Mandatory Induction Courses
The Mandatory Induction Courses (“MIC”) are designed to equip Committee of Management (“COM”) members and key officers (denoted in * below) of credit co-ops with basic understanding of regulatory requirements and best practices for good governance. There are two modules to be taken:
| MIC Module 1 |
Co-operative Legislation and Code of Governance |
| MIC Module 2 |
Governance Guides on Internal Controls,
Loan Management and Investment Management |
Officers holding the following positions are required to attend the MIC:
- All members of the COM
- Chief Executive Officer (“CEO”)*
- Chief Financial Officer (“CFO”)*
- Chief Investment Officer (“CIO”)*
Members of the Audit Committee (who are not part of the Committee of Management) are strongly encouraged to attend the MIC.
These are the implications if a COM member, CEO, CFO, or CIO did not complete the MIC:
| Officer |
Implications |
| Any member of the COM |
Not eligible for re-election at that next AGM (or for co-option after the AGM) |
| CEO, CFO, or CIO |
Not eligible to remain in his/her position if s/he has not completed the MIC within one year of appointment
|
Credit co-ops are expected to keep records of their officers’ completion of the MIC and send new COM members and/or key officers to attend the MIC, as part of their induction process.
For more information on the MIC and to sign up for either or both of the MIC modules, you may contact the Singapore National Co-operative Federation.
A Singapore Government Agency Website
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