The Sunday Telegraph said owing to the mutual's complex structure, the Co-op is not expected to be able to recoup payouts to former chief executive Peter Marks or former bank head Neville Richardson. That is despite recently unveiling a rescue plan for the Co-operative Bank which will force bondholders to take a haircut on their investment.
Under a planned "bail-in", bondholders will be forced to take losses on their investment and offered shares in the banking arm, a move which will result in a stock market listing for the UK's biggest mutual.
The Co-op, which has around 4.7 million banking customers, is also planning to raise funds through the disposal of its insurance business, although the largest part of the £1.5 billion rescue is coming from bondholders.
The Co-op's woes stem from toxic commercial property loans acquired through a merger with the Britannia building society in 2009 which created a financial ''super-mutual''.
Mr Marks, who handed over to new chief executive Euan Sutherland in May, did not receive a pay-off when he left. He could be in line for a maximum long-term bonus of £994,000, due to vest in 2014, although the most recent scheme only vested at 11% of the maximum.
The Co-op's capital shortfall was identified by the Prudential Regulation Authority (PRA), the new City watchdog. Last week it ordered the UK's eight biggest lenders to raise another £13.4 billion to plug a higher-than-expected £27.1 billion hole in their finances.
The Co-op could not be reached for comment.