View more on these topics

Co-op woes continue as Lord Myners quits

Lord Myners has resigned from The Co-operative Group board, just months after being appointed as a senior independent director, reports the BBC.

The former Labour financial services secretary had been appointed to review the group’s business structure and has faced criticism from senior members over his plans to reform the business.

Patrick Gray, president of the the Co-op’s largest independent society, Midcounties, told the BBC’s Today programme on Wednesday that “if Lord Myners puts forward simply a menu on a take it or leave it basis, then we will vote against it.”

Despite the announcement of Lord Myners’ resignation, the Co-op says his review will remain ongoing.

The BBC report says Lord Myners claimed in his review that elected directors had overseen “breathtakingly value-destructive” decisions including the takeovers of Britannia building society and the Somerfield supermarket chain.

He has also said that too many of the group’s directors had insufficient business experience and as result were not equipped to supervise senior managers.

Lord Myners’ recommendations include the appointment of new group board directors against clear criteria of skills and experience.

He has also proposed changing the board structure from the current 20 elected directors to one consisting of an independent chair, six or seven non-executive directors with business experience and two executives from within the Group.

Co-op Bank this week admitted that it had not yet reclaimed millions of pounds paid out as bonuses to senior executives Neville Richardson and Barry Tootell, as it said it would following the revelation of a £1.5bn hole in its accounts.

Chief executive Euan Sutherland announced his own resignation last month, saying the company had become “unmanageable”.

Depite the ongoing problems, Co-op bank said in March that it plans to award significant pay rises to senior staff over the next two years – while also admitting it requires a further £400m in new capital to settle claims of past misselling of payment protection insurance and interest rate swaps.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Interestingly I made a forma complaint against the Co op who were selling their ” Business Banking ” through the Federation of Small Businesses . . . .and bungled it, – with disappearing cheques etc.,
    Yet the FOS refused to deal with the complaint.

    I can only assume it was used to buy the CEO or the directors drugs or, something else ?

    For the record the Federation of Small Businesses went into hiding and their executives refused to deal with the issues or the problems .

  2. Myners was ineffectual and mucid as Treasury minister when he fabricated and told untruths to the Joint Committee on Human Rights that it wouldn’t surprise me if the Co-op board asked him to leave so as to avoid their reputation being further besmirched.

  3. Sods —– Law.
    April..—- 2014.

    For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank— PICTET & CIE. BANK.

    Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.

    The matter was raised in Parliament – twice– the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank — but the rogues had left —saying no one left to prosecute.??? —– so there.

    We then approached the Financial Ombudsman Service. (FOS) — our case was dealt with by seven different people —- then our numerous E-Mails were ignored — nobody would speak to us ——-so there.

    We then asked the SFO ( Serious Fraud Office.) to investigate our case —- the criteria of our case ticked all their boxes. — we were instructed not to send them
    any documents/evidence.—— in fact they wrote to us advising us to go to the Citizen’s Advice Bureau.(CAB.)
    Richard Alderman the SFO boss —- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.
    The MP’s committee —- said he was sloppy— and the SFO was run like “ Fred Karno’s Circus” —– it was an office of fraud.—– so there.

    Our M.P. approached our local Chief Constable to investigate—– he was called—- Sir Norman Bettison— Chief Constable of West Yorkshire Police —- a force that made “ Dad’s Army” look like the S.A.S. They were inept – corrupt —malicious — from top to bottom. We were criminally dealt with by the Forces Solicitor—- the Head of the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did — they advised us to make our complaint to —- the West Yorkshire Police — we did with reluctance — all we got was abuse and obfuscation. —– so there.

    Sir Norman Bettison —- The Forces solicitor— and the Head of the Economic Crime —- have all been removed from their posts and facing criminal allegations.
    —— so there.

    We even sought justice through the Courts — culminating in a visit to the Court of Appeal-London.— On leaving the Courts of Appeal that day our barrister a “rising star” informed us — that if that was Justice then you can keep it. He quit the law and moved to Canada —– so there.

    A few years later we learned that one of the judges in our case at the Court of Appeal was related to a senior executive of the Pictet Bank —–so there.

    The Ministry of Justice passed our case to Lord Myners to investigate — we would rather have had Mickey Mouse or Donald Duck do it. — to this day we don’t know
    whether he did anything or not —- probably not — seeing that his wife was on the Pictet Prix Board.

    Pictet & Cie .Bank — voted private bank of the year 2013.
    Ivan Pictet —- Voted banker of the year 2012. —- the senior partner — lied on numerous occasions and had documents destroyed — also said genuine documents were forgeries. —– so there.

    Ivan Pictet in Oct. 2013 —- Given the Legion of Honour — but saying that —- honours were given to Hitler — Eichmann — Mussolini —Franco — he’s in fitting company. —-so there.

    MONTY RAPHAEL.Q.C. — Peters & Peters.London. They were the banks lawyers.
    Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court —- the FSA —- and the police Fraud Squad. —-so there.

    Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
    Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.
    An expert in Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot about Banks — the consensus of opinion is that they are highly paid “crooks” —- no wonder they voted Ivan Pictet banker of the year.

    It appears that crimes in the “establishment.” are honoured by their peers.
    “HONOURS AMONG THIEVES.”

    Full Story.—- “google or Yahoo ”

    Insert.

    Ivan Pictet.Banker.
    Monty Raphael.Q.C.
    Ivan Pictet/Monty Raphael.

Leave a comment