Great governance underpins a co-operative's purpose - its reason for forming and continuing to exist. It enables the business to live its mission and vision; to deliver its strategy and objectives; to develop a healthy culture and strong values.
Four key elements
The framework supporting a co-op's purpose comprises four key elements. Here we take a look at each of those and also offer expert support for co-ops looking to strengthen their governance.
Having a good, well structured governing document is key to laying the foundation for co-operative governance. Whether it is referred to as the constitution, articles or rules, it's important that a co-operative's governing document is fit for purpose, up to date and reflects how the co-operative's current governance operates. We have created an extensive range of model rules to cover co-ops of different type, size and operating in different sectors.
Governing document reviews
Mission and vision
Every co-operative is formed for a particular purpose or purposes. It's important for the board, in consultation with stakeholders, to set out objectives and the approach to meeting these in a mission and vision statement in order to focus resources and achieve success.
Strategy and objectives
Every co-operative should plan for the future of its business. Having a clear business strategy focusing on long term goals will provide the check and balances the board need in order to determine what success looks like.
Culture and values
Fostering a healthy culture in a co-operative is key to its success. Creating an environment where people are motivated, challenged and rewarded are values that will enable them to work together to strive towards and and achieve success together.