Lord Myners, who has been reviewing the Co-operative Group’s governance, has warned it could ultimately go bust without reforms.
The former City minister, the mutual’s senior independent director, said in a report that the Co-op must reform its board and voting structure. He slammed the Co-op’s “breathtakingly value-destructive” acquisition of Somerfield and Britannia. Lord Myers denied to The Daily Telegraph there was an imminent danger of running out of money but he said his report was “a serious wake-up call”.
15/03/14 Daily Telegraph 35
Times 45-46
Financial Times 15
Independent 49
Guardian 1-2, 36-37
