The Co-op is to recruit a smaller board of 11 directors with "high standards of competence" as part of radical governance reforms. The mutual will also establish a 100-member council to act as guardian of the group's values and to hold the board to account.
The changes are based on the four-point resolution proposed by Lord Myners and voted on by members at the special meeting in May.
Other changes include a move to one-member-one-vote on significant matters such as the election of directors and major transactions.
The Co-op, which last year racked up a £2.5 billion loss following the worst period in its 150-year history, said the reforms will be put to a vote at a special general meeting on 30th August.
More top news
Work to recover the wreckage of downed Malaysia Airlines flight MH17 has finally finished.
Five political leaders have agreed to tackle young people's questions in a series of live Q&As on YouTube. Here's how you can get involved…
The star says she has a "great relationship" with her ex and it's "nice for the children that they know Mum and Dad are still there."