For more information about the Registry of Co-operative Societies, click here.
Source: Ministry of Culture, Community and Youth.
The Code of Governance for Co-operatives (“Code”) was launched by the Singapore National Co-operative Federation on 11 Nov 2006 at the Annual Co-operative Leaders’ Conference. The Code encapsulates the best governance practices of the industry and aims to help co-op boards and management better fulfill their roles. The Code is meant to assist all co-ops (including non-affiliates of SNCF) to examine and raise their governance standards.
The Code of Governance for co-operatives was formulated by a co-operative review team comprising representatives from the Ministry of Community Development, Youth & Sports, the Monetary Authority of Singapore, the Ministry of Finance, the National Trades Union Congress and the SNCF. It consists of principles and guidelines for each of the following broad components:
• Board Matters
• Conflict of Interest Policy
• Human Resource Policy
• Accountability & Audit
• Capital, Assets & Funds
• Corporate Communications: Communications with members and stakeholders
The Code will be tiered according to credit and non-credit co-operatives. Credit Co-ops which are of greater regulatory risk (in view of their deposit-taking activities) will be subjected to more stringent requirements regardless of their annual turnover.
For Credit Co-operatives
Code of Governance (17 Oct 2016)
Non-credit co-operatives, on the other hand, will be subjected to the Code’s requirements based on their annual turnover as follows:
• Below S$500,000
• S$500,000 and Above
For Co-operatives (Annual Turnover of S$500,000 & Above)
For Co-operatives (Annual Turnover of less than S$500,000)
For Credit Co-operatives
Download (Updated 17 Oct 2016)
For Co-operatives (Annual Turn over of S$500,000 & Above)
For Co-operatives (Annual Turn over of Less than S$500,000)
The Registry of Co-operative Societies and the Singapore National Co-operative Federation have jointly issued 3 Governance Guides for credit co-ops, on Internal Controls, Loan Management and Investment Management. The Governance Guides are designed to be references of good practices for the credit co-ops, with examples and templates for the credit co-ops to adopt when designing or revising their own standard operating procedures.
Co-ops are regulated by the Registry of Co-operative Societies (“the Registry”), under the Co-operative Societies Act.
For more information about the Societies Act, click here