Paul Myners, Senior Independent Director of The Co-operative Group Board, published his report today on the Co-operative Group, who asked him to lead a comprehensive, independent review of the Group’s governance.
His recommendations are based around three core pillars:
- A professional and effective Board comparable with competitor organisations.
- The establishment of an elected National Members Council to hold the Board to account and act as the voice for corporate values and principles.
- Introduction of full democracy, through one member one vote, in place of the current representative democracy which puts the Co-op in the hands of less than 0.01% of its 8 million members.
In the report, Paul says that the “reforms I have set out are fully compatible with the core values and principles of Co-operative ownership. I have no interest in advocating the adoption of a PLC model, as some of my critics have claimed. But I do want to see a governance structure that works; the present one has lamentably failed.” He goes on to say that “radical decisions on governance structure need to be taken very soon – and with resolution – if the Co-op … is to be saved. The decision lies in the hands of the elected democrats.”
Click here for a link to the full report.
For information on Paul Myners’ speaking availability, please contact our Managing Partner, Leo von Bülow-Quirk, at email@example.com or call +44 (0) 20 7792 8000