REVIEW OF INTERNATIONAL CO-OPERATION

General Assembly Edition

Couverture corr 8.8.2007 14:57 Page 1

VOLUME 100 N° 1/2007

Editorial and administrative office:

International Co-operative Alliance15, route des Morillons, CH-1218 Grand-Saconnex, GenevaSwitzerlandTel: (41-22) 929 88 88; Fax: (41-22) 798 41 22E-mail: ica@ica.coop

Visit the ICA Web site at:www.ica.coop

for information on the International Co-operative Alliance and details of its rules,structure, activities and sectoral organisations.

Data is also available on the history and current information about the internationalmovement, co-operative publications and co-operative issues. Additionally, there arelinks to websites worldwide in all sectors of the economy, sites on internationalorganisations and business information of interest to co-operatives.

Opinions expressed in this publication are not necessarily those of theleadership and management of the ICA.

Contents may be reprinted without permission, but citation of source isrequested and three copies of the publication concerned should be sent toICA Review, 15, route des Morillons, 1218 Grand-Saconnex, Geneva,Switzerland.

Printed by SRO-Kundig SA, 1219 Châteleine, GenevaISSN 0034-6608

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Review of International Co-operationVol 100 No 1/2007

Editor: Garry Cronan

Contents

Editorial: Garry Cronan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

ICA at a watershed in its history: Iain Macdonald . . . . . . . . . . . . . . . . . . . . . 4

President reviews last two years: Ivano Barberini . . . . . . . . . . . . . . . . . . . . . . . 7

Highlights: From Colombia 2005 to Singapore 2007– a summary of ICA achievements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

The Global 300 project – measuring co-operative performanceand difference: Garry Cronan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Overview of the Singaporean Co-operative Movement. . . . . . . . . . . . . . . . . 24

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This year is the centenary of the ICAReview. This achievement is worthyof some celebration. There would notbe too many specialist journalsthroughout the world that have con-tinued to operate for over a century.The ICA itself is 112 years old. So, theReview has existed and been sup-ported for almost the whole life of theICA. A clear demonstration of theimportance the global movement hasplaced on spreading ideas and infor-mation about co-operatives. Let’shope we go for another 100 years!

This issue is focused on the forth-coming ICA General Assembly inSingapore in October 2007. We havedeparted somewhat from our recenttradition of including statutory meet-ing material in the special ICAReview edition we produce prior tothe General Assembly. On this occa-sion this statutory material for the

General Assembly, along with detailsof schedules of meetings etc has beenbrought together into a special book-let for General Assembly participants.

This has enabled us to focus princi-pally on a review of ICA activitiessince the last General Assembly inCartagena, Colombia in October2005. The ICA President, IvanoBarberini and Director-General, IainMacdonald both take this opportu-nity to reflect on what has happenedduring these two years. It is obviousfrom their reports that the ICA is in aprocess of considerable change andimprovement. Whether one facesinternally, with matters of governanceand restructuring or externally interms of its communications andintelligence, advocacy and develop-ment programmes much is happeningwhich gives one confidence for thefuture.

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Editorial

Garry Cronan, ICA Director of Communicationsand Intelligence Services

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A detailed report is provided on theICA’s popular Global 300 pro-gramme. One of the most surprisingthings to come out of the launch ofthe first list of the largest 300 co-oper-atives and mutual businesses was thesheer size of these organisations. Noone realised that on their own theywould be the equivalent of the 10th

economy in the world!

The final paper in this issue providesbackground on Singapore, the hostcountry for the forthcoming GeneralAssembly. The outstanding success ofthe Singaporean co-operative move-ment is to be applauded and readerswill find this paper of considerableinterest.

I hope you find these papers provideuseful background for the forthcom-ing General Assembly.

Garry Cronan

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This year’s General Assembly in manyways shows ICA at a watershed in its112 years existence. By the nature ofthe co-operative movement we haveto keep reinventing, revitalising andrefreshing our raison d’être; keepreminding our members of the essen-tial work we do and through thatmost co-operative of values – solidar-ity – ensure the continuation of co-operative enterprise as a viable, excit-ing and modern alternative to theunfettered free market neo liberaleconomy. The very theme, Innovationin Co-operative Business suggests a newand vibrant approach and our agendadoes not disappoint.

Each of our sectoral organisations isinvolved with relevant and investiga-tive examinations of their areas ofwork. Whether it is consumerism andthe green agenda, agriculture and theWTO, housing and affordability or

health as an alternative to the tyrannyof the private sectors – we are at theforefront of the debate.

Similarly our Gender Equality, HRD,Research and Communications the-matic committees are all discussingthe crucial issue of maintaining theirthemes as ever present issues withinand without of the movement.

We cannot ignore the growing debateon the environment and climatechange and so our workshops willexamine that theme from a numberof perspectives. The timely resolutionfrom the UK will emphasise how theco-operative movement can take animportant lead on this issue, showinghow our collective strength can act asan enabling agent for real change. Theproblem with our competitors/oppo-sition is that they are unable by theirvery nature to agree to anything use-

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ICA at a watershed in its history

Iain Macdonald, ICA Director General

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ful which does not promote their ownprofitability.

Co-operatives of course do not seethat as their number one concern giv-ing us a huge advantage and potentialto tackle global problems such as cli-mate change, poverty and conflict.

Indeed our General Assembly willnaturally see conflict resolution as across cutting issue through all our dis-cussions – particularly emphasised Iam sure by our Youth Conferencewhich continues to attract strong sup-port from all over the world and helpsto maintain my increasing optimismabout the future of the co-operativemovement and our constant quest forpeace with economic and social jus-tice.

It is perhaps the launch of the secondstage of our Global 300 project whichwill provide most discussion andwhich most clearly represents the newdirection of ICA. From a basicallysimple idea, Garry Cronan has devel-oped an increasingly valuable tool foruse by our members in both an eco-nomic and social environment.Whether it is to compare co-opera-tives with one another, check oursocial accountability and adhere toour Values and Principles or toencourage intercoop trade this is anextremely valuable development.Anyone who thought ICA had noth-ing practical to offer can think again!We now have serious data and statis-tics – long overdue – which challenge

conventional thinking on co-opera-tives both by ourselves and outside.My own view is that its greatest valueis showing how the co-operativemovement is at least the size of the10th economy of the world and a seri-ous economic player on the worldstage! The challenge is of course toconvince national governments andinternational organisations of this.But serious progress is being madeand our Assembly will show that. Justdo not let anyone tell you anymorethat our Movement is anything buthugely successful!

