News

7 Sep 2015

Group launches local forums

Submitted by moderator

On 7 September 2015 the Co-operative Group launched a national pilot of its new 'Co-operative Local Forum' (CLF) concept in 37 places across the UK. The pilot will operate for a 6 month pilot period. The concept came from a workstream of the transitional National Member Council on 'sub national structures', and draws strongly on the 'co-operative clusters' advocated by Co-operative Springboard.

17 May 2014

Board motion passed unanimously

Submitted by moderator

The four point motion proposed by the Group board to the special general meeting 17 May was passed unanimously.

The motion read:

This Special General Meeting hereby agrees to: 

- The creation of a Board of directors elected by members that is individually and collectively qualified to lead an organisation of the size and complexity of The Co-operative Group

14 May 2014

Co-operatives UK has proposed three possible modifications to the Myners proposals that it believes will "address potential risks and draw on co-operative governance experience worldwide".

Authored by Helen Barber, Johnston Birchall and Ed Mayo, the report proposes three additions to Myners - presumably not alternative options: 

Option One: The Nomination Committee is a sub-committee of the National Membership Council, rather than being controlled directly by the Group Board.

7 May 2014

7 May

The Co-operative Group has responded to Lord Myners' report:

The Co-operative Group welcomes the report issued today by Lord Myners, Senior Independent Director of The Co-operative Group Board.  Lord Myners was asked to lead an independent, comprehensive review of the Group’s governance in December 2013.

Ursula Lidbetter, Chair of The Co-operative Group, said:

30 Apr 2014

Kelly review published

Submitted by moderator

The Kelly review into what went wrong at the bank was published today.

http://www.thekellyreview.co.uk/final_report_2014.html

In its response the Co-op Group welcomed the report. Richard Pennycook said: "the management that instigated this disaster for the Group are no longer in place; the flawed governance structure that failed to apply the right checks and balances, however, remains."

 

 

12 Mar 2014

Ursula Lidbetter, chair of The Co-operative Group accepted the resignation of chief executive Euan Sutherland on 11 March.

According to media reports, an emergency board meeting agreed a new model for governance at the top of the Group with a baord including executives and independent non-executives along side elected members. This board will be appointed by a separate 'supervisory' board wholly made up of elected members.

 

11 Mar 2014

Suggestions that The Co-operative Group could significantly reduce debt by raising capital from members were dismissed by Richard Pennycook (then CFO now acting CEO) at the last Half Yearly Meeting.

Credit Mutuel sees it differently. It is seeking to raise a staggering €3.9bn from members to reduce debt incurred from recent acquistions.

See Reuters report here

1 Mar 2014

And e-mail sent by former deputy chairman of the Co-operative Bank, Rodney Baker-Bates, implies that KPMG might be asked to perform "financial engineering" to support the case for the Co-op Bank takeover of Lloyds Branches.

The e-mail was one of a number supplied to a treasury select committee investigating the failure of the deal. The Independent points out that the correspondence "paints a picture of a profoundly dysfunctional institution and casts an unflattering light on bitchiness and backbiting in the boardroom".