Coop aims to strengthen communication with members

Mark Cox, Chief Executive of the Coop, says the Coop is evolving as it stays relevant for members

Channel Islands Coop has said it will strengthen communication with its members and hold more business updates.

It said it followed feedback from its members during the last two years.

The meetings would include updates on trading performance, Coop Mobile and other initiatives, special member meetings to vote on proposed changes to member rules and an open forum for members to ask questions and share views.

Coop said it had listened to members and it was "working hard on being able to deliver better returns" for them.

'Favourable returns'

Members would also be asked to vote on proposed rule changes, including the introduction of two new share classes.

It said members could currently hold either a class A share, issued on joining and giving members voting rights, or a class B share, which was in the form of 90-day notice accounts.

There are proposed plans for new class C and D shares which would include a 12 and 24-month share.

Mark Cox, chief executive of the Coop, said: "What we do is pay that money back to members as interest, give them favourable returns on that money rather than borrowing it from a bank so it provides money back circular into the economy for our members that put their trust in Coop.

"What we've spent a lot of time over the past two years doing is talking to members about what they want to see from their Coop," he said.

"We've been listening to that and then working hard on being able to deliver better returns for members."