Less exciting but no less important isthe work on strategic planning andrestructuring. As I said at the begin-ning our destiny is to constantlyrenew. A major report will detail thelatest version of this indicatingICA’s determination to continuallydevelop. The exciting changes pro-moted by Cooperatives Europe willbe highlighted as will work inAsia/Pacific and the Americas. Theproblems in Africa will not be hiddenbut solutions will also be presented.

So what about the future? TheGeneral Assembly in 2009 will reflecton the progress made since 2007. Ihave no doubt that from a practicaland strategic point of view that will beconsiderable. A new fairer and moreequitable subscription scheme will bein place – something which hasescaped previous Boards for sometwenty years. A strategic umbrella will

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embrace ICA giving regional freedomof action within a global entity andhence greater authority and influencefor co-operation worldwide.

And it is that influence outside of themovement which is so important. It isno use just talking to ourselves whilethe rest of the world ignores us andcontinues to implode. We need toconvince the world of our importanceto their economic and social futureand what we can offer in terms of jus-tice, world peace and socially respon-sible business.

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Everywhere, co-operatives have greatopportunities to grow, because mod-ern society needs their role and initia-tives.

A vital co-operative enterprise,strengthened by being part of a co-operative network at local, regionaland global level, is an indispensableresource for the community itbelongs to. In many sectors, co-oper-atives are able to do what multina-tionals don’t do or co-operatives do itbetter than multinationals.

However, the path for development isstill uphill. In the globalised world,where the challenge is economic asmuch as cultural, the co-operative sys-tem must consist of visionary enter-prises setting both the objective ofachieving excellent business perform-ances and that of building a strongerdistinctive identity.

This is why co-operatives need ashared vision of where the world isgoing and all the synergies they cangenerate in order to have a more inci-sive and visible role within the soci-ety. The co-operative system has to beable to affect the dominant economicculture, which is carried out by theglobalisation drivers.

Now, many of these issues have aninternational or a global dimension,therefore they must be faced up tothat level. The International Co-oper-ative Alliance is called to do its duty,improving its project, its role and itsway of working at global, regional andsectoral level.

First of all, to achieve this goal, ICAmust innovate itself. Keeping in mindthat “Global ICA” means the wholeICA family – central, regional andsectoral.

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President reviews last two years

Ivano Barberini, ICA President

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Certainly, it is not the first time thatICA has to face an imperative likethis.

Born at the dawn of modern globali-sation, it went through the wholetwentieth century and has entered thetwenty first century, strengthened bydifficulties and recurring crisis onwhich ICA engaged its members in itschoices of change.

Our commitment of making ICAmore effective has really improvedduring the period of time between theICA General Assembly, which tookplace in Cartagena (Colombia) inSeptember 2005 and the GA to beheld in Singapore next October. Thestrengthening of ICA, regionally andglobally, has been a priority, and thiswould be achieved through workingtogether and improving the relationsbetween ICA and its members, as wellas, among members themselves.

ICA counts on and benefits from theincreasing and qualified commitmentof dozens of managers and co-opera-tive leaders acting in working groups,thematic committees, sectoral organi-sations, regional bodies, the ICABoard and regional and global offices.

The ICA Board, in office for twoyears, has worked hard to make someproposals to the GA in Singapore.

A widespread responsibility and ahigher decentralisation towards ICAregions were jointed to a team spirit

and to effective work on globalthemes. In order to keep this com-mitment, we have to share firmly ourco-operative basic values as well tocontinuously update our strategiesand operational activities, related tothe changeable general context.

Thanks to this wide participation, inspite of the very limited resources,global ICA is involved in severalimportant activities, aiming to build amore effective and articulated organi-sation.

In particular, I wish to mention: TheGlobal Campaign against Povertywith ILO, the on-going regionalisa-tion process, the focus on ICA Africaby a Board Commission, the re-defin-ition of ICA governance, the reviewof the ICA global vision, mission andstrategy, the four-year programmeand budget, the ICA restructuringand membership, the communicationstrategy, and the 300 largest co-opera-tive project.

These initiatives were set to achievefour main objectives: - the strength-ening of the democratic life and theway of working within ICA; theshared definition of a vision and amiddle term strategy; the improve-ment of the co-operative reputationand the diffusion of best practices.

These activities aimed at achievingsome permanent goals, such as: safe-guarding co-operative uniqueness;strengthening the role of representa-

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tion; developing a stronger involve-ment in international lobbying andincreasing dialogue with the maininternational institutions; promotingthe co-operative image; mainstream-ing gender policy; spreading usefulinformation to encourage better prac-tices (best practices, country reports,case studies, innovations); providinga forum for discussion and a systemable to encourage its members towork together to find new ideas andestablish partnerships; developing apromotional policy in areas of theworld with a weaker co-operative pres-ence and encourage the interest andcommitment of young people in theco-operative movement.

The fight against poverty, the preser-vation of international peace throughthe creation of decent work and theeconomic development, linked withthe improvement of standard of life,represent the main point of collabo-ration between ICA, ILO, UN andother international institutions.

The commitment to peace, social jus-tice, democracy, freedom and solidar-ity is the pillar of co-operation andrepresents the basis for an active andresponsible participation, aiming tocontinuously open up new ways forachieving true human development.

It’s no accident that the theme of ICAand UN International Day of Co-operatives 2006 and 2007 were respec-tively “co-operatives and the pursuitof peace” and “co-operatives values

and principles for corporate socialresponsibility”. These topical themesare closely connected.

The Memorandum of Understanding,signed by International LabourOrganisation and International Co-operative Alliance made their collab-oration more cogent and concrete,including a joint annual check onachieved results.

As regards the restructuring of ICA,the regionalisation process, decidedback in 1992, made important stepsduring these last few years. The deci-sion made at the Oslo GeneralAssembly 2003, on the basis of theproposals made by the Task Force,created the premises for a more effec-tive structure of ICA.

However, the regionalisation debatehas not been simple, nor concluded.The fear that it can cause a split hasbeen a constantly recurring theme indiscussions about the organisation.

Supporting the development of theco-operative movement is a consider-able task to carry out – revealing themulti-dimensionality of the co-opera-tive organisation.

The experience made in the last fewyears called for an opening of a newphase of the restructuring, able totake into consideration the specifici-ties of each region and the integrationat global level.

