What else should be considered?

Regulatory Requirements if the co‑operative undertakes certain activities. 

For example, co‑operatives such as credit unions are subject to the Senior Managers Certification Regime (‘SM&CR’). The SM&CR regime enables the regulator to hold individuals to accounts through allocating responsibilities more clearly.

There are additional parameters to consider in terms of succession planning as the SM&CR regime allocates senior management functions (SMFs) to individuals who hold specific responsibilities such as the CEO and Chair. For these positions, an incoming Chair or CEO will need to receive pre-approval from the FCA.