough votes.

Board members at Nationwide are usually appointed by sitting directors. The society has not yet decided whether to recommend Mr Sherwin-Smith to its wider membership. Without a recommendation, his prospects could be significantly weakened, as he would be excluded from the “quick vote” options that mirror board endorsements and that most members select.

Mr Sherwin-Smith is among a small group of members who argue that the building society’s rapid expansion has eroded its democratic, mutual roots. Critics point to Nationwide’s decision not to put its 2024 £2.9 billion takeover of Virgin Money, which Clydesdale Bank integrated into, to a member vote – even though Virgin Money shareholders were consulted – and to last summer’s refusal to grant members a binding vote on a 43% pay rise for chief executive Debbie Crosbie, which lifted her compensation package to £7 million.

Mr Sherwin-Smith failed to make the ballot last year despite gathering 600 signatures, prompting criticism of the complex procedural hurdles members face. “At a time when Nationwide is integrating Virgin Money, I think this raises a wider question about member representation, mutual governance and how contested board elections should work in practice,” he said.

“With a place on the ballot now secured, my focus is on ensuring members have a clear and fair opportunity to make an informed decision about who represents them on the board.”

Nationwide, which has 17 million members – including a substantial Scottish customer base served by branches across the country – and more than £377bn in assets, says it regularly engages a panel of 6,500 members and surveys 500,000 each year.

An adviser and investor in financial technology firms, Mr Sherwin-Smith said he would consider giving up those roles to qualify for the board.

A Nationwide spokesperson confirmed his nomination had been validated under the society’s rules. He will undergo internal vetting before the society finalises its AGM recommendations. The meeting will be held on 15 July.