May 17, 2014 / 1:06 PM / 4 years ago

UK's Co-operative group unanimously accepts reform proposals

MANCHESTER, England, May 17 (Reuters) - Britain’s Co-operative Group voted unanimously on Saturday to accept proposals for far-reaching reforms designed to avoid a repeat of the near-catastrophic mistakes of recent years and secure the mutual’s future.

Independent director Paul Myners drew up the proposals to change the governance of the 150-year-old supermarkets-to-funerals group, which lost control of its bank and slumped to a 2.5 billion pound ($4.2 billion) loss last year.

The reforms voted on by delegates at a special general meeting included creating a new board led by an independent chairman, and non-executive directors with commercial experience on a par with the boards of its retail rivals. (Reporting by Paul Sandle; editing by Stephen Addison)

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