What is a Co-op?
A co-op is an association of persons who have voluntarily joined together to provide themselves with a business that can supply them with products and services at minimal cost. The control of the co-op’s business is in the hands of its member owners.
Each member is part of an organization where member owners have one vote. Members exercise their power at the annual general meeting, which all members are urged to attend. Thus, the annual general meeting is a critically important event in a co-operative society. It is at this meeting that the members appoint the board of directors from amongst the membership, choose the auditors, review and approve financial statements as well as the board’s and manager’s reports.
Who Manages the Co-op?
For co-ops including Sussex Co-op, each year there is an annual election for the board of directors. Once the board has been elected, they work to manage the co-op and its operation. Within the board of directors, there are various positions including a chairperson, secretary, etc.
Once positions have been identified for the various members, the board selects a manager of the co-op who will be in charge of the day-to-day operations.
The board meets together each month in order to go over important details related to the co-op including loans, investments and membership applications.