Co-op Group: urgent reform needed to avoid ‘grave harm’

Governance structure at the Co-op has ‘lamentably failed’, says former City minister Lord Myners

Co-op Bank
(Image credit: Christopher Furlong/Getty Images)

THE CO-OPERATIVE Group risks “an accelerating decline into irrelevance” if it fails to undertake urgent radical reforms, according to the former City minister Lord Myners.

In a 184-page report published today, Myners warns that the organisation cannot continue with its “deplorable governance failures”. He recommends that the Group scraps its current board, which consists of 20 Co-op members including a nurse and lecturer, and replaces it with one small board comprised of people with business experience and a separate member-led council advising on ethics.

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