Co-operative News - Business

Co-operative Group drops deal for Lloyds branches

Anca — Tue, 23 Apr 2013 14:51:54 +0000

The Co-operative Group has withdrawn from the deal to acquire 632 Lloyds Banking Group branches and the associated 4.8 million customers.

According to the Group's Chief Executive, Peter Marks, the decision to back out is due to the economic downturn and increasing regulatory requirements. He said: “After detailed and thorough consideration of all aspects of the Verde transaction, we have decided, at this time, that it is not in the best interests of our members to proceed with the transaction. Having worked closely and constructively with Lloyds we are naturally disappointed to have reached this conclusion.

"However, against the backdrop of the current economic environment, the worsened outlook for economic growth and the increasing regulatory requirements on the financial services sector in general, the Verde transaction would not currently deliver a suitable return for our members within a reasonable timeframe and with an acceptable level of risk."

A successful deal would have tripled the Co-operative Bank’s branch network, with the Group becoming a major competitor to the big four UK banks.

The state-rescued Lloyds bank was being forced to sell the branches under European Union competition rules before the end of November. The cost for the Group was due to be £350m upfront and an additional £400m based on performance targets before 2027, which would have taken its market share from one to seven per cent, with a total of 11 million customers.

The decision to drop the deal with Lloyds came three months after the Bank’s finance chief, James Mack, had quit. Press speculation at the time said the deal was under pressure due to the departure of Mr Mack.

Mr Marks added: "The Verde transaction offered a significant opportunity to The Co-operative and the sector as a whole as it would have created a major challenger bank. It was right therefore, for us to explore it in the detailed way we have. We were, however, clear from the outset that Verde was a complex transaction and that this was not the only option open to us to develop our Bank.

"We remain committed to driving the Co-operative Group forwards under our clear strategy and, as part of that, we will continue to develop our Bank for the long-term, offering a real alternative on the high street with our strong, established brand and our reputation as a trusted financial services business."

In the last financial year, the banking arm of the Co-operative Group accounted for a £600m loss in 2012, in a year which was described by Mr Marks as a challenging one. The Bank spent £150m to cover claims for mis-sold payment protection insurance. Losses in the banking arm of the Group were also caused by a £150m writedown of IT systems and £377m of bad loan losses.

Last month it was also announced the Group was to sell-off its insurance business in two parts, which would raise capital to allow the organisation to focus on its "relationship banking activities" and "strengthen" its capital position.

António Horta-Osório, Chief Executive of Lloyds Banking Group said: “We are disappointed that the Co-operative Group is unable to complete this transaction. However, we are well advanced in our plans to bring the Verde business to the UK High Street during the summer through the TSB Bank, and will now proceed with the option to IPO the business, subject to the necessary approvals. The TSB Bank will be an attractive retail and commercial bank that will have around 630 branches across the UK, a strong management team and will be a real challenger on the high street.”

Planning underway for co-operative movement’s answer to ‘Davos’

Anca — Wed, 03 Apr 2013 09:57:50 +0000

The team behind the International Summit of Cooperatives is working to build on the success of 2012’s conference.

In October 2014, the second high-level business event for the co-operative movement is set to take place in Quebec City with a strong focus on delivering the International Co-operative Alliance’s objectives for a Co-operative Decade.

The first Summit gathered more than 2,800 people from 91 countries in a three-day conference marking the International Year of Co-operatives.

According to Stéphane Bertrand, Executive Director of the Summit, the event is a global forum, responding to a business need of co-operative leaders to share ideas, research and experiences in order to bring co-operation to the next level.

“The first edition was an outstanding success, it was truly more than we have hoped for,” said Mr Bertrand, adding that more than 92 per cent of the participants gave positive feedback. “Most importantly, we have not lost our identity – promoting, growing and improving the performance of co-operative enterprises.”

In recognition of the scale and contribution of the event to the Canadian province, the Québec City Chamber of Commerce and Industry recently awarded the Fidéide Award for Business Event to the Summit.

Given the success of the first conference and the awareness it generated, the organisers expect the event to play an increasingly influential role at the global economic, political and regulatory levels.

Many co-operators, including ICA President Dame Pauline Green, called for the movement to make the Summit the Davos of co-operation.

Commented Mr Bertrand: “When we speak of the ‘Davos’ of something we think of a recurring event of high calibre and high standards. We would certainly like to see the Summit mentioned in the annals of co-operation as the ‘Davos’ of co-operation, but this will only happen in time. “

Mr Bertrand added that he is expecting the same level of engagement for 2014 from both the Government of Quebec and the Government of Canada. He added: “For an event of international calibre, it is very important to have the support of the two governments.”

The 2014 Summit is expected to build on the level of youth participation. Last year, more than 180 co-operators between the ages of 20 and 35 travelled from all over the world to participate in the Future Cooperative Leaders Program. Many of them also participated in writing the International Cooperative Youth Statement 2012, which was submitted to the UN as part of the closing ceremony of the International Year of Co-operatives.

Mr Bertrand said many young people have already expressed interest in participating in the next edition as volunteers or part of the organising committee, thus a higher level of youth participation is expected for the 2014 event.

The organisers are also in talks with high-profile speakers for the next event. Last year, the conference attracted co-operative leaders, academics, economists, high-level politicians and Nobel Prize winners.

• The second International Summit of Cooperatives is set to take place in Quebec City, 6–9 October, 2014.

End of an era: Co-operative Group set to sell-off General Insurance

AnthonyMurray — Thu, 21 Mar 2013 11:08:07 +0000

The Co-operative Group has announced its intention to withdraw from the manufacture of insurance products following a downturn in overall annual profits of almost £600 million.

Though, the Group will still continue to sell insurance products to members under the Co-operative Insurance brand, but these will be underwritten by an alternative organisation.

Earlier this week, the Co-operative Insurance life insurance and asset management business was sold to mutual Royal London for £200 million; and on Thursday Group Chief Executive Peter Marks revealed the society is selling the remaining general insurance part of the organisation to focus on banking.

Analysts predict the sale of general insurance will net the Group around £600m, which will help towards an estimated need of £1 billion of capital if the society is to go ahead with the purchase of more than 600 branches from Lloyds Banking Group.

According to the Financial Times, the Financial Services Authority is set to outline deficits across the finance industry following suggestions by the Bank of England’s Financial Policy Committee that the entire shortfall across the sector could be as high as £50bn.

Co-operative Insurance, formerly the Co-operative Insurance Society, has been in existence since 1867 and last year it reported a profit of £3m, which fell from £30m on the previous year. The entire banking division reported an operating loss of £257m for the year ended January 5th, compared to a profit of £176m the previous year.

In 2011, the Banking Group was split into two classifications, core and non-core. The core Banking Group, which made a profit of £120m (2011: £173m), represents assets in-line with the Group’s current strategy including retail and selected parts of corporate and business banking. While the non-core element, which reported a loss of £373m (2011: £3m profit), includes elements with the greatest risks and those parts of the business targeted for run down or exit — the majority of this was part of the Britannia acquisition.

Peter Marks said the Group’s decreased profits were attributed to losses sustained in banking, which included a £150m write-down of non-core activities and a £150m payout following payment protection insurance complaints.

Mr Marks said the Group’s statutory profit was “adversely impacted” by a number of factors within the Bank. He commented: “These included a realistically cautious approach to the impairment of corporate loans within the non-core business, further PPI provisioning and the write-down of IT assets, together totaling £650m.”

On the sale of both parts of Co-operative Insurance, Mr Marks added: “These moves are in line with our strategy of focusing on our relationship banking activities and will also strengthen our capital position.”

Barry Tootell, Chief Executive of the Co-operative Banking Group, said: “The Co-operative Insurance remains a strong, profitable business and has undergone a major transformation over recent years, with a thriving distribution strategy and a home product which in particular is delivering excellent underwriting profits.

“It’s on this basis that we will explore options for the sale of our GI business, whilst remaining absolutely committed to continuing to provide general insurance products to the Co-operative Group’s customers and members.”

Losses from banking impacted on the overall results for the Group, which reported profits in all other divisions.

In food, the operating profit fell to £288m, compared to £318m in the previous year, while total sales climbed to £7.44bn (2011: £7.34bn).

The specialist business division reported an increase in underlying operating profit of £107m, up from £99m in 2011. In the division, pharmacy’s operating profit fell 4.9 per cent to £28.2m due to ongoing cuts in government funding.

Funerals reported an increase in profit from £55m to £60m, with revenue up by 6.4 per cent. While legal services reported a 12.8 per cent revenue increase and turned a profit of £26,000, which is attributed to being in a startup phase and needing to absorb investment costs for growth.

• Read the full end of year financials for the Co-operative Group, below.

Bulk buy website wins 'Buy Better Together' prize

Emily Barker — Fri, 30 Nov 2012 15:01:12 +0000

A project that provides loans to disadvantaged people to buy essential goods; has scooped a £15,000 prize launched by Co-operatives UK.

The ‘Smarterbuys’ scheme was the winner of the Buy Better Together Challenge, launched by Co-operatives UK, and the Department for Business, Innovation and Skills in December 2011 to encourage groups of consumers to get together and negotiate discounted rates for buying goods and services in bulk.

The award was announced by Consumer Affairs Minister Jo Swinson on November 26.

Smarterbuys is a website, which offers heavily discounted and low cost essential goods to low income households, whlist providing a range of payment options, making it accessible to those without bank accounts and providing links to affordable, responsible credit via credit unions & CDFI’s. It is run by run by the Northern Housing Consortium (NHC), a non-for-profit membership organisation for social housing providers and local authorities.

The site was launched in April 2012 and is currently being supported by 110 housing providers. Smarterbuys will use the award to develop their work further and to spread awareness of the website.

“The Buy Better Together Challenge has highlighted hundreds of fantastic ideas and examples from local communities, who banded together to make their money work harder. Collective purchasing is of immense value to groups, not just to make cost savings, but to increase social links in the community and reach out to vulnerable consumers who may not have access to online research or internet shopping;” said Jo Swinson.

The Challenge received 110 entries, and a panel of independent judges chose seven finalists overall. ‘Fair Food Carlise’ was awarded the runner-up prize of £5,000 for their scheme, which uses buying groups to provide workplaces with a weekly supply of food from local businesses.

“We're used to daily deals websites where people buy in bulk to save themselves money. The Challenge celebrates ethical bulk buying that's not just good for the pocket, but for the local community too;” Ed Mayo, Secretary-General of Co-operatives UK said.

He added: "The successful finalists are schemes where people work together to save money for themselves and their neighbours. They highlight innovative ways of cutting the costs on essentials like food or energy through co-operation.”

Other finalists included ‘Carbon Co-op’, which delivers boxes of tools and information on saving energy and cutting costs to local homes. And the ‘Community Energy Club’, which pools resources to provide discounted heating oil to those in the community at risk of fuel poverty.

Rodrigo Gouveia advocates single market for consumer co-operatives

Emily Barker — Wed, 28 Nov 2012 16:07:10 +0000

The Secretary General of EuroCoop told Co-op News he advocates for a ‘Single Market’ for consumer co-operatives.

Rodrigo Gouveia said the idea of a European consumer co-operative was not “desirable or feasible.”
He said: “In my view, to face the challenges of growing competition and economic integration in Europe, consumer co-operatives need to develop a strategy of commercial integration at European level.”

He argued that consumer co-ops were more successful where there is bigger economic integration e.g. Finland and Italy.

“That does not mean only one co-operative exists – in Finalnd there are 22 regional co-operatives and in Italy there are nine large regional co-operatives.

“What does exist is a well-structured business proposition whereby consumers have the perception that there is only one economic entity.”

He explained it was important to have a clear definition of what can and should be done regionally and nationally.

He added: “Now, as we move towards a co-operative decade, the question is: what can and should be done at European level by 2020?”

The challenges in increasing European collaboration, he explained, included: different markets, different structures, different products, and different languages.

“In my view, all these can be overcome if there is enough ambition, willingness and vision. The key aspect is that we all share the same values and principles. If we put these common values and principles ahead of everything else, we should be able to find the answers.”

He concluded: “There have been already many initiatives of European integration in consumer co-operatives as early as the 1960s. Some initiatives still exist (e.g. Intercoop, Coop Trading, CoopEuro) and they should be helpful to draw some lessons and avoid repeating some mistakes.”

Read more about Rodrigo Gouveia’s views on co-operative identity, a co-op trademark and misconceptions facing European co-ops here.

Should consumer co-ops have a single market or become one European consumer co-op? Leave your comments below.

Co-ops need to create networks, said co-op leaders

Emily Barker — Wed, 21 Nov 2012 11:13:55 +0000

Co-operatives need to create networks with organisations around the world, said co-op leaders at the IYC Closing Ceremony in New York.

Four leaders, including ICA President, Dame Pauline Green, Rabobank Executive Director, Vincent Lokin, Desjardins CEO, Monique Leroux, and Acting Director of FAO, Marcella Villarreal, discussed how to move forward at a press conference on 20 November.

“Unlike many other development programmes, these co-operative associations survive once development aid wanes. That’s a critical nature of the sustainability of our business model;” said Dame Pauline Green.

Vincent Lokin added: “We are just one organisation in a large world, there are many other organisations aiming for the same goals and we need to co-operate with them.”

Rabobank works with new co-ops in the developing world, Mr Lokin said: “Its quite important to not make them addicted to our help, so we try to push back and we hope we can teach them how to be independent.”

Governments also play a part, explained Dame Green: “In Rwanda, since the genocide, the Co-op Movement started at 0 per cent and is now 8 per cent of the country’s GDP and growing very fast. There’s a great sense of excitement around it.”

It is the UN’s role to enable governments to become open and make the right decisions surrounding co-ops, said Marcella Villarreal.

She added: “I think we were successful in advancing the agenda of co-ops throughout the year, but I think this is just the first step and I think the best is yet to come.”

Monique Leroux explained: “We need to continue to be agile in our own orgs, be innovative to better serve member needs, to work with more co-op partnerships and be very active in bringing education and support for young co-op leaders.”

Land O'Lakes committed to reducing environmental impact

Emily Barker — Mon, 22 Oct 2012 14:04:39 +0000

The second largest co-operative in the US, Land O Lakes, has cut their energy consumption by almost 10 per cent over the last four years.

This was revealed in their annual Corporate Social Responsibility (CSR) report that shows their commitment to being a more sustainable environmentally friendly organisation.

In 2008, Land O’Lakes set a goal to cut energy and water consumption at its facilities by 25 percent in 10 years. By the end of 2011, the company had cut more than 9 percent of energy consumption.

They have developed ways to reuse byproduct water in production, in some cases as much as a half million gallons of water a day and used more rail cars to transport products, saving 319 tons of greenhouse gas emissions by taking 157 trucks off the road.

"As a farmer-owned co-operative, Land O'Lakes is committed to operating openly, honestly and responsibly," said Chris Policinski, president and CEO of Land O'Lakes. "We make quality and safety our priorities, we follow a clear code of ethical conduct, we operate with strong financial integrity, we are transparent in our dealings, and we build enduring relationships with customers, members, employees and communities."

This is the third CSR report Land O Lakes has been released.

"In the last 50 years, U.S. farm productivity has increased by about 250 percent. In 1930, the average U.S. farmer fed 10 people. Today, the average American farmer feeds more than 150," continued Policinski. "Since 1960, corn and wheat yields have tripled while soybean yields are up 70 percent. In that same timeframe, milk production per cow has tripled, pork production per sow has more than doubled, and beef production per head of cattle is up 50 percent. We're feeding more people with less impact on the environment and using fewer resources.”

Along with environmental impact, they also help in the local community, donating $2.8 million in cash and more than $1 million in product to communities in which Land O'Lakes members and employees live and work over the last year.

Land O Lakes have also taken an active approach to reducing sodium and fat – they have managed this from 25 to 50 per cent in many of their products.

“What better way to meet the calcium and protein needs of growing children than to provide a Land O’Lakes cheese product that offers flexibility in menu planning for breakfast, lunch and after school snacks?

“Cheese is naturally nutrient-rich in calcium, potassium, and other vitamins and minerals, and provides high-quality protein for healthy bones and teeth,” said Christa Spaeth, R.D., Food & Nutrition manager for Land O’Lakes.

They also participate in the Feeding Our Communities initiative, they have has committed themselves to donating 12 truckloads of fresh product annually to food banks across the country through the First Run program. The program annually donates approximately 600,000 pounds of fresh product made specifically for donation.

In 2011, Land O'Lakes managed 33 agricultural development projects in 28 countries, mostly in Africa and Asia. This work helped address the food insecurity of and increased the self reliance of 428,000 people.

Policinski added: "Today CSR is becoming far more fundamental. It's authentically sustainable corporate social responsibility: helping people move up the value chain, providing real opportunities for public-private partnerships and feeding more people while using fewer natural resources and reducing the impact on the environment."

Members Matter Most - International Credit Union Day

Emily Barker — Thu, 18 Oct 2012 12:49:24 +0000

International Credit Union Day 2012, on 18 October, is truly a time to celebrate – as credit unions (CUs) have increased their annual new-member base at the fastest rate in over a decade.

Figures from Credit Union National Association (CUNA) explained how nearly 2.2 million people joined credit unions in the US. In the UK, according to the All Parliamentary Party Group on CUs, there are over one million people using CUs, with 12,000 junior savers.

With so many people joining CUs, it seems only fitting that the theme this year is ‘Members Matter Most’.

"Members are the heart of the credit union system. This year's theme speaks perfectly to the sentiment all staff carry through on every day," said Bill Cheney, CUNA president and CEO. "Further, it differentiates credit unions from other financial institutions as member-owned financial cooperatives. At credit unions, members matter most."

CUs have received a boost this year due to 2012 being named the International Year of Co-operatives and also the publicity surrounding Bank Transfer Day in the US, a movement encouraging people to move their money to credit unions or community banks on 5 November.

CUNA are also aksing CUs to share their own celebrations by logging on here.

Jennifer Bernhardt, Communications Manager at the World Council of Credit Unions said: “Credit unions have been given an international stage to showcase what they have always done: meet the needs of their members first and foremost.”

Kristen Christian, the founder of Bank Transfer Day, explained: “The democratic structure and people serving people mission that financial co-operatives put into practice every day fosters economic sustainability and strong local communities. One day simply isn't enough to thank these fine folks for all of their hard work!”

She added that for ICU Day: “I'll be paying a visit to Coast Hills Federal Credit Union to thank them for their continued efforts year round to serve the community that made me the woman I am today.”

CUs across the world will be celebrating the day and expressing what makes this business unique.

“CU Day is a great opportunity each year for credit unions to raise their members’ awareness about the values and philosophy that distinguish credit unions from other financial institutions,” said Mark Wolff, from CUNA. “We are not only in our communities, we are of our communities. And member service, not profit-making, is paramount.”

Young & Free, a project encouraging young people to use CUs in the US and Canada have released a special video for the occasion.

In the UK, CU leaders and members of the APPG on CUs attended a special celebration in Westminster on Wednesday for the ICU Day.

Damian Hinds MP, Chair of APPG on CUs said in his speech: “Credit unions are a movement, and are certainly on the move. Too many of the poorest and most disadvantaged people in society find themselves in a seemingly never-ending trap of debt, from which it is difficult to break out.

"Credit Unions can play a truly vital role – and in future a much bigger one – in offering an alternative, bringing responsible lending, encouraging saving and basically supporting families. This is a very exciting time for credit unions and a real inflexion point. No truly exciting ride is every a totally smooth one.

"The growth potential is enormous, and this World Credit Unions Day gives us a timely reminder of the full scale of that potential.”

CUNA have created a special website so people can find the CU that suits them: http://www.asmarterchoice.org/

Across the world there are 51,000 Credit Unions with 196,000,000 Members over 100 Countries.

ICU Day happens on 3 October of every year – it began in 1948.

If you want to know more about International Credit Union Day then go to: http://www.woccu.org/events/icuday/

What is the best part about being a member of a credit union?

Tell us on our Facebook page or in the comments below.

Imagine 2012: All co-operatives can make one small change

AnthonyMurray — Mon, 08 Oct 2012 17:43:41 +0000

Co-operatives can do one simple thing to change the economic system, according to a speaker at the Imagine conference.

The economic event taking place in Quebec City heard from Dr Ronald Colman, who told delegates on Sunday that co-operative leaders can take this one piece of advice away from the conference and act immediately.

Dr Colman said co-operatives are in a new paradigm; and the movement can help enact change globally: "Co-ops are one of those rare institutions that is planting the seeds of the new economy. Co-ops are potentially one of our best hopes, if change does not happen in the co-op movement then where else are we likely to find it?"

During his presentation on 'What is progress and how can we manage it', Dr Colman believes co-operatives can start a new form of financial reporting. "An accounting system that begins with social, economic and environmental impacts," according to the founder and executive director of GPI Atlantic, a non-profit research group dedicated to developing comprehensive accounts and measures of wellbeing and sustainable development.

GPI Atlantic has constructed a full Genuine Progress Index for Nova Scotia, Canada (www.gpiatlantic.org); and Dr Colman appealed for co-operators to use this system for their needs.

He said: "Everyone has a set of annual financial reports, and they all follow an accounting system that is no different to the very accounting system that got us into the mess we're in today. So, if we can take this one little thing we can begin to make a change.

"If co-ops worldwide can begin to structure their financial reports to take into account environmental, social and economical costs, then that can bring change."

Dr Colman, who is currently working on bringing these measures of natural, human and social capital into Bhutan’s National Accounts, argued that Gross Domestic Product (GDP) just reported the money spent; and did not take into account the "invisible" human, social and ecological costs made through consumer decision.

He cited examples such as the transportation of butter from New Zealand to Chile reported no real costs since "greenhouse gas emissions are invisible". Such actions also send inaccurate signals to policy makers, as well as the public, said Dr Colman.

He added: "We currently measure how well-off we are as a society by how fast the economy is growing. The growing economy is being called robust and healthy, but this sends misleading signals to policy makers.

"The more trees we cut down and the more we deplete our fish stocks, the more our economy will grow. The more fossils we burn, the better our economy. It makes no distinction between activities that create benefit and those that cause harm, such as crime, sickness, pollution, war, cigarette sales, junk food, natural disasters."

Dr Colman believes co-operatives can do better: "This is not an appropriate accounting system for co-operatives. There is a reason co-ops are grown as such and we do our own members a disservice through the adoption of a standard accounting system.

"We need a set of accounts that include human capital, health, education. If we make an investment in cleaning up a polluted river, we should report that.

"In our accounts, there are measures of value, as well as measures of progress. We measure reductions in poverty, reductions in equity, reductions in crime as gains."

Dr Colman said co-operatives need to adopt three basic principles when constructing financial reports:

• Internalise externalities, explained Dr Colman: "So if you give your workers time off to do volunteer look at the work, if you see recycled paper you use that as a benefit. All of these things are measurable. If you stop serving water in plastic bottles and use jugs, you should include that. Look at the social, human and environmental externalities."

• "Recognise the economic values of non-market service," said Dr Colman. "So volunteer work and unpaid work inside the household should be reported, even though it's not part of the flow of money." He cited a study in Denmark that showed the Dutch unemployment rate was reduced by making part-time work more attractive and creating equal benefits compared to full-time workers. Added Dr Colman: "More jobs were created, and the Dutch have one of the highest rates of productivity."

• The third basic principle is to shift from fixed to variable costs. Dr Colman explained that while annual insurance may be paid for a car, the emission of the vehicle and number of miles driven needs to be reported. If an organisation offers free parking, it should instead charge for parking and offer incentives for car pooling.

Dr Colman encouraged delegates to look at case studies and other examples through his website (www.gpiatlantic.org); and told co-operators around the world to connect with the team behind GPI. He said that if there is any one institution to make this change and create hope, then co-operatives are best placed to carry this out. He closed by saying: "You could be a powerful force in this new paradigm."

Imagine 2012: The Press Conference

AnthonyMurray — Sat, 06 Oct 2012 22:50:12 +0000

A week of co-operative conferences and meetings in Quebec has been launched at a press conference this evening.

Imagine 2012, the international conference on co-operative economics, is the pre-event to the 2012 International Summit of Cooperatives, which launches on Monday evening.

Dame Pauline Green, President of the International Co-operative Alliance, opened the event’s press conference at the Convention Centre, Quebec City.

Dame Pauline said: “This is the beginning of a very exciting week. I am delighted to be taking part in the opening of Imagine. In this International Year there has never been a greater need for an emphasis on the co-operative model. It’s critical we get this message out. It's a moment of great opportunity for this movement of ours.

“This is going to be a great week, we are going to make a difference this week. We need to get the big message out, we're about the real economy when the big banks and others have failed them.”

Organised by St Mary's University, which runs the Master of Management Co-operatives and Credit Unions program, the two-day conference has an agenda of academic papers and discussion.

Imagine Manager and St Mary's Program Manager Tom Webb said: “Co-ops are uniquely placed to meet human need. We are here to look at the economy from a co-operative perspective. “Over next couple of days that's what we are going to do. I Hope it'll be thought provoking and hopefully people will have a lot of questions as well as answers at the end.”

The institution's President Colin Dodds said at the press conference that he wants delegates to share ideas and discuss best practice. He added that delegates should think that “we don't just live in an interesting, but dangerous world. In that sense co-ops have a lot to offer.”