New corporate governance code for co-operatives
The work of preparing new governance code for co-operative enterprises in Sweden is now in progress. Its aim is to promote the distinguishing features, advantages and competitiveness of co-operative enterprises, while focusing on the democratic processes, members’ financial affiliation and social responsibility. Co-operatives Sweden, the interest organisation for co-ops in Sweden, is responsible for preparing the new code.
The 100 largest co-operative enterprises in Sweden have a turnover of SEK 400 billion a year and some 100,000 employees. They are an important part of Swedish industry. The aim of the work of preparing a new governance code for large co-ops is to ensure good continued corporate governance and hone the advantages of this form of enterprise.
“This highly sought-after code will increase the visibility of co-operative enterprise, its positive characteristics and its competitive power,” says Anders Källström, Chair of Co-operatives Sweden and Managing Director of the Federation of Swedish Farmers (LRF).
The work of preparing a co-operative governance code is led by Bo Thorstorp, former legal adviser at LRF and Lars Wennberg, former partner in PwC. Both have solid experience of corporate governance issues in co-operative industry and commerce. The work also includes a working group with representatives of consumer and producer co-operation and the Stockholm School of Economics.
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The mission of Co-operatives Sweden is to increase knowledge about cooperative businesses by powering opinion and public debate. Behind the initiative are the Federation of Swedish Farmers (LRF), the Swedish Co-operative Union (KF), the HSB cooperative housing association and the KFO Employers’ association. Cooperatives Sweden was founded in May 2017, marking an historic working relationship between consumer and manufacturer cooperation.