Co-op to give lay members notice to quit in wake of damning report by Lord Myners
The Co-Operative Group will this week hammer out a timetable for removing the amateurs from its board.
The battered supermarkets to funerals group will hold its first board meeting since its AGM a week ago voted for a radical overhaul of its structure.
The 20 members of the board – most elected from the grassroots of the co-operative movement – will discuss how to replace themselves with a board of professional executives, as recommended in Lords Myners’ review of the Co-op structure.
Board meeting: Co-op lay members were slated by Myners, who produced a report on group governance
The lay members were slated by Myners, who produced a report on group governance.
He said they did not understand the issues they were presented with and had presided over huge mistakes, overseeing the near demise of its banking arm.
The group is mulling whether to cut its support for the Labour Party through donations to MPs who also act as Co-operative Party representatives.
The group gives almost £1 million a year to the Co-operative Party and has also funded the office of shadow chancellor Ed Balls.
Most watched Money videos
- The new Aston Martin DBS Superleggera makes its debut
- Take a look inside the classic Ford Sierra Cosworth RS500 car
- Investing Show: How to find the best companies to invest in
- Martin Lewis breaks down for couples how the marriage tax break works
- What is happening to house prices and the property market
- Pension guide specialists help people to understand their options
- 'No one's expecting house prices to drop dramatically again'
- Moment Brazilian serial killer confesses to his 20th murder
- The Pru (Prudential) literally put an elephant in the room in ad.
- Land Rover creates one-of-a-kind defender for milestone
- How to create a This is Money Power Portfolio
- Not so Innocent now. Superhero smoothies TV advert
- MIDAS SHARE TIPS: Jam today... bakery firm Cake Box is a...
- Battle of the JR-assic coast: Oil firm Corallian Energy...
- Sir Philip Green considers suing the Financial Reporting...
- Online property firm Emoov bids for ailing Countrywide,...
- How big data is punishing you: Just as insurers claim to...
- More than 6,000 British broadcasting jobs are put at risk...
- Life is a rollercoaster... as Ronan Keating joins the...
- MIDAS SHARE TIPS UPDATE: How the Royal Mail delivered...
- EVENLODE GLOBAL INCOME: We think differently from the...
- 'Mothers have no life and they are exhausted': Female...
- Follow our six-step home loan health check for...
- Sykes Holiday Cottages reports a record level of demand...
- Travelodge's shake-up as it launches a new 'budget chic'...
- 'I wrote YMCA in six hours - and it still makes me...
- JEFF PRESTRIDGE: Is this new way of pricing insurance a...
- Put your house on the payroll... it could earn up to...
- Meet the high rollers' Mr Fix-it Alex Cheatle who can...
- RUTH SUNDERLAND: When the fear hits John Lewis you know...