Outlook There seems to be a co-operation deficit at the Co-op. On the one side are those who would like to see the group become more like a public company in its governance structure. Others are arguing this will undermine the essence of the mutual and wish to retain a powerful voice for members.
There's no doubt that mutuals can be mismanaged. The Co-op itself has shown that expertly that in recent years. But it doesn't follow that the solution is to import a traditional plc structure. We shouldn't forget that public companies can also be hideously mismanaged. Of course people like the amateur former Co-op bank chair Paul Flowers can ruin businesses. But so can professional managers like Fred Goodwin at the Royal Bank of Scotland. Plc good, mutual bad, is not a compelling argument.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies