Acts Online
GT Shield

Co-operatives Act, 2005 (Act No. 14 of 2005)

Regulations

Co-operatives Administrative Regulations, 2016

Chapter 1 : Co-operative Registration and Support

Part 2 : Financial Reporting Framework for Co-operatives

33. Social Report

 

(1) The Board of directors for Categories A1 and A2 primary co-operatives, who does not have to appoint independent reviewers or auditors to independently review or audit their annual returns, must prepare a social report to accompany the financial statements, evaluating the social impact and ethical performance of the co-operative in relation to its stated vision, mission, goals and the code of social responsibility of the co-operative as set out in its constitution and must conclude on whether the co-operative complies with the assessment criteria, defined in the co-operative principles.

 

(2) The social report should, where relevant, cover the following matters:

 

(a) Voluntary and open membership dealing with the following:
(i) Confirm that form CO-OP 8 has been completed and submitted to CIPC and the principle of open membership is applied as per the requirements of the co-operative's constitution;
(ii) Report on obstacles to membership; and
(iii) The number of membership applications rejected and reasons for rejection.

 

(b) Democratic member control dealing with the following:
(i) Confirm that all meetings have been conducted in accordance with legislative requirements as well as the requirements stated in the constitution of the cooperative, that members actively participated in meetings and that quorum requirements were met;
(ii) The number of general meetings held;
(iii) Information on the attendance of general meetings;
(iv) Number of members that actively participate in meetings;
(v) Reasons for non-attendance of meetings by members;
(vi) Number of Board meetings held;
(vii) Number of committee meetings held; and
(viii) Voting rights applied by members.

 

(c) Member economic participation
(i) Confirm that all members contribute economically to the co-operative and that the co-operative the co-operative has an indivisible reserve complies with the minimum requirements stipulated in section 46 of the Act and that the indivisible and other reserves are used in accordance with the requirements stipulated in the constitution of the co-operative;
(ii) Number of members contributing to share capital and savings deposits and the total value of the contributions made;
(iii) Allocation of patronage refunds to members; and
(iv) Services and products offered to members

 

(d) Autonomy and independence
(i) Confirm that the co-operative is an autonomous, self-help organisation controlled by its members; and
(ii) Report on decisions that were influenced by non -members, agencies or non-governmental organisations.

 

(e) Education, training and information
(i) Confirm that the co-operative ensure that members are informed of their benefits and rights as members of the co-operative and offer appropriate education and training to members, elected representatives or employees;
(ii) Report on the education and training offered to members, elected representatives and employees; and
(iii) Report on information made available to members, elected representatives and employees.

 

(f) Co-operation with other co-operatives
(i) Report on cooperation with other co-operatives for the mutual benefit of members and initiatives taken to strengthen the co-operative movement;
(ii) Report on partnerships, cooperation and/or alliances with other co-operatives and civil society formations; and
(iii) Participation in the co-operative movement, secondary/tertiary/national apex co-operative.

 

(g) Concern for environment and community
(i) Report on initiatives to promote community development and social upliftment through policies and initiatives approved by the members of the co-operative;
(ii) Social and economic development projects undertaken;
(iii) Environmental protection programs and activities; and
(iv) Sponsorships and business support

 

(3) Co-operatives that must appoint independent reviewers or auditors to independently review or audit their annual returns may also complete the social report. If co-operatives that must appoint independent reviewers or auditors to independently review or audit their annual returns prefer not to complete the social report the Board must certify that to the best of their knowledge and belief, that the social and ethical performance of the co-operative is in relation to its stated vision, mission, goals and code of social responsibility as set out in its constitution.

 

 


500 - Internal Server Error
500 - Internal Server Error

We're sorry, but something went wrong displaying that page. While we work on fixing this, you can return to the home page.

Alternatively, email [email protected] for assistance.