This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/business/2016/apr/25/co-op-proposes-to-cut-political-donations-by-a-quarter
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Co-op proposes to cut political donations by a quarter | Co-op proposes to cut political donations by a quarter |
| (about 2 hours later) | |
| The Co-operative Group is proposing to cut political donations by a quarter in a move that could signify a scaling back of support for the Co-operative party, a Labour-aligned political group that backs MPs including the shadow health minister, Luciana Berger, and the shadow education secretary, Lucy Powell. | The Co-operative Group is proposing to cut political donations by a quarter in a move that could signify a scaling back of support for the Co-operative party, a Labour-aligned political group that backs MPs including the shadow health minister, Luciana Berger, and the shadow education secretary, Lucy Powell. |
| The Co-op board has sought approval for political donations or subscriptions to be capped at £750,000 – down from the £1m approved last year – in a motion to be voted on by the mutual’s millions of members at its annual meeting next month. | The Co-op board has sought approval for political donations or subscriptions to be capped at £750,000 – down from the £1m approved last year – in a motion to be voted on by the mutual’s millions of members at its annual meeting next month. |
| The change - which could be reversed in the future - comes after a complex three-part motion tabled by the board on whether to keep political donations failed at last year’s annual meeting. | |
| The group’s board says it has already agreed funding of £625,600 in both 2016 and 2017 for the Co-operative party. If the motion is accepted, the Co-op will continue that support and make donations to other political parties, campaigns and organisations that “support co-operative values and principles during 2017”. Approval could mark the first time the Co-op channels funds to other parties. | The group’s board says it has already agreed funding of £625,600 in both 2016 and 2017 for the Co-operative party. If the motion is accepted, the Co-op will continue that support and make donations to other political parties, campaigns and organisations that “support co-operative values and principles during 2017”. Approval could mark the first time the Co-op channels funds to other parties. |
| If the motion is not passed then the mutual said it would terminate funding for the Co-operative party at the end of 2017. | If the motion is not passed then the mutual said it would terminate funding for the Co-operative party at the end of 2017. |
| At the meeting, members will also get to vote on the multimillion-pound pay deals for the Co-op’s management including pay and potential bonuses of just over £3m this year for the chief executive, Richard Pennycook, ahead of a substantial cut in his pay in 2017. In a significant protest vote, more than one in three of the votes cast at the AGM rejected the pay report last year. | At the meeting, members will also get to vote on the multimillion-pound pay deals for the Co-op’s management including pay and potential bonuses of just over £3m this year for the chief executive, Richard Pennycook, ahead of a substantial cut in his pay in 2017. In a significant protest vote, more than one in three of the votes cast at the AGM rejected the pay report last year. |
| Another motion, put forward by members of some of the 120 independent co-operative societies associated with the main Co-op Group, calls for management to review the range of Fairtrade products available and rebuild the range. | Another motion, put forward by members of some of the 120 independent co-operative societies associated with the main Co-op Group, calls for management to review the range of Fairtrade products available and rebuild the range. |
| The motion says that while the Co-op has moved to 100% Fairtrade sugar and moved all its Easter eggs to the ethical mark, it has dropped other Fairtrade products including honey, cashew nuts, cotton wool and muesli. | The motion says that while the Co-op has moved to 100% Fairtrade sugar and moved all its Easter eggs to the ethical mark, it has dropped other Fairtrade products including honey, cashew nuts, cotton wool and muesli. |
| The board said only eight lines have been dropped accounting for less than 1% of products sold and that it was instead focusing on improving its range of more mainstream products including tea, coffee and wine. | The board said only eight lines have been dropped accounting for less than 1% of products sold and that it was instead focusing on improving its range of more mainstream products including tea, coffee and wine. |
| In a bid to encourage more members to take part, the mutual has pledged to donate 50p for every vote pledged to its joint anti-loneliness campaign with the British Red Cross. The Co-op only introduced a one-member-one-vote system last year as a replacement for the block vote method of the past. | In a bid to encourage more members to take part, the mutual has pledged to donate 50p for every vote pledged to its joint anti-loneliness campaign with the British Red Cross. The Co-op only introduced a one-member-one-vote system last year as a replacement for the block vote method of the past. |
| Allan Leighton, the Co-op chairman said: “The Co-op is so much more than a commercial business, and while I’m greatly encouraged by our current trading performance, it’s essential that our wider Co-op difference also shines brightly once more. To do this we need to build engagement among our millions of members so that our purpose can be felt throughout communities across the UK.” | Allan Leighton, the Co-op chairman said: “The Co-op is so much more than a commercial business, and while I’m greatly encouraged by our current trading performance, it’s essential that our wider Co-op difference also shines brightly once more. To do this we need to build engagement among our millions of members so that our purpose can be felt throughout communities across the UK.” |