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The Co-op prides itself on being different – ethical and democratic as well as good value for its customer owners.
But the executive, Charles J. Hosken, added, "We would be imprudent if we did not maximize this market for our customer owners".
Ben Reid, chief executive of the Midcounties Co-operative, Britain's biggest independent customer-owned retailer, said the model had been proven to work and the Co-operative Group needed to respond to its troubles by getting back in touch with its customer owners.
The others are elected by the customer-owners of the bank.
This shared responsibility is built around high quality relationships between staff and "customer-owners" and between staff within the organisation.
Its customer-owners see it as not only a low-cost alternative, but also a way to keep the big exchanges from the temptation of price hikes.
Instead of a throw of the dice, economic activity has become an intense interchange among companies, employees, suppliers, customers, owners, borrowers, lenders and financiers.
Visits to primary care have reduced by 20% while overall health outcomes have improved as have satisfaction indicators for both "customer-owners" and staff.
Nor did they necessarily see their main purpose as serving their customer- owners.
A societal sector is defined by "(1) a collection of organizations operating in the same domain, as identified by the similarity of their services, products or functions, (2) together with those organizations that critically influence the performance of the focal organizations: for example, major suppliers and customers, owners and regulators, funding sources and competitors".
Good businesses create wealth and distribute it so their employees, customers, owners, and suppliers are all satisfied.
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