A report by former City minister Lord Myners into the governance of the Co-operative has said that the current structure is “dysfunctional” and a smaller board with more management experience is required to take the group into the future.

The review of the 150-year old organisation by Lord Myers said that the "manifestly dysfunctional” senior management should be overhauled, with a small board comprising of executives experienced in managing similar businesses and a separate group advising on ethical matters.  

Lord Myners' suggestions will be voted on at the Co-op's annual general meeting on 17th May.