Co-operative Group sets out new board plans

The Co-op is to recruit a smaller board of 11 directors with "high standards of competence" as part of radical governance reforms.

The changes are based on the four-point resolution proposed by Lord Myners and voted on by members at the special meeting in May.

View all 2 updates ›

Co-op sets out new governance after Myners report

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.

The Co-op has announced changes to its governance. Credit: John Stillwell/PA Wire

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