What if it thinks there can be more than one business model (it was, after all, the Co-op trying to adopt the standard business model that caused its problems)?
Set this in context. The Co-op succeeded. It cannot do so as any other business. It can only do so as a Co-op.
The Co Op damn near went bust as a result of having an incompetent from among the insiders running the bank.
I was intrigued by Paul Myners’ demand that now that the Co-op has had the temerity to change his plan for its governance that they must ‘now bring in a top-class chairman and chief executive from outside’. Rumour had it that this is not the plan: insiders are tipped for these posts. I am not surprised; the evidence seems very clear that outsiders, Myners included, have great difficulty understanding the Co-op’s mind set. That to me makes an insider as as an obvious a choice for this job as an insider is to head John Lewis, where the current incumbent as CEO proves just how successful such appointments can be.
This, however, hadme thinking very slightly more than usual about the structure of UK board management and the conventions surrounding it, which it can fairly be said Myners represents.