Reports in the media say that Lord Myners has resigned from the Co-operative Group board, apparently because of opposition to his proposed reforms of the governance of the Group. However, in a statement today The Group says he will remain on the board until the forthcoming AGM but will not seek re-election.

Lord Myners' proposed reforms would affect how the Group is governed but not the bank. The Group is currently the largest shareholder in the bank with 30%. The bank board was extensively restructured at the time of the recapitalisation in December 2013 and is already run along plc lines.