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View the article online at http://citywire.co.uk/wealth-manager/article/a745709

Lord Myners quits Co-op amid governance review

by Danielle Levy on Apr 10, 2014 at 07:44

Lord Myners quits Co-op amid governance review

The Co-op has suffered another high profile departure as senior independent director Lord Myners departs.

The FT reports the former Labour City minister has resigned as a director but said he would continue to undertake a review of the group's governance.

His departure means the business has lost its chief executive and senior director within weeks of each other. Euan Sutherland (pictured), chief executive, resigned after just 10 months, describing the company as 'ungovernable'.

Myners has proposed replacing Co-op's 21-strong board, predominantly comprised of elected lay members, with a smaller group of professional directors, an independent chairman and two executives.

However, the plan has attracted criticism from Co-op’s members, who said it would turn the Co-op into a Plc and could spark a departure from its ethical principles. These changes require a vote by two thirds of the members of regional committees. However the Midcounties Co-op and a few others have already voted against Myners' reforms.

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