Vogel Wakefield blog

Vogel Wakefield blog

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.

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