Former Treasury Minister Lord Myners
Media playback is unsupported on your device
Video

Lord Myners asked to turn Co-op around - for £1 a year

The former Treasury Minister, Lord Myners, has been brought in to lead a review of the Co-operative Group - on a salary of just £1 a year.

The Group has been hit by a series of scandals including the arrest of its former chairman, Paul Flowers and the near collapse of its banking arm.

Lord Myners will lead a review of how the group operates, how it is chaired and how the board is made up.

He told BBC Radio 5 live's Wake Up to Money: "I'm drawn to situations like this and I'm absolutely confident that we can sort this out and re-establish the Co-op as a really powerful and trusted brand."

Go to next video: Is Co-op's ethical brand tarnished?