Co-operatives UK has released a new Code of Governance for the co-operative banking sector. Launched at the Practitioners Forum in Manchester, the revised code draws on best practice from the wider business sector, while reflecting the distinctive characteristics of co-ops, such as accountability to members and member ownership and control, reports Co-op News of ICA.
In consultation with members and the Co-operative Governance Expert Reference Panel, Co-operatives UK developed a new code that can be used by all co-operatives, irrespective of type or size.
The code follows a similar structure to that adopted by the UK Corporate Governance code, but maintains a focus on the co-op difference through a series of principles and provisions that can be followed to demonstrate compliance.
“There will be some elements in our code that you will be able to see in the UK corporate governance code or in the Wates Principles of Corporate Governance where they apply to all types of organisations,” says Laycock. “But there may be some instances where it may be directly the opposite of what it is in the UK code or where we have changed it based on practice within co-ops.”
Unlike the previous editions, the code has been written for all co-operatives, regardless of the sector they operate in.