Results of a survey by Ethical Consumer readers come after scandal surrounding Paul Flowers, group’s ex-chairman
The Co-operative Group has been voted the most ethical company in the UK over the last 25 years.
The results of a survey by the readers of the Ethical Consumer magazine come shortly after a scandal surrounding Paul Flowers, the group’s former chairman, who pleaded guilty to the charge of possessing cocaine in May.
It also revealed losses of £2.5 billion for the financial year ending April 2014
Ethical Consumer co-director Tim Hunt, said: “Many commentators have had their knives out for The Co-op Group in recent months. Ethical Consumer’s readers, however, are able to see through the spin and realise that despite the problems, The Co-op remains an ethical business at heart – at least for the time being.”
In order to generate capital, The Co-op Group has sold its farm business to the Welcome Trust for £249 millions.
Peter Pereira Gray, managing director of investments at the Wellcome Trust, said: “The Co-operative has its own form of ethics. We wouldn’t necessarily seek to be exactly replicating theirs. We have our own very high standards.”