What does Autonomy and Independence mean to a community bank?
What lessons have we learned from COVID19? Co-operation is more important than ever. During Co-op Fortnight (22 June to 5 July 2020) Northern Community Bank has been looking at the values that shape how we operate and the guiding principles we adhere to.
We are a cooperative that is owned and run by everyone who opens an account and therefore becomes a shareholder in the organisation. We have seen what happens we have ALL co-operated during the pandemic. We hope by highlighting the cooperative principles and way of operating, as a community Northern Community Bank can play a part in building something better together. Let’s #KeepCooperating
Autonomy and Independence
Co-operatives are autonomous, self-help organisations controlled by their members. If they enter into agreements with other organisations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their co-operative autonomy.
What does ‘Autonomy and Independence’ mean to Northern Community Bank?
Northern Community Bank is controlled by its members and has an elected Board of Directors whose responsibility is to the members and the organisation’s development. There are no outside influences that control or shape Northern Community Bank, other than the regulatory framework that we comply with.
Decisions regarding Northern Community Bank, are made by Northern Community Bank members. We have relationships with the local councils and housing associations which we greatly respect however any decisions that affect the community bank must be made by Northern Community Bank. We have been fortunate to receive grants from different organisations through our history, most recently from Lloyds Banking Group, which are applied for and accepted on the basis that there will be no influence in the way Northern Community Bank operates.
What can I do?
Participate with decision making at events such as the AGM and take the opportunity to scrutinise the direction we travel in.