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More and more, the International Co-operative Alliance must act like a“governed network”, made by vitaland self-determined nodes, united byshared vision, values, rules and strate-gic objectives. This can be a muchmore effective way, consistent withthe nature of ICA, rather than thecombination “centralisation/decen-tralisation”.

Based on their approved multi-annualprogrammes, the ICA Regions areworking well, carrying out several qual-ified initiatives, which are highly appre-ciated by ICA members and, often, bystakeholders and Institutions.

Working in the hard African context,ICA-Africa has to face a very difficultsituation, due to the weakness of itsassociated co-operative organisations,which affects the financial equilib-rium of the Regional Office.

The on-going restructuring aims toachieve a sustainable way of workingand to strengthen the sense of belong-ing of ICA African members. In thatcontinent, the worldwide co-opera-tive movement should assist co-oper-atives, but their problems cannot besolved without a strong commitmentof African co-operators.

The organisations built to last arealways committed to innovate.

The main ICA structural change,realised in the last two years, was thesetting up of Cooperatives Europe. It

has been essential to the strengthen-ing of co-operative representation inEurope and it is important that thenew organisation is part of the ICA –that it is its European region.

Even more than a legal form, theessential factor in creating unity is astrong willingness to build an organi-sation that ensures the dual goals ofjointly strengthening the ICA, bothregionally and globally.

Concerning an agreed global strategyfor the International Co-operativeAlliance, the workshop, promoted bythe Governance Working Group, inStockholm, in September 2006, madea first step. Its main goal has been tohelp the ICA to be a focused organi-sation, providing tangible benefits forits members. That means to ensurethe dynamism and strength of ICAthrough effective project and pro-gramme, renewed structure and serv-ice offering.

The adopted method and proposalsare really helpful to clarify the role ofthe ICA in the short term; to identifythe strengths, priorities and unitedaction, a shared vision and strategicdirection, well-defined governancerules and to improve significantly thereputation and recognition of co-operatives globally and amongst keytarget audiences. These guidelinesrepresent a very good landmark forthe restructuring of ICA and for themiddle term planning of its activities.

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The implementation of some of themost important strategic objectiveswas the aim of the setting up of anICA Restructuring Working Group.The mandate given by ICA Board hasbeen to table some recommendationson membership and revised subscrip-tion formula as well as on the mostsuited organisational global structurefor the ICA which would best supportthe fulfilment of the proposed mis-sion, vision and 4-years strategic planfor ICA itself.

The membership theme is as essentialas it is complex. For a long time,many of the issues tackled by RWGhave been without a satisfactory solu-tion.

The wide documentation provided bythe RWG opened an unprecedentedand serious debate within the ICABoard, thanks to the Chair of theGroup, Mr Alban D’Amours, and hisorganization, which expended con-siderable effort and energy to facili-tate it. Reaching an effective andwidely shared conclusion on newmembership criteria and subscriptionformula is indispensable to put themin practice.

We must take all the time needed tothe attainment of this goal.

In the last few years, ICA has devotedparticular attention and intense workto elaborate and implement its com-munication strategy. The co-operativesystem is a very complex phenome-

non. Often, co-operatives are victimof warped information, carried out bypeople or organisations that ignore ormystify the facts.

In general, the resources at our dis-posal to implement effective commu-nication are scarce. ICA has beencommitted to adopting some newcommunication means economicallysustainable. We achieved some impor-tant and highly appreciated results.

The research on the worldwide largestco-operatives has aroused interest andcaused wonder, as happened, forinstance, on the occasion of theResponsible Globalisation Forum,which took place last year in Lyon(France).

This work has been very difficult,because there are several differentstructures or legal forms, adopted bythe largest co-operatives. In its firststage, the Global 300 project aimed toclassify the co-operatives on the basisof their annual turnover.

Besides a more complete and precisestatistical analysis, the work inprogress is aimed to add some morequalitative information. The use ofsome other parameters can betterhighlight the performances achievedby co-operatives in all economic sec-tors.

Creating a network among the largestco-operatives can give them animportant contribution to compete in

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the globalised economy, where newsubjects, like China and India (and,probably, Russia and Brazil) are play-ing a stronger and rising role.

Today, the interdependence betweenlocal and global issues is clear every-where. Sharing knowledge and experi-ences achieved by co-operatives oper-ating at national and internationallevel helps each one of them toupdate their competitive strategy,

This was the aim of the first CEO’sForum, held in April 2006, which sawthe active participation of almosttwenty large co-operative groups com-ing from all regions.

In conclusion, we can say that thework carried out by ICA global andregional offices, elected bodies, com-mittees and working groups duringthe last two years produced some veryimportant achievements, even if someof them are not still conclusive.

I wish to thank all of them heartily forthis wide commitment and for thesupport by ICA members.

On-going change in ICA is a sign ofits vitality However the way we haveto cover is still long, because theprocess of change is unbroken. I amsure that that commitment will con-tinue with the same dedication, inno-vative spirit and willingness to worktogether.

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Highlights

From Colombia 2005 to Singapore 2007 – a summary of ICA activitiesInternational

- development of co-operative day themes

• 2006 - Peace building through co-operatives

• 2007 - Co-operative values and principles for corporate social responsibility

- support for COPAC and organising two development conferences

- setting up and development of international accounting standards workinggroup

- improved links with NGOs

- the promotion of Dot Coop

- improved Memorandum of Understanding with ILO - shared staff facility

- closer liaison with WOCCU

Development

- setting up and development of Africa Commission

- continued promotion of global poverty campaign

- liaison with partnership programmes

- tsunami reconstruction work

- preparation of disaster protocol

Communications and Intelligence

- redesign of main ICA website www.ica.coop

- new ICA co-operative news aggregation site launched www.icanews.coop

- new ICA co-operative business site, www.global300.coop launched13

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- joint ICA/ILO Cooperating Out of Poverty website redesigned andrelaunched.

- ICA Digest – further expansion of content per issue. Produced in English,French, Spanish, Russian, Italian and Portuguese editions.

