Co-operative members back radical shakeup to 'rebuild business'

Chair Ursula Lidbetter hails 'defining moment' as four-fifths vote for smaller board with only three elected members

A radical shakeup of the crisis-hit Co-operative Group has been backed overwhelmingly by its members at a special general meeting held in Manchester on Saturday. More than four-fifths voted in favour of the plans, which were drawn up after the mutual last year announced a record £2.5bn loss.

The plans include reform of the food-to-funerals group's board structure, with elected directors largely replaced by professional business people. The new governance structure includes the creation of a smaller board of directors and a move to a one-member, one-vote system.

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via Business Feeds

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