Co-op hires Lord Myners on £1 salary to turn bank round after Flowers scandal

Following the Paul Flowers drugs scandal, the embattled Co-op Group has spared no expense and hired former City minister Lord Myners on an annual salary of £1.

The bank has announced that Myners, a former chairman of Marks & Spencer and of the Guardian Media Group, has joined the board with immediate effect as senior independent director.

In his new role Myners will oversee the bank’s governance review, which comes after concerns that the bank’s disgraced former chairman Paul Flowers slipped through security checks.

Non-executive directors at the Co-op would normally expect to receive a salary of about £60,000 a year. Myners is joining on a token salary of £1, but will also be able to claim expenses.

In a statement Myners said: “Right now it faces serious challenges in terms of business performance and ensuring that the right governance is in place to deliver in the interests of all its members and customers.”

Euan Sutherland, the Co-op’s chief executive, said: “His leadership on the governance review will be crucial. What our customers, colleagues and wider membership base needs is an organisation and a business that they can be proud of again and I believe that Paul has a key role to play in helping us deliver that.”

Readers' comments (2)

  • Sods ----- Law.
    February.---- 2014.

    For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank--- PICTET & CIE. BANK.

    Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.

    The matter was raised in Parliament – twice-- the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank --- but the rogues had left ---saying no one left to prosecute.??? ----- so there.

    We then approached the Financial Ombudsman Service. (FOS) --- our case was dealt with by seven different people ---- then our numerous E-Mails were ignored --- nobody would speak to us -------so there.

    We then asked the SFO ( Serious Fraud Office.) to investigate our case ---- the criteria of our case ticked all their boxes. --- we were instructed not to send them any documents/evidence.------ in fact they wrote to us advising us to go to the Citizen's Advice Bureau.(CAB.)

    Richard Alderman the SFO boss ---- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.
    The MP's committee ---- said he was sloppy--- and the SFO was run like “ Fred Karno's Circus” ----- it was an office of fraud.----- so there.

    Our M.P. approached our local Chief Constable to investigate----- he was called---- Sir Norman Bettison--- Chief Constable of West Yorkshire Police ---- a force that made “ Dad's Army” look like the S.A.S. They were inept – corrupt ---malicious --- from top to bottom. We were criminally dealt with by the Forces Solicitor---- the Head of the Economic Crime Unit ----and the Chief Constable ----- so there.

    We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did --- they advised us to make our complaint to ---- the West Yorkshire Police --- we did with reluctance --- all we got was abuse and obfuscation. ----- so there.

    Sir Norman Bettison ---- The Forces solicitor--- and the Head of the Economic Crime ---- have all been removed from their posts and facing criminal allegations.
    ------ so there.

    We even sought justice through the Courts --- culminating in a visit to the Court of Appeal-London.--- On leaving the Courts of Appeal that day our barrister a “rising star” informed us --- that if that was Justice then you can keep it. He quit the law and moved to Canada ----- so there.

    A few years later we learned that one of the judges in our case at the Court of Appeal was related to a senior executive of the Pictet Bank -----so there.

    Pictet & Cie .Bank --- voted private bank of the year 2013.
    Ivan Pictet ---- Voted banker of the year 2012. ---- the senior partner --- lied on numerous occasions and had documents destroyed --- also said genuine documents were forgeries. ----- so there.

    Ivan Pictet in Oct. 2013 ---- Given the Legion of Honour --- but saying that ---- honours were given to Hitler --- Eichmann --- Mussolini ---Franco --- he's in fitting company. ----so there.

    MONTY RAPHAEL.Q.C. -- Peters & Peters.London. They were the banks lawyers.
    Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court ---- the FSA ---- and the police Fraud Squad. ----so there.

    Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
    Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.
    An expert in Fraud ---the Doyen of Fraud Lawyers. ----- so there.

    This says a lot about Banks --- the consensus of opinion is that they are highly paid “crooks” ---- no wonder they voted Ivan Pictet banker of the year.

    It appears that crimes in the “establishment.” are honoured by their peers.

    Full Story.---- “google or Yahoo”


    Ivan Pictet.Banker.
    Monty Raphael.Q.C.
    Ivan Pictet/Monty Raphael.

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  • F.S.A.& Swiss Bank..—Pictet & Cie- - - ( Cover up crimes.)
    Points of Interest . ( Case – Peter Humphries & Jack Loach ).
    Pictet & Cie . ( Pictet Asset Management ).Feb. Updates.
    The bank and its officials deliberately withheld crucial documents requested under a High Court order .The bank and its officials deliberately withheld evidence from the Police , and one of its account managers Susan Broadhead gave a false witness statement to the police .
    Another one of its managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account . The senior partner ( Ivan Pictet.) sought to have numerous documents destroyed , along with those copies in their London office of P.A.M. . Initially stating they were forgeries then their lawyers Peters & Peters - - Monty Raphael - - and barrister Charles Flint . Q.C. later had to admit in Court that the documents were genuine .
    (1). It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies .( Money laundering .)
    (2) It is a criminal offence for a bank to lie to the police and the bankrupts
    trustee in bankruptcy in so far as any knowledge of , or dealings with the
    bankrupt was refuted .
    (3) A bank can be guilty of contempt of court if it fails to comply fully with
    the Courts order for discovery .
    (4) The banks contempt is further compounded if it fails to address its error
    after it is specifically drawn to its solicitors attention . ( Monty Raphael.)
    (5) It is a criminal offence under the financial services act to seek to destroy
    evidence that might be relevant to an investigation .
    (6) It is a criminal offence not to relinquish control of funds to the trustee
    immediately the fact of the bankruptcy is drawn to the banks attention .
    (7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper
    Enquiries of the F.S.A.
    The Financial Services Authority. ( F.S.A.) Howard Davies / John Tiner/ Hector Sants.
    The F.S.A. investigated our complaints for eighteen months , then when pressed by our M.P. They closed the file and told him it was not within their remit .
    (1) They had evidence to prove that crimes had been committed by one
    of the firms under their supervision . This same firm had already had
    a previous breach .
    (2) They state actual findings , - lack of supervision , lack of due
    diligence and money laundering .
    (3) The case was sent to Enforcement numerous times but no action
    was ever implemented . Even after they concluded that Pictet had a “rogue
    element” in their London office .
    (4) The F.S.A. were also guilty of perverting the course of justice for
    they knew full well that Pictet were lying and were guilty of numerous offences.
    In 2006 John Tiner. Chief Executive . F.S.A.. suggested it should have been within their remit , when pressed by our M.P. Then the Treasury in Jan 2008 confirmed it was within the F.S.A. remit. Yet this firm still operates .
    Solicitors. Peters & Peters. ( Monty Raphael.).
    Both Mr. Raphael and the Peters & Peters partners were fully aware of their clients Pictet’s criminal actions in relation to the Court Order and the police investigation . Mr Raphael was sent copies on several occasions of a list of numerous documents that he/Pictet & Cie had not handed over to the police/courts . This list sent to them even by our M.P.Mr Sheerman .
    Some of these were Pictet documents that Peters & Peters were aware of in the Civil action brought by Mr Loach . Yet they then omitted to give them to the police who were investigating this matter at exactly the same time .
    Mr . Raphael later admitted in a letter to Mr .Barry Sheerman .M.P. that he had only handed over part of the file to the police , when the Court .—Special Procedure Order clearly stated it required all files , documents , accounts , ledgers and other records .

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