In a scathing report into the governance of the Co-operative Group, former City minister Lord Myners today said radical changes were necessary to return the group to profitability.
The report said the Group's present governance structure was "not fit for purpose" and highlights "deplorable governance failures" that led to the near collapse of the group. Lord Myners calls for:
- A new "highly competent and qualified" Group Board with independent non-executive directors to lead and oversea the executive management teams.
- Genuine co-operative values and principles to be protected in the future governance structure.
- Member benefits should no longer be "deliberately restricted to a tiny and potentially quite unrepresentative body", but should be felt by the whole customer-owned organisation.
More top news
A dog found on top of England's highest mountain has been reunited with his owner.
Cooler in the north, feeling close further south as moisture and heat build up
The first British boxer to win an Olympic gold medal beat Andre Dirrell in Boston last night to fight his way into the history books.