- first Global 300 ranking of the world’s largest co-operative and mutual busi-nesses launched

- Global 300 programme expanded in 2007, to include more financial and eco-nomic analysis, the Developing 300 ranking and the National 100 project

Membership

- 14 new members- visits by ICA President to ICA members in Israel, Belgium, UK, Italy, France,

USA, China, Canada, Japan, Vietnam, Peru, Sweden, Tanzania, Sri Lanka,Poland, Bulgaria, Argentina, Uganda, Lesotho, Mexico

- received visits from ICA members in India, Norway, Switzerland, France,Italy, Malaysia, Brazil, UK, Japan, Finland, Korea, Canada

- improved database and statistics- improved support for sectoral organisations

Governance

- the continuing work of the Governance Working Group- introduction of induction and training for board- development of global strategy and planning framework- continuation of regionalisation process- consideration of recommendations by Restructuring Working Group on ICA

and subscription formula- board meetings held in Brussels, Washington, Stockholm, Trento, Leon and Paris- regional assemblies in Peru, Sri Lanka, Tanzania and England- several regional lobbying, advocacy and training events

Finance/administration

- setting up of Cooperatives Europe- continued stabilising of ICA finances- increasing share of resources to regions

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Introduction

The co-operative world is not as wellknown as it should be. It is hard topinpoint the exact reason, but part ofthe problem is that the movement isnot able to sufficiently brand itself inthe public mind. Who and what areco-operatives? How do we show theeconomic and social significance ofthe movement? What is distinctiveabout the co-operative way of doingbusiness?

We have as a movement not been aseffective as we should have been ingetting our “message” out. However,any message needs to be based onfacts which we can substantiate. Thereal value of co-operatives in an eco-nomic and social sense is not known.Virtual pieces of data on co-operativeperformance and operation are miss-ing. We have been the poorer for itsabsence.

The ICA developed the Global 300listing to help fill this gap.Specifically, we hope this programmewill help demonstrate that co-opera-tives work in the global marketplace;increase the visibility of the co-opera-tive business model; and provide evi-dence to help argue the co-operativecase.

The idea at the centre of the Global300 programme is simple - it is a rank-ing of the largest co-operative andmutual businesses in the world. Theconcept of a global ranking, similar tothe Fortune 500 and other lists ofpublic, for profit corporations, wasintroduced at the International Co-operative Alliance’s (ICA) GeneralAssembly in Cartagena, Colombia inOctober 2005. The first preliminarylisting of the largest 300 co-operativeand mutual businesses in the worldwas released by the ICA at the Forum

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The Global 300 project – measuring co-operativeperformance and difference

Garry Cronan, ICA Director ofCommunications and Intelligence Services

Director, Global 300 Project

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for a Responsible Globalisation in Lyon,France, one year later, in October2006. The 2007 Global 300 will beunveiled at the forthcoming ICAGeneral Assembly in Singapore inOctober, 2007.

Methodology

The following approach was adoptedin compiling the first Global 300 list-ing.

• Revenue was selected as the criteriafor selection and ranking within theprovisional Global 300 ranking.This approach was modelled on theUSA’s National Cooperative BankTop 100 list. It is acknowledged thatthis criterion is something of ablunt instrument, and may under-state the significance of manyimportant areas of co-operativeactivity.

• Audited public accounts were used.It was important that there was anindependent verifiable source forthe financial figures used to deter-mine inclusion and rank within theGlobal 300. The highest level ofaudited business aggregation wasused.

• The Global 300 includes a range ofco-operative and mutual businessstructures – which can be classifiedas:

- Consortium + federation- Co-operative groups

- Companies controlled by co-oper-atives- Co-operative enterprises- Mutual enterprises

It is important to note that there is no“normal” way in which these large co-operative and mutual businessesstructure themselves; it appears tovary according to the sector of opera-tion and the national history and leg-islative frameworks. Also, if a co-oper-ative or mutual group had majorityownership of an underlying (non-co-operative) business it was included ifbrought to account in the group’s bal-ance sheet.

Currency – US currency was usedwith local currencies converted intoUSD on the conversion rate at respec-tive 2004 financial year end. The datain the first listing was based on the2004 financial year.

Data Sources

Three principal sources were used.

• Extensive independent websearches. A large amount of infor-mation, including annual reports,etc are available, in a variety of lan-guages, on most of the websites ofthe Global 300 co-operative andmutual businesses. (We have down-loaded many hundreds of theseannual reports and associated docu-ments – they comprise a very useful

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if previously underutilised resourceon co-operative operation.)

• Existing co-operative and mutualdatabases at national, regional andsectoral levels plus more generalcorporate listings.

• Additional material provideddirectly by individuals or organisa-tions.

Published Information

The following information was pub-lished at the time of the launch of theprovisional ranking in October 2006.See www.global300.coop for the full2006 listing.

• Rank (by turnover)• Name of organisation• Co-op/mutual structure• Country of origin• GCIS (an industry classification sys-

tem) • Year of establishment• Turnover FY 2004 in USD• Assets FY 2004• Website address

What Have We Learnt?

There were a number of real surprises– no one expected the aggregateturnover to be quite as large as it was.There was also confirmation of whatwas known intuitively to most co-operators. Most large co-operative

were concentrated into several wellknown “co-operative” sectors.

The key findings were:

• The combined turnover of theGlobal 300 was almost USD 1 tril-lion dollars – USD 963 billion(EUR 755 billion)

• By way of comparison, Canada the9th economy in 2004 had a GDP(nominal) of USD 979 billion

• Turnover ranges from a minimumof USD 600 million up to USD 53billion

• The Global 300 are concentratedinto three key industry sectors:

- Agriculture – around a third of thelist, (33%) represented in virtuallyevery country showing the universalapplication and success of this busi-ness model

- Retailing and wholesaling –around a quarter of the list (25%)

- Financial institutions, includinginsurance, banking, diversifiedfinancial and credit unions –around 40%

- Other areas represented includeenergy, health and manufacturing

• Most of the co-operative andmutual businesses were between 50and 100 years old. The result ofmany generations of co-operative

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development activity in theirrespective countries.

• Twenty eight (28) countries wererepresented in the list. They were inalphabetical order Austria,Australia, Belgium, Brazil, Canada,China, Denmark, Finland, France,Germany, India, Israel, Ireland,Italy, Japan, Korea, Mexico,Netherlands, New Zealand,Norway, Portugal, Singapore,Spain, Sweden, Switzerland,Taiwan-China, United Kingdom,and USA.

• Approximately, 63% of the Global300 turnover came from co-opera-tive and mutual businesses inEurope, 20.4% from Asia-Pacificand the balance from the Americas,overwhelmingly North America.

• The top ten (10) co-operative andmutual businesses were:

- Zen-Noh, Japan- Zenkyoren, Japan,- Crédit Agricole Group, France- Nationwide Mutual Insurance,

USA- National Agricultural Co-opera

tive Federation, Korea- Groupma, France- Migros, Switzerland- The Co-operative Group, UK- Edeka Zentrale AG, Germany- Mondragaon Corporation, Spain.

