The Co-operative Group’s corporate governance reforms are on track and the society has “a coalition of views coming together to form something that works”, chair Ursula Lidbetter has told members.
The society held a Special Regional Boards Conference at its Angel Square HQ at the weekend to discuss the four-point resolution on corporate governance reform agreed at its Special General Meeting in May.
On the latest meeting, held on Saturday (19 July), Lidbetter said “the overall feeling in the room was one of how important it was to get the decisions right to create a structure that will successfully govern our society for years to come”.
There were “now lots of improvements to add into the proposed framework” and an updated version would be shared with The Co-op Group’s regional boards “during the coming week”, she said.
“We remain on track to deliver proposed reform in line with our previously agreed timetable,” Lidbetter added.
“The group board on 1 August will discuss transitional arrangements and consider the mechanics and precise timing of the special general meeting and how this fits with the publication of our interim results.”
At the special regional boards conference, a “lively and constructive” question and answer session was held with issues discussed including the balance of power between the council and the board; how the council would hold the board to account; and independent society representation.
The Guardian reported over the weekend that former Co-op Group chairman Len Wardle, who stepped down in November last year, had written to members urging them to reject reform.
The plans would “remove any effective member control from The Co-op Group” and there was a “fundamental flaw” in the way new board members would be elected, he wrote in an email to regional board members ahead of the conference.
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