Members of the Co-operative Group have backed an overhaul of the way the business is run.
The group has restructured its governance in the wake of discovering a £1.5bn capital shortfall in its banking arm last year.
At the Co-op’s special general meeting in Manchester at the weekend, 83 per cent of members backed changes to the way the Co-op is run.
The changes include:
– A board of 11 people, reduced from 20, made up of a majority of independent directors
– A council to represent members and hold the board to account
– A senate, elected by the council, to co-ordinate between the member council, the board, the executive team, and members themselves.
Co-op Group chair Ursula Lidbetter says: “This is a momentous and defining moment for The Co-op Group and I am delighted our members have voted in favour of this much-needed radical reform to our governance structure. These reforms represent the final crucial step in delivering the change necessary to return the group to health. This will strengthen the society and enable us to move forward with the urgent work to rebuild the business and deliver on our renewed purpose, in the interests of all our colleagues and our millions of members and customers.”