Old Boy's Network goes at Co-Op Bank AGM ?

Lord Myners could not care less about the foundations of the Cooperative movement.
All the other banks which had experts on their boards made a mess as well. All bankers get their jobs because of an old boys network. What's the difference?
The biggest old boys network in the country is the government.

DJ

I think the difference is the Co-Op has made a reputation of being practically 'saintly' and the arrest of Paul Flowers opened the floodgate to knowing the truth.

As for Lord Myners he is a Labour Peer and I think he deserves a lot of credit for taking the job on. He has probably lost 'friends' in his own party who were happy to take their share of the money pot.

I am not defending any other banking institution but now the Co-Op has to take it's share of blame I find it very odd there can be any defence put forward.

Even the Labour Party are apparently jumping, or have, jumped ship!

I said on another thread I feel sorry for those who genuinely thought the Co-Op was the 'ethical' bank and I hope the Co-Op can build itself back up but something will have to give to stop it even going under further.

What do you suggest, leave things as they are because you see no fault.

I did not say I see no fault.
Myners sees no link between the board and the members. That cannot be right.
A pre-Flowers boss, Sir Graham Melmoth, says that there needs to be a link. He says there are flaws in Myners' report. If Myners report is accepted as it is, there will be no Cooperative movement. The bank will be just like any other bank. Do you really want that?

DJ

I think there is a wide perception that the way the bank has been run over the last few years has done just that.

Isn't it already the case that the Co-Op farms and Co-Op chemists are going to have to go, not because of the Myners Report but because of the pathetic mismanagement of the Co-Op Board and management.

I think I read somewhere that even the Co-Op stores are going to remove all the cash machines from their branches.

Where is Miliband and Balls and all the Labour and Cooperative MP'S. who have happily received their donations?? I think they know that the game is up and, yes, I do think it is sad but there is practically nobody defending the bank structure and it is inevitable it will change.

I'm glad the vote was 'yes' for change and agreed on the 4 main points put forward.

I am still surprised there has not been any resignations from board members and I hope if they stay they do not drag their feet.

I hope the Co-Op can regroup and prosper now it has become a little more democratic and forward thinking.

As a child of the 1930's I believe the principles of the mutuality of the Co-op as set up by the Rochdale Pioneers was a good and sound business operation. For many years it was the salvation of those who had to do their shopping from a low income and the Co-op divi a welcome little bit of further income. The great mistake was allying the Co-op to the Labour Party. Politics and business do not mix well together. Ethical trading is a no brainer. All that can be done is to do the best you can avoiding the worst. To survive in the market place it is essential to make a gain on the investment. Now with the present changes being made the result will be that the Co-op will just become another retail business. The divi is going and the idea of cash to the community will gradually fade away into the distance. It is all our fault as with every other mutuality. When they transformed from Building Societies and Friendly Societies to Banks we could not wait to grab the shares handed out.

My great grandfather who founded the local co-op in his Leicestershire village will be turning in is grave. I wish I could remember the details -I heard someone on radio recently from a large organization run on co-operative lines abroad that does work really well. Does anyone know more about this?

I think the way that Waitrose runs is the nearest thing to a co-operative store we have. Every employee is a 'partner' and receives a share of profits after a certain length of employment. They are very active in their local communities, both in giving direct funding and permitting employees time off with pay in order to pursue community projects. My lovely young lodger is a Waitrose employee and has just cycled the country in a small team to raise money for the local lifeboat; not only did he get two weeks off with pay to do it, but they called in at Waitrose stores along the way and were given free refreshments and support. It's a great employer.