• Countries with the largest totalGlobal 300 revenue in decreasingorder were:

- France- Japan- USA- Germany- Netherlands

• Countries with the most Global 300co-operative and mutual businesseswere:

- USA - France- Germany- Italy- Netherlands

• Countries with high % of GDPcoming from Global 300 turnover

- Finland 21.1%- New Zealand 17.5%- Switzerland 16.4%- Sweden 13.0%

• Co-operatives andCompetitiveness:

The World Economic Forumrecently released a 2006 rankingbased on 2004 data of the mostcompetitive economies in theworld. It is interesting to comparethe top three (3) most competitiveeconomies with the top four (4)countries listed above with thehighest percentage of GDP comingfrom Global 300 co-operatives ormutuals. There is on the surface a

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strong correlation between theeconomies with a significant % ofco-operative activity and that ofcompetitiveness.

2007 Global 300 programme

The response to the first Global 300ranking has been very positive. Mostcommentators and ICA membershave welcomed the initiative and sug-gested that it be expanded in scopeand depth of analysis.

The timing of this initiative has beenopportune. It has in some ways actedas a symbol of the new direction theICA is taking, including movingtowards an evidence base for its advo-cacy, representation and communica-tions activities. Also, we are seeking todevelop “new” value added productsand services for our members, partic-ularly focused on measuring compet-itive and co-operative performance.

In response to feedback received, theprogramme for 2007 has beenenlarged with several new elementsadded. The main components of the2007 programme are:

- Collection and analysis of moredetailed financial data for each ofthe Global 300 businesses. We areeffectively collecting almost fullbalance sheet and P&L data. This isallowing us to do extensive ratioand other analysis, benchmark per-formance both between co-opera-

tives and also their competitors,particularly for the top 100 withinthe Global 300. Also, we now haveat least 2 and in some cases 3 yearsof detailed financial data, thusenabling us to start some trendanalysis. We have also introducedsome sector analysis of the financialperformance of Global 300 co-oper-atives and mutual businesses.

- We have increased the amount oforganisational and market informa-tion we are collecting on the indi-vidual co-operative businesses.Examples of this include the struc-ture of the business, market share,countries of operation, brands,mergers/acquisitions, credit rating,capital adequacy, accounting stan-dard, public (partial) listings, CEOand other organisational contactdetails.

- To compliment the financial,organisational and market informa-tion, we have this year also com-menced a process of trying to mapand value the Global 300’sCorporate Social Responsibility(CSR) and Co-operative Principlesand Values performance. In essence,to measure for the first time the co-operative difference at a globallevel. We are collecting a range ofquantitative and qualitative data inthis area. In particular we are look-ing at gathering for at least the top100 of the Global 300 total employ-ment and membership figures. We

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are also trying to gather data on theamount of monies these organisa-tions are giving to their communityand other stakeholders as well asmonies given directly to develop-ment (including co-op develop-ment) both within their own coun-tries but also internationally.

- As part of our sectoral analysis wewill be examining the way in whichthe top ten performing Global 300businesses by sector distribute theirsurpluses between retained earn-ings, distributions to members andtaxes paid.

- In addition to the more detailedanalysis of the Global 300 we havealso commenced two related activi-ties:

- Developing 300- National 100

More detail on these two initiatives isset out later in this paper.

Global 300 (draft) CSR measure –from principles to practice

At the heart of this year’s Global 300programme is the development of adraft measure of Corporate (or ratherCo-operative) Social Responsibility,(CSR).

Co-operative principles, in particularthe ICA’s Statement of Co-operativeIdentity is the basis for most co-oper-ative operation throughout the world.

The Statement of Co-operativeIdentity contains many aspects whichare the basis of the modern conceptof CSR. As the ICA’s 2007International Day of Co-operativesstatement noted co-operatives have inmany ways been pioneers of CSR.

However, the co-operative movementhas not done as much as it shouldhave in measuring this co-operativedifference. It has allowed others toclaim credit for the concept. It is timewe developed a consistent and rigor-ous framework to better measure theway we operate - to demonstrate thecombined economic and social bene-fits.

Some of the best examples of CSRperformance are to be found amongGlobal 300 co-operatives and mutu-als. However, what is very obvious isthat co-operatives are not reportingtheir activities in a consistent way. Ifanything many are simply followingthe normal reporting approach oftheir investor oriented competitors.To help supplement this still as yetincomplete and inconsistent CSRapproach we have developed a draftGlobal 300 CSR methodology draw-ing on the best of existing CSR per-formance by co-operatives and otherleading standards such as the GlobalReporting Initiative.

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Global 300 “rainbow” CSRmethodology

To draw attention to this co-operativeapproach we have used the ICA logoof rainbow colours to highlight sevendifferent draft CSR areas or streamsof activity we have identified. Theseven CSR areas, (starting with thecolour red) are:

- People – represents customers andemployers and all aspects that relateto these fundamental stakeholdergroups.

- Products – represents the organisa-tion’s products/services, market-ing/labeling, supply chain andinteraction with suppliers, aroundcodes of conduct and sustainability.

- Principles – represents the under-pinning values and principles, aswell as the targets, monitoring andday-to-day implementation of CSRthroughout the organisation andexternally. It attempts to identifyorganisations that have truly inte-grated CSR into their strategy andworking culture.

- Environment – represents all envi-ronmental or green initiatives withdata on renewable energy, waste,transport, energy use, climatechange, animal welfare and biodi-versity. Process, accreditations andtargets are also included along withresearch and green marketing.

- Community - represents local/national initiatives ranging fromyouth, healthcare, education,employment, working withGovernments/NGOs to cultureand sponsorship.

- Democracy - is fundamental tohighlighting the co-operative differ-ence and represents members andgovernance. Criterion includesdemocratic participation, education,training, diversity, board representa-tion, dividends and satisfaction.

- Development - focuses more uponinternational initiatives, supportand collaboration with other co-operatives, from philanthropy, shar-ing expertise, work with NGOs/Governments, disaster relief andfavourable access to products.

We will highlight best practice exam-ples from each of these streams at the2007 Global 300 launch.

Developing 300

The launch of the Global 300 projecthas brought forward requests for asimilar approach to be applied todeveloping countries. The Developing300 is therefore looking at the role oflarge co-operative and mutual busi-nesses in these economies. It will con-tribute to our knowledge about co-opsin the developing world where somany of our members operate.

