Cooperative principles are a shared set of values that unite members in a single mission and vision.
2. Democratic member control: Shared decision-making and problem-solving are tenants of cooperative governance.
3. Member economic participation: Members contribute equity to the cooperative and share risks and financial gains of the business. They ensure the financial success and longevity of the cooperative by doing business through the co-op.
4. Autonomy and independence: Cooperatives are committed to the welfare of all members with an emphasis on equitable profit sharing, fairness, and mutually acceptable business agreements.
5. Education, training and information: Continuous training of members, management, and the Board of Directors positions the co-op for positive growth. Information sharing and transparency differentiate cooperatives from other forms of business.
6. Cooperation among cooperatives: Cooperatives maintain a spirit of cooperation with other cooperative businesses, often developing business relationships that are mutually beneficial.
7. Concern for community: Cooperatives give back to the community providing jobs and services to co-op members and their families. They make meaningful economic and social contributions to the larger community.
Rick Petty, Logan County Electric Cooperative General Manager, shares insights.
“Co-operative Identity, Values & Principles”. (n.d.). International Cooperative Alliance. Retrieved from https://ica.coop/en/whats-co-op/co-operative-identity-values-principles