Members of credit co-ops consist of individuals who have entrusted their hard-earned savings to credit co-ops and expect their deposits and interests to be safeguarded. Good governance is thus important as it seeks to safeguard credit co-ops’ members’ deposits and maintain members’ confidence and trust. Good governance, when practised by credit co-ops’ top leadership, will enable a more resilient, effective and prudent organisation.
Code of Governance 2016
The Registry and the Singapore National Co-operative Federation (SNCF) have jointly issued the Code of Governance 2016, which provides useful guidelines to help credit co-op officers carry out their duties in the best interests of the members.
Governance Evaluation Checklist 2016
To complement the Code of Governance, the Registry and SNCF have issued the Governance Evaluation Checklist 2016. This Checklist allows credit co-ops to assess their compliance with selected guidelines, better understand its state of governance and work on the areas that require improvements.
The Governance Guides on Internal Controls, Loan Management and Investment Management were jointly issued by the Registry of Co-operative Societies and the Singapore National Co-operative Federation. They are designed to be references of good practices for the credit co-ops, with examples and templates for the credit co-ops to adopt when designing or revising their own standard operating procedures.