18 May 2015
The new one member one vote governance system was used by its members at the Co-operative Group’s AGM to vote in motions.
This was the first AGM to be held under the Group’s new governance rules, which were introduced following a unanimous vote in favour of reform at the Special General Meeting (SGM) in August 2014.
More than 90,000 members voted on motions put forward for the AGM. Of those more than 500 voted in person.
The AGM resulted in the election of three candidates to the Group board by its members - Hazel Blears, Paul Chandler and Ruth Spellman – as well as the appointment of Simon Burke as an independent non-executive director.
Members also voted for amendments to clarify and further improve the rules which were put in place following the Governance Reforms in 2014.
According to the Co-op Group, the amendments will only come into effect once they have been registered by the Financial Conduct Authority.
Allan Leighton, Chairman of The Co-operative Group, said: ‘For the first time in our history, ordinary Co-operative members have had a direct say on a range of motions, including who represents their interests in the Boardroom. We are re-connecting with the people that matter most, and we are determined to take this further by strengthening our links with all our members, as we revitalise this iconic business.’
He added that the Group is ‘at the start of a three-year rebuild programme. We have put in place a turnaround strategy that will fix the basics and implement compelling commercial strategies in all of our businesses, to ensure we are in great shape for the long-term and that the mistakes of the recent past can never be repeated.’