Vogel Wakefield blog

Vogel Wakefield blog

March
14
2014

The Co-op, revolution and public leadership

The 99 per cent – disaffected with “venal values”

The 99 per cent – disaffected with “venal values”

The tragic mistake that the Co-op keeps making is to try to accommodate itself to the era of unrestrained, crony capitalism just as we need it to prove that its 19th Century mutual values are a plausible alternative to corporate excess.

Euan Sutherland – who resigned this week after the leak of his £3.5m pay package – demonstrated not only a poor fit with the Co-op’s mutual ethos, but a complete lack of the leadership values that will turn round public disaffection with business.

It may have been lame of Sutherland to declare the Co-op “ungovernable” before he’d even attempted to reform it, but this was consistent with an executive whose leadership style had demonstrated – as Will Hutton put it – no understanding of his organisation’s core challenge:

“That challenge is to marry Co-op values with a new and better functioning business model. What is astounding is that it occurred to nobody, not the executives themselves, that by being offered and accepting sums this large the management were trashing the very values they were on a mission to rebuild.”

Read the rest of this entry »

December
04
2013

Co-operative values: missing in action

Spinning in their graves? The Rochdale Pioneers, founders of the Co-operative Movement

Spinning in their graves? The Rochdale Pioneers, founders of the Co-operative Movement

Last week, I ended a 30-year customer relationship with the Co-operative Bank. The move was precipitated initially by financial caution as a gaping hole was revealed in the bank’s balance sheet but cemented by dismay at the catalogue of mismanagement revealed in recent weeks.

While I feel a litte sad as a customer, I’m also discomforted professionally as the collapse of the Co-op Bank raises questions about my advocacy of values-driven leadership. I believe the problems of the self-styled “ethical bank” stem not from an excessively values-driven approach but from a disconnection from its values. But – and here’s the sting – the complacency generated by its intent as an ethical business may have played a role in the bank’s undoing.

Read the rest of this entry »

Nav menu