Corporate 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

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

	Code of Governance for Co-operatives (Annual Turnover of S$500,000 & Above)
	Code of Governance for Co-operatives (Annual Turnover of Less than S$500,000)

Self-Evaluation Checklist

The self-evaluation checklist is formulated to help co-ops assess their level of compliance with the requirements stipulated in the Code. Compliance with the Code is non-mandatory – the Codes aims to complement the minimum standards set forth in co-operative legislation.

	Self Evaluation Checklist for on Code of Governance for Credit Co-operatives
	Self Evaluation Checklist for on Code of Governance for Co-operatives (Annual Turnover of S$500,000 & Above)
	Self Evaluation Checklist for on Code of Governance for Co-operatives (Annual Turnover of Less than S$500,000)