| Updated:
Co-operative Group members vote for wide-ranging reforms
THE CO-OPERATIVE Group’s members overwhelmingly backed a major reform plan this weekend, following the crisis in the mutual’s governing structure.
The reforms were a watered-down version of those proposed by former City minister Lord Myners. More than 80 per cent of voting members approved the changes, which reduce the power of elected board members, following the crisis which caused the Co-op Group to lose majority control of the bank that bears its name.
“These reforms represent the final crucial step in delivering the change necessary to return the Group to health,” said Co-op Group chair Ursula Lidbitter.