Lord Paul Myners has resigned as a senior independent non-executive director of The Co-operative Group, just four months after taking on the role.
Myners resigned yesterday, and less than 24 hours after it was revealed the co-op movement’s biggest independent society Midcounties Co-operative’s board voted not to support the recommendations drawn up by Myners last month to reform the Co-op Group’s governance.
Myners joined the Co-op Group board in December last year to lead the society’s review of its corporate governance in the wake of the Paul Flowers scandal. He is the only independent non-exec on the society’s 21-strong group board.
Last month, following the resignation of CEO Euan Sutherland who stepped down after claiming the society was “ungovernable”, Myners released a progress report on his review.
The report was highly critical of the group’s governance and laid out 10 key recommendations including the creation of a group board made up of an independent chair, six to seven non-execs and two executive directors; a new National Membership Council of around 100 people and 20 staff; and for the CEOs of independent co-op societies to cease to sit on the group board.
The recommendations will be put a vote at the society’s AGM in May.
The Co-operative Bank, which is 30% owned by the Co-op Group, is due to release its full-year results tomorrow. The Co-op Group’s results are expected next Thursday (17 April).