STRATEGIC THRUST 5 :

STRENGTHEN CO-OPERATIVES THROUGH EFFECTIVE SUPERVISION AND ENFORCEMENT

A conducive regulatory environment will facilitate and encourage the growth and success of co-operatives. Affirmative actions are required to ensure good governance is in place and co-operatives continue to progress and remain stable. This will enable co-operatives to participate in mainstream national development.

Early detection and pre-emptive measures are the latest approach to improve compliance with the law. This approach will be implemented continuously to make the co-operative movement more robust and competent.

The strengthening of supervision and law enforcement measures will be implemented through:

•    Prevention through education and understanding of co-operative legislations;
•    Systematic implementation of immediate and effective early preventive actions upon high risk co-operatives serves as an early warning mechanism to protect the interests of members and the public;
•    Provision of a conducive co-operative legal framework through continuous revision and research to curb unhealthy elements in the co-operative movement; and
•    Dissemination of information on unhealthy elements in the co-operative movement to co-operators and the public to increase their awareness and vigilance, thereby maintaining conf dence of the public in the co-operative movement.
  
  Performance Indicators

•   90% of the co-operatives’ annual f nancial statements are audited
•   90% of the co-operatives convene annual general meeting
•   70% of rated co-operatives obtain rating of three stars and above
•    100% of the high risk co-operatives are monitored systematically
•    Cases of non-compliance with the laws will not exceed 1% of total number of co-operatives