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The list will be a ranking of co-opera-tives in terms of their relative impor-tance in national economies. It is pro-posed to examine 30 developingeconomies. The methodology will bethe same as for the Global 300, i.e.ranking on turnover (highest level ofaudited consolidation). Using thesame methodology will ensure thatwe have a consistent approach to ourinclusion of the various data, level ofaudited aggregation etc. We aim tocollect data on the 10-20 biggest co-operatives in each country in terms ofturnover. This will be based onaudited accounts, wherever possible.

For the purpose of the Developing300 list, we have chosen countriesfrom the World Bank’s set of low andmiddle income economies, i.e. Low-income countries, Lower-middle-income countries, and Upper-middle-income countries. We have chosen 15countries from the first category, 10from the second, and 5 from thethird, altogether 30 countries. Wepropose the spread in number ofcountries from each category in orderto ensure sufficient variety (from thevery poor to the more developed) interms of income yet staying withinthe “developing economy” bracket.There are altogether 8 countries fromthe Americas region, 10 countriesfrom Asia, and 12 from Africa. Wepropose the following countries fromeach category:

- Low income:

- Asia – Cambodia,Mongolia, Nepal, Pakistan,Vietnam

- Africa – Ethiopia, Ghana,Kenya, Mozambique,Nigeria, Rwanda, Senegal,Tanzania, Uganda

- Americas – Haiti

- Lower-middle-income.

- Asia – Thailand, Indonesia,Philippines, Sri Lanka,

- Africa – Egypt, Cape Verde

- Americas – Bolivia,Paraguay, Colombia,Honduras

- Upper-middle income

- Asia – Malaysia

- Africa – South Africa

- Americas – Argentina,Costa Rica, Mexico

Preliminary results of our work so faron the Developing 300 will also bepresented at the 2007 Global 300launch – it will include some CSRcase studies of Developing 300 co-operatives.

National 100

The National 100 is an exciting devel-opment. It has arisen out of the suc-

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cess of the first Global 300 list. Anumber of our members haveapproached the ICA, to apply a simi-lar (Global 300) methodology to thedevelopment of national lists.Already Co-operatives UK has pro-duced the Co-operative UK 100. Weare also actively working with theFrench and other national move-ments to produce similar national list-ings. Obviously, the development ofthese national lists will feed into theGlobal and Developing 300 lists andhelp us build a truly global databaseof co-operative enterprises for the firsttime. Once established such a globaldatabase will allow our members tocompare and contrast the perform-ance of their national co-operatives(and their competitors) with the bestperformers throughout the world. Tohelp move this process forward wewill be holding a Global 300 –National 100 Workshop at the GeneralAssembly in Singapore in October.

Conclusion

The Global 300 project is a new andexciting ICA business oriented pro-gramme – it has received overwhelm-ing endorsement from members andothers. It signals a new direction andemphasis repositioning the ICA asthe global champion and majorsource of knowledge on the co-opera-tive and mutual business model.

The project has the potential to helpdrive and coordinate global, regional

and national initiatives on data col-lection and evidence based policy andadvocacy.

Finally, it has already proven to be avery powerful communications toolto advance the cause and raise theprofile of co-operatives.

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I. General Information on Singapore

Profile of Singapore

Singapore was founded as a Britishtrading colony in 1819. It achievedself-government in 1959 and joinedthe Federation of Malaysia in 1963but separated two years later tobecome an independent and sover-eign nation. It subsequently becameone of the world’s most prosperouscountries with strong internationaltrading links (eg. its port is one of theworld’s busiest in terms of tonnagehandled).

Singapore has a highly-developed andsuccessful free-market economy. Itenjoys a remarkably open and cor-ruption-free environment, stableprices, and a per capita GDP ofUS$36,452.17 (Q1 2007) equal tothat of the leading nations of the

Western world. The economydepends heavily on exports, particu-larly in consumer electronics andinformation technology products.Fiscal stimulus, low interest rates, asurge in exports, and internal flexibil-ity led to vigorous growth in 2004-06with real GDP growth averaging 7%annually. The government hopes toestablish a new growth path that willbe less vulnerable to the globaldemand cycle for information tech-nology products - it has attractedmajor investments in pharmaceuticalsand medical technology production -and will continue efforts to establishSingapore as Southeast Asia’s finan-cial and high-tech hub.

The island of Singapore (with a landarea of 692.7sq km) lies off the south-ern tip of Peninsular Malaysia and islinked to Mainland Asia by a cause-way. By virtue of its tropical location,

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Singapore - the host for theInternational Co-operative AllianceGeneral Assembly 2007

Seah Kian Peng, Chairman, SNCF

Inte?rieur 15.8.2007 10:33 Page 24

Singapore tends to be sunny andhumid with temperatures rangingbetween 28 - 32 degrees Centigrade(82.4 - 89.6 degrees Fahrenheit). Rainfalls throughout the year with moreconsistent rain coming during themonsoon season from November toJanuary. Showers are usually suddenand heavy, but also brief andrefreshing.

Singapore Standard Time is 8 hoursahead of Greenwich Mean Time, 13hours ahead of Eastern StandardTime, 14 hours ahead of Central and16 hours ahead of Pacific StandardTime.

The population stands at 4.5 millionwith a growth rate of 1.275% (2007estimate). Singapore is a multi-racial,multi-lingual and multi-religious soci-ety, with an ethnic mix of Chinese76.7%, Malay 14%, Indian 7.9% and1.4% other groups.

Most Singaporeans are bi-lingual ortri-lingual, speaking a combination ofMalay, Chinese, Tamil and English.English is their common languageand the language of administrationand commerce. Singapore’s literacyrate (for those aged 15 years andabove) is 94.6% of its total popula-tion, which is one of the highest inthe world. Religions found in thecountry are Buddhism, Islam,Christianity, Hinduism, Sikhism,Taoism and others.

Infrastructure

Singapore is an important telecom-munications hub in this region. It isconnected by telephone to almostevery country in the world. Operator-connected calls provide links to 226destinations and IDD (InternationalDirect Dialling) service is available to220 destinations. A video conferenc-ing network covers 40 destinations.

A forward-planning public worksinfrastructure policy has made allroads almost congestion-free. Anextensive network of expressways androads covers the whole island.

Mass Rapid Transit (MRT), the sub-way train system in Singapore, offersa reliable and convenient means ofpublic transportation to all corners ofthe island.

