The struggling Co-operative Group has announced plans for reform of its governance structure.
It said the executive board would be reduced from the current 18 positions to 11, as soon as new rules are registered.
It also said the smaller board would consist of members "qualified to lead an organisation of its size and complexity".
The plan has been formulated to help protect against de-mutualisation of its assets.
The move comes after "disastrous" results for the mutual.
Last year a £1.5bn capital black hole was discovered in its banking arm.
In April, the group revealed a 2013 annual loss of £2.5bn, on the back of a loss of £529m in 2012.
In detailed proposals to be released, the Co-op also plans to give the group's members appropriate powers to hold the board properly to account for performance and ethics.
It said recruitment of new board members would begin immediately.
The proposals, which follow a period of consultation with the society's members, have been reflected in a proposed new rule book and will be put to a vote at a special general meeting on August 30.
Co-op Group chairwoman Ursula Lidbetter said: "These governance reforms represent the final crucial step in delivering the necessary change to restore the group and return it to health.
"This has been a process built on co-operation, focusing above all on creating a society where every member has a voice in shaping the group's future.
"I would like to thank our members for their engagement in building a governance structure that strengthens the society and enhances member engagement and our unique democracy."
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