Co-op names ‘transitional’ board

THE Co-operative Group has unveiled its “transitional board” as it embraces a smaller plc-style executive model.

It also said the organisation’s new rules which were approved at a general meeting last month have been registered by the Financal Conduct Authority.

Following recommendations by Lord Myners, the Co-op is moving away from an 18-strong board populated by elected lay representatives from its regional boards, which represent its eight million members, and its independent societies.

Instead there will be nine on the board intially, and ultimately 11. Members will be able to make their voices heard through a 100-strong council and a “one member, one vote” system which will give them a say on big decisions such as significant transactions and the election of directors.

Seven have been named for the transitional board. These are: Ursula Lidbetter, Marc Bicknell, Duncan Bowdler, Eric Calderwood, Martyn Cheatle, Michael Harriott and Frank Nelson. New chief executive Richard Pennycook will be appointed in mid-October at the same time as a non-executive.

The Co-op said this transitional board will remain in place until new board members are appointed, or next year’s annual general meeting.

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