DEATHWATCH: Reform the Co-op or face break up
The Co-op has been told by the former City minister Lord Myners that it must reform and stop being a meth addicted, money haemorrhaging f*** up, otherwise it could end up being completely dismantled and turned into a charity that is worth less than a Co-op carrier bag.
In his review, in which he attacks the Co-op for ‘deplorable governance failures’ Lord Myners said that its 600 elected members should vote for a professional board of governors, even though that might mean the members will have less influence over the organisation.
With the Co-op losing half of its net assets in a series of mind-boggling errors - notably the employment of Paul Flowers, a patently unqualified Methodist drug addict – Lord Myners said the mutual would probably end up as a charitable foundation.
‘I would say that the group board and many of the regional boards are still stuck in denial over this near ruinous failure of governance, whereas the vast majority of ordinary members feel justified anger.’ He said in the 185 page report. ‘Radical decisions on governance structure need to be taken very soon - and with resolution - if the Co-op, as my mother knew it, is to be saved.’
He added that if the Co-op didn’t adopt the changes, then its core business would have to be scrapped to repay its creditors.
So will the members vote for reform? Or will the Co-op soon be a thing of the past?