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BRIEF-Britain's Co-op says FCA registers new governance rules
October 1, 2014 / 6:33 AM / 3 years ago

BRIEF-Britain's Co-op says FCA registers new governance rules

Oct 1 (Reuters) - Co-operative Group Ltd :

* Financial Conduct Authority registers new rules to govern Co-operative Group

* Also announced details of transitional board which will immediately reduce to seven directors from previous board of directors

* The new rules, including the transitional provisions, were overwhelmingly approved by the group’s elected members at a special general meeting

* Two further directors are expected to be appointed to transitional board, being Richard Pennycook, the group’s Chief Executive Officer, and one independent professional non-executive director selected from one of business boards

* Richard Pennycook is expected to be appointed to transitional board with effect from Oct 15 2014

* Transitional board will remain in place until earlier of either the new board members being recruited or group’s annual general meeting in 2015 Source text for Eikon: Further company coverage:

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