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:
“The Co-operative Group welcomes the report from Lord Myners and we are grateful to him and his team for producing such a detailed and comprehensive review so rapidly.
“The Board of the Group has made clear its commitment to far-reaching and fundamental reform of our governance. A resolution containing four key principles on reform is being put to members at a General Meeting in May and we will build from there to ensure we put the right changes in place. Paul’s report will be an invaluable contribution to that work.
“As Group Chair, I see this as essential and urgent work that is critical to our future, enabling us to build a more effective organisation which can deliver for all our members, customers and colleagues.”