Safe Environment

• Singapore is known to be one of thesafest cities in the world, where bothlocals and tourists can walk freelyalong the streets, even late at night,without any fear.

• Modelled as a garden city, Singaporehas a clean and green environment.

• Singapore also enjoys high healthand hygiene standards.

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Tourism Appeal

• There is a wide selection of attrac-tions and public places of interest tokeep delegates, spouses, and accom-panying persons occupied through-out their stay.

• Latest additions include theEsplanade - Theatres on the Bay, theunique CHIJMES (a historical centrefor the arts, dining and entertain-ment), Asian Civilisations Museumand new attractions at the resortisland of Sentosa.

• 18-hole and 36-hole golf courses arewithin 30 minutes drive from the citycentre.

• The rising trend towards arts appre-ciation has resulted in numerousinternational musical and culturalperformances being staged inSingapore.

• The four main ethnic groups -Malay, Indian, Chinese and Eurasian,which constitute Singapore’s diversepopulation celebrate various religiousand cultural festivals throughout theyear, offering visitors a glimpse of therich and colourful heritage that isuniquely Singaporean.

• With a high concentration of retailoutlets in the city centre and a seem-ingly endless variety of goods, it ishard to dispute Singapore’s reputa-tion as a shopper’s paradise.

• Located at the crossroads of animportant ancient spice route,Singapore is also well-known as agourmet’s paradise, featuring the bestthat its varied cultural heritage has tooffer.

• Singapore’s strategic location makesit easy for delegates to go on pre- andpost-conference tours to many exoticdestinations in South-East Asia.

II Co-operative Movementin Singapore

Singapore has a vibrant and growingCo-operative Movement. It consti-tutes an important component ofSingapore’s social and economic fab-ric.

Background of the Movement

The co-operative concept was intro-duced in Singapore as early as 1924 ata time when money-lending was aroaring business. There was, at thattime, no institutions, finance compa-nies or banks which wage earners,who were struggling to make endsmeet, could depend upon for finan-cial relief in times of need.

The first co-operative in Singapore,Singapore Government Servants’ Co-operative Thrift & Loan Society,started in 1925. Its membership waslargely confined to public sectoremployees.

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Between 1925 and 1940, more peoplebegan to see the usefulness of the co-operative concept of self-help andmutual assistance. Altogether 43 thriftand loan societies were formed tocater to the needs of civil servants,teachers, custom officers as well asthose working in the private sector.

The turning point in the developmentof the Co-operative Movement inSingapore was the launching of co-operative ventures in 1970 by theNational Trades Union Congress(NTUC) and its affiliated unions. TheNTUC is the national centre for thetrade unions, representing most work-ing class citizens in Singapore. Today,the NTUC has 63 affiliated unionswith a total membership base of480,000.

These co-operative ventures were setup as an important component ofSingapore to provide a range of qual-ity products and services to membersand the general public. This helps toset benchmark for the other eco-nomic sectors and has helped to keepinflation at a very low level inSingapore.

The Co-operative Societies Act (1979)revised the earlier legislation (the Co-operative Societies Ordinance) aftertaking into account social and eco-nomic developments since 1925. TheAct also made provision for the for-mation of an apex organisation toenhance the growth of the Co-opera-tive Movement and the Singapore

National Co-operative Federation(SNCF) was accordingly establishedon 18 September 1980.

Today, 72 Co-operatives are affiliatedto SNCF, engaged in various areas ofbusinesses as follows:

- Insurance- Consumer- Childcare- Elder Care- Print Media- Trading & Support- Property Development - & Maintenance- Security Services- Thrift and Loan- Travel Services- Training & Educational Services- Healthcare Services- Aged Care & Welfare- Environmental Services- Maritime Services- Manpower Services

SNCF’s main objectives

1. To promote the principles and val-ues of co-operatives

2. To promote Corporate Governanceamongst affiliates

3. To assist affiliates in developingprofessional management practices

4. To facilitate networking and co-operation amongst our affiliateslocally and overseas

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5. To promote co-operatives as ameans to address relevant socialand economic issues

6. To encourage the formation ofnew co-operatives and growth ofmembership in affiliates

7. To strengthen Singapore Co-oper-ative Movement’s standing locallyand internationally

To achieve these objectives, SNCFfocuses on the following areas:

i. Public awareness programmes

ii. Consultancy and management

iii. Co-operation among co-operatives

iv. Developing new co-operatives rel-evant to changing needs of society

v. Human resource development

vi. Bonding among co-operative lead-ers and members

vii.Involvement in regional and inter-national affairs

In order to better serve the needs ofits affiliates, SNCF grouped theminto four sectors, namely the CampusCo-operatives Sector; the Credit Co-operatives Sector; the NTUC Co-operatives Sector and the Service Co-operatives Sector. The groupings werebased on their nature of businesseswith the intention for SNCF to pro-vide specialized and tailor-made serv-ices to these affiliates.

NTUC Sector

• The NTUC Co-operatives Sectorcomprises co-operatives formed bythe National Trades Union Congress(NTUC). The objectives of theNTUC Co-operatives are:

• To help stabilise prices of basic com-modities and services

• To strengthen and protect the pur-chasing power of workers

To allow union leaders to gain man-agement experience and to under-stand the problems faced by manage-ment, thus helping to promote betterlabour-management relations

To date, these co-operatives provide awide range of services from childcare,housing, elderly care, food courts,supermarkets, insurance, pharmaceu-tical products, family clinics and den-tal services, print media to thrift andloan services.

Some of the co-operatives such asNTUC FairPrice Co-operative’s chainof supermarkets and NTUC IncomeInsurance Co-operative have evenbecome household names. NTUCFairPrice has been described by theFar Eastern Economic Review as a“Supermarket Chain with a SocialConscience”. NTUC Income is thehighest-rated domestic insurer inAsia. Its “AA” rating by rating agencyStandards & Poor’s (S&P) reflects itsdominant position in Singapore’s lifeand general insurance industry as well

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as its financial stability and capacityto meet new challenges.Both NTUCIncome and NTUC FairPrice are alsoincluded in the Global 300 list. TheGlobal 300, the first ever listing of theworld’s largest 300 co-operatives andmutual organizations, was launchedby the ICA in 2006.

