The Co-operative Group has released details of the transitional board to be put in place to run the society.
This follows the announcement that the Financial Conduct Authority has today registered the new rules to govern the Society. These rules, which were approved by the Group’s elected Members at a special general meeting in August, come into effect immediately.
The transitional board, which sees the number of directors reduce from 20 to seven, now comprises: Ursula Lidbetter; Marc Bicknell; Duncan Bowdler; Eric Calderwood; Martyn Cheatle; Michael Harriott and Frank Nelson. They will remain in place until either new board members are recruited or the Group’s annual general meeting next year.
In addition, two further directors are expected to be appointed later this month; Richard Pennycook, the Group chief executive, and one independent professional non-executive director selected from one of the business boards (subject to regulatory approval), who are both expected to take office on 15 October.
As part of the reforms, the Group has also put in place a transitional senate and national council, ahead of the full senate and council being introduced next year.
To support the development and recruitment of a permanent team of support staff for the council, Shelagh Everett, head of co-operative affairs at Co-operatives UK, has been seconded to the Group for nine months.