2010 was a record year for The Co-operative: underlying profits were up 31% to £625m and our individual members earned £70.5m from their share of the profits, with a third trading across our family of businesses. Full details of financial performance can be found in our Annual Report and Accounts. Participation in our democratic governance structure has also increased, with more people voting in membership elections than ever before.
We’ve continued to work hard to promote diversity and engage our employees though a period of rapid expansion (which includes the acquisition of Somerfield and merger with Britannia) and nearly 5,000 outlets have been rebranded under one identity during the last five years. We’ve also been engaging our stakeholders on ethical issues, using our influence to campaign for a more sustainable world, for example, through our Toxic Fuels campaign.
Looking ahead
Our Ethical Operating Plan includes commitments to:
- Aim to have 20 million members by 2020, and continue a profit sharing scheme that is amongst the broadest and most generous of any major UK business
- Invest £11m to support the growth and development of co-operatives, most significantly via The Co-operative Enterprise Hub (see below), and develop a £20m international
Co-operative Development Loan Fund by 2013
- Continue to use influence to campaign for a better society, engage with 500,000 members per annum, and always be open about lobbying and its outcomes.
Case study: The Co-operative Enterprise Hub supports FC United
FC United is a supporter-owned club in Greater Manchester, investing in community projects to involve socially excluded groups in coaching sessions. The Co-operative Enterprise Hub – which supports co-operative businesses with consultancy and grants - worked with FC United to develop a volunteer information pack, and trained members and Board directors to run the club as a co-operative enterprise. Club and company secretary, Lindsay Robertson, says: “It was a great opportunity to receive help from an outside body, and it provided us with an objective point of view.”
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