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Some do very well out of Co-op Group problems

Members of the Co-op Group are asking who might be benefiting from the changes at The society. There are many losers but there are some real winners as well. Members fear that assets will be sold off 'urgently' for which read 'cheaply'. Members are asking for clear transparency of relationships and shared backgrounds of Executives and (any new) Board Members and organisations that will benefit as a result of any fire sale. Any implementation of the changes proposed should only occur after very careful analysis and consideration of potential repercussions. Alternative strategies should be fully explored, including those outlined by Co-operativeUK (Myners Plus) rather than following Myners suggestions to the letter. Nothing should be done in haste. Some members are suggesting that the Co-operative Group has been subject to entryism with a definite agenda.
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  • Members can rightly feel that assets are being sold off 'urgently' and therefore cheaply. This is a fire sale driven by barely disguised desperation to survive and any buyer with any sense knows this.

    But the last paragraph indicates that some members just haven't understood the catastrophe that has engulfed the Group. Its not 'entryism'. It was a previous senior management who realised (because in the main of their long history in the co-operative movement) that the rotten and dysfunctional governance structure in the Group had produced a board with neither the capacity nor the will nor the authority of direct election to challenge their ambitions. 

    Adopting the outlines of the Myners package but not all the details (not all of which should be adopted in my view) has bought the Group some time. But not much. If the business is not turned round and a governance structure capable of implementing and monitoring the turnaround is not in place in the next few months, then the fire sale of the farms and pharmacies will be the least of our worries. 

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