Co-op faces D-day ahead of AGM
Friday 16 May 2014
The future of the embattled Co-operative Group will be decided tomorrow in private at its headquarters in Manchester.
The troubled supermarkets to funeral parlours giant will vote on plans to shake-up its antiquated board system, which has been largely blamed for the near-collapse and loss of control of Co-op Bank.
The votes come after the surprise resignation of chief executive Euan Sutherland who described the Co-op as ungovernable and follow Lord Myners’ report which called for a complete overhaul.
Tomorrow’s meeting will be made up of around 100 representative from regional co-ops and 30 from independent societies.
After the normal annual general meeting a special general meeting will decide on a single resolution which covers creating a qualified board, giving one member one vote and making the board responsible to the entire membership.
That motion is backed by Co-op chair Ursula Lidbetter and interim chief executive Richard Pennycook.
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