Corporate Governance Code for Consumer Co‑operatives
'The Consumer Code'
Who is the Code for?
Co-operatives UK defines consumer co-operatives as those businesses where its members are its customers, and where the business is focused on operating traditional retail outlets, such as food, funeral care, pharmacy and travel services. In the UK, these businesses have long been among the co-operative sector’s most successful.
Drawing on best practice from a wider business setting, such as the ‘UK Corporate Governance Code’ that is applicable to listed companies, the Consumer Code is committed to reflecting the distinctive and unique characteristics of consumer co-operatives.
"The Consumer Code enables directors to their review performance. The Code easily identifies areas for future focus, allowing us to strive for improvement and greater compliance with the code." Ellen Tredwin, Secretary, Chelmsford Star Co-operative Society
How the Consumer Code is structured.
The Consumer Code is structured on three levels:
- High-level principles: the key principles of governance that are applicable to all co-operatives.
- Supporting principles: illustrations if what might constitute good governance compliance.
- Provisions: specific points on which all consumer co-operatives must report annually.
Adoption of the code
If you are a consumer co-operative and would like to adopt the code, please contact us.