Co-operative Group confirms wholesale governance restructure

The reforms were necessary after a £1.5bn black hole in the Co-operative Bank’s finances were discovered earlier this year. In an announcement to the stock exchange, it said the detailed proposals have been drawn up based on the four key principles of reform agreed unanimously by members at the Special General Meeting on 17 May 2014: •     The creation of a Board of directors elected by members that is individually and collectively qualified to lead an organisation of the size and complexity of the Co-operative Group •     The establishment of a structure that gives the Co-operati...