The Co-operative Group
| The Co-operative Group
|
|
|---|---|
 |
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| legal form | cooperative |
| Seat | Manchester , England |
| management | Peter Marks |
| Number of employees | > 110,000 |
| sales | £ 13.7 billion |
| Branch | Food retail , |
| Website | www.co-operative.coop |
| As of January 1, 2011 | |
The Co-operative Group ( TCG ) is a 5.8 million member consumer cooperative with retail outlets in the food , financial services , pharmaceuticals, funerals , travel , vehicles, power and legal services sectors . In addition, TCG is involved in agriculture, safety and clothing. TCG employs more than 110,000 people in over 5,000 retail outlets and had 2010 sales of £ 13.7 billion .
Business details
The annual financial statements name the main areas of activity of the cooperative with employees and sales outlets: In addition to these industries, retail services (legal services and life advice), offers for commercial customers, as well as building and asset management are offered.
history
In 1844 the Rochdale Pioneers Society (RPS) was founded, which divided a share of the profits according to the Rochdale Rules (co-operative ownership). In 1852 the legal status of a cooperative was enshrined in English law and in 1862 the RPS adopted this form. Over the years, other cooperatives were founded, some of which were merged. In 2000, the Co-operative Wholesale Society (CWS) and Co-operative Retail Services (CRS) merged to form The Co-operative Group and founded the cooperative in its current form.
On July 19, 2012, the Lloyds Banking Group announced the sale of 632 branches with 4.8 million customers to the cooperative The Co-operative Group. The purchase price was estimated at £ 350 million, and further success-based payments of up to £ 800 million were agreed until 2027. Subject to the approval of the relevant regulatory authorities, the deal should be closed by November 2013. However, due to the conditions imposed, the sale was stopped and a placement on the stock exchange was announced instead.
organization
TCG is organized according to cooperative principles. General assemblies cannot be held with several million members (customer members). Therefore, TCG is organized in seven regions, which in turn are divided into areas. The governing bodies (boards) are elected.
At the top there is a Group Board with 20 members and three Subsidiary Boards for:
- Co-operative Financial Services with 20 members
- Food Board with 15 members
- Specialist Businesses Board with 14 members
The regions are represented by Regional Boards (107 members), the areas by 48 Area Boards with 587 members. A 95-member Regional Values & Principles Committee is intended to ensure that the collective will of the members is enforced as far as possible.
In 2010 the group's management was restructured and Peter Marks was appointed Chief Executive Officer . His area of responsibility now extends to the entire group. His deputies are Neville Richardson, who will continue to lead CFS, and Martyn Wates, previously Chief Financial Officer , who is now responsible for the Specialist Businesses.
Management remuneration
All TCG services to management are disclosed and published in the annual financial statements. Salaries are paid through bonuses based on financial and non-financial success. Behind this is the consistent measurement of key figures according to a balanced scorecard with four main topics:
- financial performance (profitability and financial strength)
- Customers (maintaining relationship and growth)
- Employees (working atmosphere)
- Processes
membership
Anyone can become a member who is committed to the values of the TCG. According to the TCG, these values and principles influence the manner in which business is conducted. These principles are
- Self help
We help people to help themselves.
- Personal responsibility
We are responsible for and stand by our actions.
- democracy
We give our members a say in the decisions of our business.
- equality
Regardless of how much a member can invest in the TCG, everyone only has one vote.
- Righteousness
We do business in a fair and unbiased manner
- solidarity
We work with others.
Web links
Individual evidence
- ↑ a b c d Annual Report 2010 ( Memento of the original from January 11, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF file; 6.8 MB)
- ^ History of The Co-operative Group, accessed April 19, 2011
- ↑ DPA-AFXNews: Company: Lloyds sells branches to Co-operative Group. In: Focus Online . July 19, 2012, accessed October 14, 2018 .
- ^ Reuters: Lloyds branch sale failed , on reuters.com from April 24, 2013, accessed on May 31, 2013
