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Lobby alliance president resigns after Co-operative Group pulls funding Lobby alliance president resigns after Co-operative Group pulls funding
(about 5 hours later)
The Co-operative Group has pulled funding from an international lobby group for the co-operative movement, prompting its president to quit two years before her term expired.The Co-operative Group has pulled funding from an international lobby group for the co-operative movement, prompting its president to quit two years before her term expired.
Dame Pauline Green, who has been president of the International Co-operative Alliance since 2009, said she was retiring because of the decision by the Co-op Group to scrap up to £100,000 of its funding for the lobby group.Dame Pauline Green, who has been president of the International Co-operative Alliance since 2009, said she was retiring because of the decision by the Co-op Group to scrap up to £100,000 of its funding for the lobby group.
She said while she could have received the funding from alternative sources, she was retiring in November because she needed the Co-op Group to be engaged with the wider co-operative movement. Her term – her second – was to run until the end of 2017.She said while she could have received the funding from alternative sources, she was retiring in November because she needed the Co-op Group to be engaged with the wider co-operative movement. Her term – her second – was to run until the end of 2017.
“You really need to know you’ve got a secure, supportive resource base,” said Green, “not so much in terms of money”.“You really need to know you’ve got a secure, supportive resource base,” said Green, “not so much in terms of money”.
The Co-op Group has been undergoing a major restructuring following a crisis in its banking arm two years ago and she said she understood the need to make cuts.The Co-op Group has been undergoing a major restructuring following a crisis in its banking arm two years ago and she said she understood the need to make cuts.
The Co-op Group’s backing was significant because of its size, she said. Even though a survey by Co-operatives UK found the Co-op Group had lost its mantle as the largest organisation in the sector to the John Lewis Partnership, it is still a key player in. It was overtaken by John Lewis because the turnover of the Co-op Group has fallen after its stake in the Co-op bank was cut to 20% from 100% two years ago in the rescue deal for the lender, which was previously wholly owned by the group. The Co-op Group’s backing was significant because of its size, she said. Even though a survey by Co-operatives UK found the Co-op Group had lost its mantle as the largest organisation in the sector to the John Lewis Partnership, it is still a key player. It was overtaken by John Lewis because the turnover of the Co-op Group has fallen after its stake in the Co-op bank was cut to 20% from 100% two years ago in the rescue deal for the lender, which was previously wholly owned by the group.
The Co-op Group plunged to a £2.5bn loss for the 2013 financial year but has since started to return to profit as it focuses on its supermarket and funeral homes business.The Co-op Group plunged to a £2.5bn loss for the 2013 financial year but has since started to return to profit as it focuses on its supermarket and funeral homes business.
“In 2013 The Co-operative Group agreed to support Dame Pauline’s re-election as president. It was agreed and made clear at that time that we would continue to provide funding until the end of 2015,” the Co-op said.“In 2013 The Co-operative Group agreed to support Dame Pauline’s re-election as president. It was agreed and made clear at that time that we would continue to provide funding until the end of 2015,” the Co-op said.
The Manchester-based business has been overhauling its board and on Friday named two new non-executives, Peter Plumb, chief executive of Moneysupermarket.com, and Stevie Spring, chair of the ITG Group and BBC’s Children in Need.The Manchester-based business has been overhauling its board and on Friday named two new non-executives, Peter Plumb, chief executive of Moneysupermarket.com, and Stevie Spring, chair of the ITG Group and BBC’s Children in Need.
Green had stood to become a member-nominated representative on the board but was not put forward for election at May’s annual meeting. It caused controversy at the time because it meant members were left to vote for three individuals to fill three seats when they had expected there to be a contested election between six individuals.Green had stood to become a member-nominated representative on the board but was not put forward for election at May’s annual meeting. It caused controversy at the time because it meant members were left to vote for three individuals to fill three seats when they had expected there to be a contested election between six individuals.