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| Former City minister Myners joins Co-op Group board on £1 salary | Former City minister Myners joins Co-op Group board on £1 salary |
| (about 2 hours later) | |
| The troubled Co-operative Group has brought in former City minister Lord Myners on an annual salary of just £1 to help turnaround the bank after its reputation was left in tatters by the Paul Flowers scandal. | |
| The bank said Myners, a financial services minister under the previous Labour government and a former chairman of Marks & Spencer and Guardian Media Group, has joined the board with immediate effect as senior independent director and will oversee the bank's governance review. | The bank said Myners, a financial services minister under the previous Labour government and a former chairman of Marks & Spencer and Guardian Media Group, has joined the board with immediate effect as senior independent director and will oversee the bank's governance review. |
| His appointment comes as the bank attempts to move on from allegations of drugs use by its disgraced former chairman Paul Flowers, a 63-year-old Methodist minister. | His appointment comes as the bank attempts to move on from allegations of drugs use by its disgraced former chairman Paul Flowers, a 63-year-old Methodist minister. |
| The Co-op did not release details of Myners's salary but it is understood he will be paid a token £1 a year for his efforts to restore the bank's reputation, and will also be entitled to claim expenses. A non-executive director at the group would typically be paid an annual salary of £60,000. | |
| In a statement Myners acknowledged the struggle facing the bank and said he would work with the rest of the board to ensure the group realised its potential. | In a statement Myners acknowledged the struggle facing the bank and said he would work with the rest of the board to ensure the group realised its potential. |
| "Right now it faces serious challenges in terms of business performance and ensuring that the right governance is in place to deliver in the interests of all its members and customers." | "Right now it faces serious challenges in terms of business performance and ensuring that the right governance is in place to deliver in the interests of all its members and customers." |
| Euan Sutherland, the Co-op's chief executive, said Myners would bring "significant and valuable experience" to the group as it attempts to regain the trust of its customers. | Euan Sutherland, the Co-op's chief executive, said Myners would bring "significant and valuable experience" to the group as it attempts to regain the trust of its customers. |
| He added: "His leadership on the governance review will be crucial. What our customers, colleagues and wider membership base needs is an organisation and a business that they can be proud of again and I believe that Paul has a key role to play in helping us deliver that." | He added: "His leadership on the governance review will be crucial. What our customers, colleagues and wider membership base needs is an organisation and a business that they can be proud of again and I believe that Paul has a key role to play in helping us deliver that." |
| The Co-op is seeking two additional independent non-executive directors to strengthen the board. | The Co-op is seeking two additional independent non-executive directors to strengthen the board. |
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