Lord Myners

Co-op Group members all set to vote on major overhaul plan

Co-op Group members all set to vote on major overhaul plan

Representatives of the Co-op Group are all set to vote on a proposed major overhaul of the 150-year-old organization that will decide its future.

While former City Minister Lord Myners has proposed a major overhaul of the group, saying it is necessary to keep the group afloat; traditionalists within the group may oppose the proposal as are reportedly still denying problems.

Co-op welcomes Lord Myners’ review report

The Co-operative Group has welcomed former City minister Lord Myners' review report that suggests urgent radical reforms to save the UK's largest mutual.

Ursula Lidbetter, chairman of the Co-op, said they were very grateful to Mr. Myners' and his team for producing such a detailed & comprehensive review of the struggling mutual in a short span of time.

World Banking Reform at the Centre of Myners G7 Meet

City Minister, Lord Myners is set to host representatives from the G7 along with those from the International Monetary Fund and the World Bank in a meeting to be held in London on Monday. The meeting shall centre on a debate arguing for radical reforms in the world banking structure.

With the public still angry over the astronomical amounts paid out as bailout money to large bank that continue put aside large sums as compensations to executives, and have yet to bring new business.

Myners meets G7 to discuss banking reforms

City minister Lord Myners is meeting representatives of the G7, the World Bank and the International Monetary Fund in London today to discuss how to discuss a global deal on reforming the world banking sector.

Reforms in the banking sector are necessary to circumvent the recurrence of the financial crisis of 2008.

Britain has already urged world’s leading economies such as France, Germany and the US to plan a tax on financial transactions to make banks more accountable to the taxpayer.

Over 5,000 bankers to earn more than £1m: Lord Myners

Lord Myners, the City Minister, said that more than 5000 City bankers will pocket at least £1million each in pay plus bonuses this year.

Lord Myners was speaking to the House of Lords, where he said, “At least 5000 people working in the banking sector in the UK will receive, if nothing is done, in excess of £1m in remuneration.”

He further added that the government had to done more to prevent lenders from paying huge pay & bonus packages.