Co-op ends the divi
November 2024 › Forums › General discussion › Co-op ends the divi
- This topic has 41 replies, 9 voices, and was last updated 9 years, 6 months ago by alanjjohnstone.
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March 13, 2014 at 8:47 am #98174Young Master SmeetModerator
Some "Housing associations" whilst nominally co-operatives are often run in the interests of the director's remuneration: I suspect that may have been the model that the Co-op CEO wanted to go down, essentially the same as a public company where the shareholders do not receive a dividend. That many co-operators are there out of political position seems to have scuppered him: my vote in the co-op is slight but it still matters to me that I have a decent say in how my property is administered. It was noticeable in the survey they announced that they were looking at getting rid of the political wing of the co-operative.
March 13, 2014 at 9:09 am #98175Young Master SmeetModeratorQuote:The Co-operative group has demonstrated it is not a profit-maximising structure. It never meant to be. Instead it has elected to remain as a family of firms, not willing to sacrifice people and businesses due to short-run concerns.Clearly the future now holds great uncertainty and a lower profit rate. The large debts built up will need to be serviced. But the Co-op governance has shown that an inclusive solution must be found which delivers what customers want while generating enough profit to secure the future. Not the most profit possible at any price.March 15, 2014 at 12:10 am #98176alanjjohnstoneKeymasterOuch! Being a cynic i think there may be a well orchestrated campaign against the co-op by the establishment business world but on the otherhand , they are exposing the myth of the co-op, for example the supposed democratic model – which isn't. http://www.theguardian.com/business/2014/mar/14/extent-co-op-shambles-laid-bare-by-lord-myners http://www.theguardian.com/business/2014/mar/14/lord-myners-coop-pull-punches ……"The Co-op is controlled by less than 100 people – ordinary members have no votes at all," said Myners. The ethos, he said, was that the management was meant to be "on tap but not on top" – reflecting the views of the members. "There's been self-serving delusion that the current model has the members in control when for the last decade or so the executive had run circles around the board."
March 23, 2014 at 10:02 pm #98177alanjjohnstoneKeymasterThe Co-operators hit backhttp://www.theguardian.com/commentisfree/2014/mar/23/co-op-thrive-fundamental-principles-turmoil-managers
March 24, 2014 at 9:07 pm #98178alanjjohnstoneKeymasterIn regards to the extra 400 million the Co-op bank has to raise to protect it against pending penalties, i have to offer some sympathy to it when part of those charges of misconduct was protecting workers in arrears by plAcing their mortgages in forbearance (deferring payments) even if it meant their interest charges for them rising.Would it be kinder to have kicked them out of thir homes as the regulator (and Robert Peston of the BBC) suggests? http://www.bbc.com/news/business-26711709
March 24, 2014 at 9:40 pm #98179AnonymousInactivealanjjohnstone wrote:In regards to the extra 400 million the Co-op bank has to raise to protect it against pending penalties, i have to offer some sympathy to it when part of those charges of misconduct was protecting workers in arrears by plAcing their mortgages in forbearance (deferring payments) even if it meant their interest charges for them rising.Would it be kinder to have kicked them out of thir homes as the regulator (and Robert Peston of the BBC) suggests? http://www.bbc.com/news/business-26711709During my youth Coop were part of the working class movement, and several strong Coops were formed by workers unions. Nowadays Coops are part of the banking world, and ironically some are protected by governments and large corporations. It does show that reformism is only a dead end for the working class
April 8, 2014 at 7:42 pm #98180admiceParticipantApril 8, 2014 at 11:56 pm #98181moderator1ParticipantReminder: Rule 6. Do not make repeated postings of the same or similar messages to the same thread, or to multiple threads or forums (‘cross-posting’). Do not make multiple postings within a thread that could be consolidated into a single post (‘serial posting’). Do not post an excessive number of threads, posts, or private messages within a limited period of time (‘flooding’).
April 18, 2014 at 1:30 am #98182alanjjohnstoneKeymasterThe Weekly Worker analysis while agreeing with our own that it is defensive tactic of the working class but appears to argue that competition was a late development and it was a reluctant capitalist organisation. http://www.cpgb.org.uk/home/weekly-worker/1006/circling-the-drain
April 30, 2014 at 12:27 pm #98183Young Master SmeetModeratorhttp://www.bbc.co.uk/news/business-27217198
BBC wrote:Unlike a number of other financial institutions, before the merger, the Co-operative Bank obtained most of funding from its own customers' deposits.As a result, it was not adversely affected when the international money markets dried up during the financial crisis and considered itself as having "weathered the crisis well".But the bank was hurt by the prolonged period of low interest rates introduced by the Bank of England, which depressed its net margins and profitability.I think that's the key, although, in the way of things, this report cites personal failings, these would not have been an issue had there been a lot of profits to go around. Teh case of the co-op shows how the general inpersonal trends of the markets interracts with teh personal specifics of people in offices. I suppose psychologically we personalise faults, at the expense of looking at the system.
August 5, 2014 at 6:35 am #98184alanjjohnstoneKeymasterThe Co-op has sold its farms business for £249m to health charity the Wellcome Trust. The sale includes 39,533 acres of land, 15 farms, more than 100 residential properties, as well as some 27 commercial properties. All existing farms management and employees will transfer to Wellcome. Co-op also has its 774-strong pharmacy chain for £620m to Bestway Group. http://www.bbc.com/news/business-28636544
April 21, 2015 at 12:38 am #98185alanjjohnstoneKeymasterOnce more nail in the coffin of the co-op "ethics"The co-operative group famed for its commitment to Fairtrade has told its members it will be unable to continue its pledge to stock the products because fierce supermarket competition makes it economically unviable.http://www.theguardian.com/business/2015/apr/19/co-op-group-competition-means-we-cannot-fully-commit-to-fairtradeI'm not surprised since the co-op is now headed by ex-Royal Mail boss Allan Leighton who contributed prominently to the demise of any community role of the post office when i worked for them.
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