What is cooperative?
A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.
What is cooperative federation?
A co-operative federation is an apex body in which all members are, in turn, co-operatives and their unions. Historically, cooperative federations have predominantly come in the form of cooperative wholesale societies and unions. Co-operative federations are a means through which co-operatives can fulfill the seven sixth cooperative principles, co-operation among co-operatives. The International Co-operative Alliance notes that “Co-operatives serve their members most effectively and strengthen the co-operative movement by working together through the local, national, regional and international structure.
What is the board of Directors?
A board of directors is a body of elected or appointed members who jointly oversee the activities of an organization. Other names include. It is often simply referred to as “the board”.A board’s activities are determined by the powers, duties, and responsibilities delegated to it or conferred on it by an authority outside itself. These matters are typically detailed in the organization’s bylaws. The bylaws commonly also specify the number of members of the board, how they are to be chosen, and when they are to meet. However, these bylaws rarely address a board’s powers when faced with a corporate turnaround or restructuring, where board members need to act as agents of change in addition to their traditional fiduciary responsibilities. In an organization with voting members, the board acts on behalf of and is subordinate to, the organization’s full group, which usually chooses the members of the board. Typical duties of boards of directors include:
- Governing the organization by establishing broad policies and objectives;
- Selecting, appointing, supporting, and reviewing the performance of the general manager or chief executive;
- Ensuring the availability of adequate financial resources;
- Approving annual budgets;
- Accounting to the stakeholders for the organization’s performance;
- Setting the salaries and compensation of organization management.