Myners’ strike

10 April 2014 By George Hay Follow @gfhay

The resignation of Paul Myners deprives the ailing mutual of a key private-sector voice on its board. Co-op has no shareholders to hold it to account, and its complex democracy makes it hard for members to do so. That leaves lenders in a powerful position to drive change.

This content is for Subscribers only

Context News

Paul Myners has tendered his resignation as senior independent director of the Co-operative Group, according to a person familiar with the situation.

Myners will continue to compile his report looking into how Co-op should be reformed, but will no longer sit on the board.

The largest independent cooperative society, the Midcounties, said on April 8 that it would not support the reform proposals drawn up by Myners.

Co-op’s most recent disclosed numbers show net debt of 1.2 billion pounds. In its lending syndicate are Barclays, HSBC, Royal Bank of Scotland, Lloyds Banking Group and Co-op’s own bank.

Email a friend

Please complete the form below.

Required fields *