Co-op 'chaos' as Myners quits amid opposition to reforms

Lord Myners

Group was 'very uncomfortable' with former City minister's plans to tear up boardroom structure

LAST UPDATED AT 10:26 ON Thu 10 Apr 2014

LORD MYNERS, the former City minister brought in to reform the troubled Co-operative Group just four months ago has handed in his resignation.

Myners was tasked with drawing up a blueprint to revive the fortunes of the Co-op, which is on course to report a £2bn loss next week.

But, according to The Guardian, he quit after his proposals were met with a barrage of opposition, and his departure leaves the group in "chaos".

Myners, who took on the role of independent director for a salary of £1 in December, had planned to tear up the existing boardroom structure and replace it with a publicly listed company style model. However, the largest of the group's independent societies, the Midcounties, voted against his proposals earlier this week.

The initial findings of his review said the Co-op's elected directors had overseen "breathtakingly value-destructive" decisions, such as the group's takeovers of the Britannia building society and supermarket chain Somerfield. Too many directors did not have any serious business experience and were therefore not qualified to keep senior managers in check, he said.

The Co-op says Myners' review will continue despite his resignation, but his departure is "another significant blow for the business", reports the BBC.

The group's chief executive, Euan Sutherland, resigned last month after he described the business as "ungovernable".

Kamal Ahmed, BBC business editor, says the spate of resignations suggests that the Co-op is "very uncomfortable" with the radical changes being proposed.

"Many in the Co-op are convinced that it was not the organisation's democratic structures and mutual status that were to blame for the business's woes. Rather, they argue that it was hubristic managers who have since left," says Ahmed. "Lord Myners, who said that the governance standards he found at the Co-op were 'shocking', would beg to differ." 

It has been a disastrous year for the Co-op, which revealed that its bank had a £1.5bn hole in its balance sheet last May. Its former chairman, the Reverend Paul Flowers, was also embroiled in allegations involving class A drugs. · 

Disqus - noscript

Sods -----
Law.

April..----
2014.

For almost two
decades we have strived to get justice for the injustice we have
suffered at the hands of a world renowned bank--- PICTET & CIE.
BANK.

Two yorkshiremen
both running their own small family businesses trying to resolve the
problem by taking all the correct legal procedures to recover their
monies.

The matter was
raised in Parliament – twice-- the FSA investigated the matter
concluding that PICTET had rogues operating in their London Bank ---
but the rogues had left ---saying no one left to prosecute.??? -----
so there.

We then
approached the Financial Ombudsman Service. (FOS) --- our case was
dealt with by seven different people ---- then our numerous E-Mails
were ignored --- nobody would speak to us -------so there.

We then asked the
SFO ( Serious Fraud Office.) to investigate our case ---- the
criteria of our case ticked all their boxes. --- we were instructed
not to send them

any
documents/evidence.------ in fact they wrote to us advising us to go
to the Citizen's Advice Bureau.(CAB.)

Richard Alderman
the SFO boss ---- who responded to our letter was the same man who
would not investigate the “ Madoff” scandal or the “Libor”
fiasco.

The MP's
committee ---- said he was sloppy--- and the SFO was run like “
Fred Karno's Circus” ----- it was an office of fraud.----- so
there.

Our M.P.
approached our local Chief Constable to investigate----- he was
called---- Sir Norman Bettison--- Chief Constable of West Yorkshire
Police ---- a force that made “ Dad's Army” look like the S.A.S.
They were inept – corrupt ---malicious --- from top to bottom. We
were criminally dealt with by the Forces Solicitor---- the Head of
the Economic Crime Unit ----and the Chief Constable ----- so there.

We were then
advised to pass our complaint against West Yorkshire Police to the
I.P.C.C. – which we did --- they advised us to make our complaint
to ---- the West Yorkshire Police --- we did with reluctance --- all
we got was abuse and obfuscation. ----- so there.

Sir Norman
Bettison ---- The Forces solicitor--- and the Head of the Economic
Crime ---- have all been removed from their posts and facing criminal
allegations.

------ so there.

We even sought
justice through the Courts --- culminating in a visit to the Court of
Appeal-London.--- On leaving the Courts of Appeal that day our
barrister a “rising star” informed us --- that if that was
Justice then you can keep it. He quit the law and moved to Canada
----- so there.

A few years later
we learned that one of the judges in our case at the Court of Appeal
was related to a senior executive of the Pictet Bank -----so there.

The Ministry of
Justice passed our case to Lord Myners to investigate --- we would
rather have had Mickey Mouse or Donald Duck do it. --- to this day we
don't know

whether he did
anything or not ---- probably not --- seeing that his wife was on the
Pictet Prix Board.

Pictet & Cie
.Bank --- voted private bank of the year 2013.

Ivan Pictet ----
Voted banker of the year 2012. ---- the senior partner --- lied on
numerous occasions and had documents destroyed --- also said genuine
documents were forgeries. ----- so there.

Ivan Pictet in
Oct. 2013 ---- Given the Legion of Honour --- but saying that ----
honours were given to Hitler --- Eichmann --- Mussolini ---Franco
--- he's in fitting company. ----so there.

MONTY
RAPHAEL.Q.C. -- Peters & Peters.London. They were the banks
lawyers.

Monty
Raphael.Q.C. along with Ivan Pictet withheld crucial documents
requested by the High Court ---- the FSA ---- and the police Fraud
Squad. ----so there.

Monty
Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

Monty
Raphael.Q.C. became a Master of the Bench in Nov.2012.

An expert in
Fraud ---the Doyen of Fraud Lawyers. ----- so there.

This says a lot
about Banks --- the consensus of opinion is that they are highly paid
“crooks” ---- no wonder they voted Ivan Pictet banker of the
year.

It appears that
crimes in the “establishment.” are honoured by their peers.

“HONOURS
AMONG THIEVES.”

Full Story.----
“google or Yahoo ”

Insert.

Ivan
Pictet.Banker.

Monty
Raphael.Q.C.

Ivan Pictet/Monty
Raphael.

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