Core Values & Principles
Our Core Values represent the principles and standards of behaviour that underpin our operations, together with our support for the Co-operative Principles and good corporate governance.
The principles that guide credit unions
Select a principle to read it in full.
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Voluntary and Open Membership
Cooperatives are voluntary organisations, open to all persons able to use their services and willing to accept the responsibilities of membership. Cooperatives are democratic organisations controlled by their members, who, where applicable, actively participate in setting their policies and making decisions.
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Non-Discrimination
Credit unions are non-discriminatory on all grounds, including but not limited to gender, social, racial, political, or religious discrimination.
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Distribution to Members
To encourage thrift through savings and thus to provide loans and other services, a fair rate of interest is paid on savings and deposits. The surplus arising out of the operations of the credit union after covering the cost of finance, operating costs, provisions for loan losses, and ensuring appropriate capital reserve levels, belongs to and benefits all members with no member or group of members benefiting to the detriment of others.
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Service to Members
Credit union services are directed to improve the economic and social well-being of all members.
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Building Financial Stability
A prime concern of the credit union is to build the financial strength, including adequate reserves and internal controls, that will ensure continued service to membership.
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Ongoing Education
Cooperatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their cooperatives. They inform the public and opinion leaders – particularly young people – about the nature and benefits of cooperation.
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Cooperation Among Cooperatives
Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional, and international structures.
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Social Responsibility
Cooperatives work for the sustainable development of their communities through policies approved by their members that should additionally promote social responsibility and member education on cooperative and financial issues. The board should ensure that these cooperative principles are incorporated into governance policies and practices.
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Democratic Control
Cooperatives are democratic organisations controlled by their members, who, where applicable, actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary cooperatives members have equal voting rights (one member, one vote).
Co-operative questions
What is a Co-operative?
Cooperatives are people-centred enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations.
Cooperatives bring people together in a democratic and equal way. Whether the members are the customers, employees, users or residents, cooperatives are democratically managed by the ‘one member, one vote’ rule. Members share equal voting rights regardless of the amount of capital they put into the enterprise.
What are the Co-operative Values?
Cooperatives are based on the values of self-help, self-responsibility, democracy, equality, equity, and solidarity. In the tradition of their founders, cooperative members believe in the ethical values of honesty, openness, social responsibility and caring for others.