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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.

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Reforms represent 'final crucial step to restore Co-op'

Interim chief executive Richard Pennycook said approval of the governance changes will mark the end of the rescue phase of the group following recent progress in shoring up its balance sheet.

These governance reforms represent the final crucial step in delivering the necessary change to restore the group and return it to health.

– Ursula Lidbetter, Co-op chair

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