Financial Conduct Authority registers new rules to govern The Co-operative Group

01 October 2014

The Co-operative Group Limited (“the Group”) announces that the Financial Conduct Authority (“FCA”) has today registered the new Rules to govern the Society. The new Rules, including the Transitional Provisions, which were overwhelmingly approved by the Group’s elected Members at a Special General Meeting on 30th August 2014, come into effect immediately.

The Group also announced details of the Transitional Board which will immediately reduce to seven Directors from the previous Board of Directors. The seven Directors remaining on the Transitional Board are:

  • Ursula Lidbetter
  • Marc Bicknell
  • Duncan Bowdler
  • Eric Calderwood
  • Martyn Cheatle
  • Michael Harriott
  • Frank Nelson

In accordance with the Transitional Provisions, two further Directors are expected to be appointed to the Transitional Board, being Richard Pennycook, the Group’s Chief Executive Officer, and one Independent Professional Non-Executive Director (“IPNED”) selected from one of the business Boards. Richard Pennycook is expected to be appointed to the Transitional Board with effect from 15th October 2014. The “IPNED” is also expected to be appointed on 15th October, subject to regulatory approval.

The Transitional Board will remain in place until the earlier of either the new Board members being recruited or the Group’s Annual General Meeting in 2015.


The Co-operative Group

Therese O’Donnell
Tel: 07738 622866

Russ Brady
Tel: 07880 784442

Tulchan Communications

Tel 020 7353 4200
Susanna Voyle
Jonathan Sibun