Co-op faces D-day ahead of AGM

http://www.independent.co.uk/news/business/news/coop-faces-dday-ahead-of-agm-9385508.html

Version 0 of 1.

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.