date:Aug 11, 2014
The Co-Operative Group Ltd., the British customer-owned retailer, plans to the number of board members in half in an overhaul of its corporate governance after posting a 2.5 billion ($4.2 billion) loss in 2013.
Under the proposals, the board will be cut to nine members from 18, with a majority of independent directors including the chairman, the Manchester, England-based company said in a statement today. The plan needs approval of two thirds of votes at a special general meeting on 30 August.