Purchase Coop and Credit Union Report: Counting on Canada's Coops

Purchase Credit Union Report: Advancing with DisctinctionPurchase Coop and Credit Union Report: Counting on Canada’s Coops

“The use of new technology to communicate with members and improve transparency is the single biggest governance practice change since the first national survey was conducted in 2004,” said Debra Brown, president and CEO of Brown Governance Inc. “We also found that since 2004, many more co-op boards have adopted formal board and committee charters, board and director evaluations, member surveys and focus groups, on-line governance and financial disclosure, and CEO position descriptions and delegations of authority.”
“The co-op sector is actively embracing the reform era of corporate governance, where directors are more than just representatives of members’ interests, but also bring specific attributes that enable them to actively govern the co-op,” added Carol Hunter, executive director of the Canadian Co-operative Association  “Co-ops are also more actively seeking board members with financial expertise and other specific skills.”

According to the report, the co-op boards could be doing more is in the area of community, social and environmental stewardship, as well as in promoting co-operative identity.