Democratic Member Control

During Co-op Fortnight (22 June to 5 July 2020), we are encouraging everyone to #KeepCooperating. As our local community has come together to combat the coronavuirus pandemic we want to harness some of the new co-operation we have seen during the pandemic to change society for the better. As a financial cooperative providing savings and affordable loan accounts, we have operated throughout the pandemic to make sure people in our community have had access to the money and services they needed daily.

Northern Community Bank are looking at the values and cooperative principles that guide the community bank throughout Co-op fortnight 2020 to understand how and why we operate, and how account holders and the community can play their part.

Democratic Member Control

Co-operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary co-operatives members have equal voting rights – one member, one vote

What does ‘Democratic Member Control’ mean to Northern Community Bank?

Northern Community Bank is owned and run by everyone who opens an account, each person becomes a member and shareholder in the organisation.

Throughout the year we welcome feedback and suggestions by members, we also invite all members to attend and participate at the Annual General Meeting (AGM) usually held in March. At the AGM members hear from a number of Board of Directors and Staff members regarding the community bank’s performance during the financial year and the direction we intend to travel in the future. The members are given the opportunity to vote on a range to issues, ask questions and decide whether to accept the dividend rate proposed by the Board of Directors on savings.

The Board of Directors, or elected representatives, is made up of account holders who are recommended and voted onto the Board. Their role is to act in the interest of all members.

During both the Board meetings throughout the year and the AGM, voting on issues is done on a ‘one member, one vote’ democratic system.

What can I do?

It is your community bank, participate and help to shape our future.

We’ve seen what happens when we ALL co-operate. Let’s build something better together. Let’s #KeepCooperating