In 2014, Lord Myners set out the need to reform the Cooperative Group after near ruinous failure at the bank, describing ‘a dysfunctional board in which some directors did not know the difference between debits and credits’ and [were] ‘clearly out of their depth when financial concepts and terminology are used’. (Treanor, 2014)

Required:

With reference to the quote above, do you think corporate governance at the Cooperative Bank would have been improved if every director was skilled, experienced and knowledgeable in the area of accounting and financial reporting?