Code of Governance For Co-operatives
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.
Code components and tiers
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.
Code of Governance
- 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 $500,000
- $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)
Self-Evaluation Checklist
- For Credit Co-operatives
Download (Updated 17 Oct 2016)
- For Co-operatives (Annual Turnover of S$500,000 & Above)
- For Co-operatives (Annual Turnover of Less than S$500,000)