Campus Sector

The Campus Co-operatives Sector,comprises co-operative societiesformed by educational institutionsranging from secondary schools, jun-ior colleges, polytechnics, Institutesof Technical Education (ITEs) andUniversities. Membership of the co-operatives are open to students, teach-ers, lecturers and staff of these educa-tional institutions. Services providedby co-operatives include sales ofbooks, stationery, sports products,canteen services and travel. One ofthe objectives of Campus Co-opera-tives is to help their student membersdevelop their entrepreneurial skills,self-reliance and creativity throughthe participation in various co-opera-tive activities.

Credit Sector

The Credit Co-operatives Sector com-prises thrift and loan societies. Thevery first co-operative in Singaporewas a credit co-operative formed by agroup of civil servants in 1925. Amajority of the credit co-operatives

are workplace-based where employeesof the organization are recruited asmembers of the co-operative. Today,credit co-operatives play an importantrole in upgrading the economic andsocial status through numerousschemes and programmes aimed atpreventing permanent indebtedness,promoting thrift and reducing mem-bers’ cost of living.

Service Sector

The Service Co-operatives Sectorcomprises co-operatives offering avariety of services to their members.Range of services provided includemaritime services, environmentalservices, security, travel, elderly care,property management, manpowerservices, welfare, trading and support.

Two priority areas of SNCF

1. Promoting good co-operative governance

As the apex body of the Co-operativeMovement in Singapore, the key chal-lenge and focus of SNCF in the com-ing years will be the promotion ofgood co-operative governance amongits affiliates. To equip the board mem-bers and key managers of our co-oper-atives with a better understanding ontheir roles and responsibilities as wellas the elements of good corporategovernance, a series of courses ongood co-operative governance wereorganised. To date, about 370 co-oper-

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ative leaders and key managers hadattended the course. Strategic plan-ning and good risk management prac-tices courses were also organised forour co-operatives.

In addition, the Registrar for Co-oper-ative Societies, in consultation withSNCF, commissioned auditing firmsto embark on a series of operationalaudits on the credit co-operativeswith the objective of identifying bestpractices and strengthening gover-nance and internal controls. Theseaudits are aimed at raising the operat-ing standards of the credit co-opera-tives as a whole.

Last year, SNCF in consultation withthe Registry of Co-operative Societies,formulated a Code of Governance foradoption by the co-operatives. Themain objective of this Code is to levelup the governance standards of all co-operatives in Singapore.

Promoting Social Mission of Co-operatives

Unlike private enterprises which max-imize profits for the benefits of theirshareholders, co-operatives are builton principles of self-help and mutualhelp. In addition to meeting the pri-mary objective of addressing theneeds and interests of their membersefficiently, co-operatives in Singaporealso play a visible role in communitydevelopment. In fact, “Concern forCommunity” is one of the cardinalprinciples that distinguishes co-opera-

tives from other business enterprises.Co-operatives are driven by the mis-sion of providing the best value forgoods and services for their membersand the community.

Each co-operative contributes tothose in need according to their abil-ity to give such as:

• Moderate the cost of living for lowincome households

• Subsidize health screening for seniorcitizens

• Offer Scholarships and bursaries

• Involvement in Community ServiceProjects including Adoption ofHomes

• Provide start-up business aid for ex-drug addicts

• Promote arts, sports and healthylifestyle

Social Indicators

To help measure how co-operativesare performing their social roles, a setof social indicators has been estab-lished for the major co-operatives. Forexample, NTUC FairPrice andNTUC Healthcare have establishedbenchmark pricing and are commit-ted to maintain the lowest priced bas-ket of essential goods as a whole.NTUC Income provides affordableinsurance to the masses and offers thebest yields on life insurance products.

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Credit co-operatives can accept fixeddeposit and offer savings and loaninterest rates which are competitive incomparison with the major financialinstitutions. These social objectiveshelp moderate the cost of living inSingapore thus ensuring membersand the general public of a betterstandard of living.

Efforts to strengthen theMovement’s International Image

Over the years, the Co-operativeMovement in Singapore has beenactively involved in the ICA and ILOactivities. In fact, some of our co-operatives have also establishedstrong bilateral links with their coun-terparts in Asia and Europe.

ICA Asia-Pacific Singapore Business Office

SNCF has been a Member of ICAsince 1985. On 5 July 1999, ICA andSNCF pledged to expand their co-operation when the ICA Asia-PacificBusiness Office was established inSingapore. This Business Office helpsto enhance the co-operation amongco-operatives from other countries. Itfacilitates the promotion of inter-co-operative trade linkages. The presenceof ICA Asia-Pacific Business Office inSingapore has resulted in a number ofmutually beneficial developments forboth ICA and Singapore.

ASEAN Senior Co-operative ManagementProgramme

In 2001, SNCF secured approvalfrom Singapore Ministry of ForeignAffairs to fund and host an annualtraining programme for ASEAN sen-ior co-operative managers. This inten-sive 5-day programme covers theoverview of the Singapore andRegional Co-operative Movements,the entire co-operative value chainand current management trends andnew applications for co-operativedevelopment. To date, we havetrained over 100 senior co-operatorsand government officials from ourASEAN neighbours over the past7 years. The annual programme ismanaged by the SNCF.

Singapore Officials represented in the ICARegional and Global Committees

Co-operative leaders in Singapore arealso involved actively in the ICARegional and Global Committees.The following officials representSNCF in different capacities:

• Mr Seah Kian Peng – Member ofthe ICA Board and the ICA APStanding Committee

• Ms Goh Ming Huay – ViceChairperson of the ICA AP RegionalWomen’s Committee

• Mr Poh Leong Sim – ViceChairperson of the ICA APConsumer Committee

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• Mr Zulkifli Mohammed – ViceChairperson of the ICA AP HRDCommittee

• Mr Teo Say Hong – Chairman, ICAAP Youth Committee

• Associate Professor Poo Gee Swee –Member, ICA AP Consumer Sub-Committee on University/CollegeCo-ops

Challenges Ahead

Attraction of talent, good corporategovernance and expansion of marketbase are the three key challenges thatco-operatives in Singapore shouldaspire for in the coming years.

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Editorial and administrative office:

International Co-operative Alliance15, route des Morillons, CH-1218 Grand-Saconnex, GenevaSwitzerlandTel: (41-22) 929 88 88; Fax: (41-22) 798 41 22E-mail: ica@ica.coop

Visit the ICA Web site at:www.ica.coop

for information on the International Co-operative Alliance and details of its rules,structure, activities and sectoral organisations.

Data is also available on the history and current information about the internationalmovement, co-operative publications and co-operative issues. Additionally, there arelinks to websites worldwide in all sectors of the economy, sites on internationalorganisations and business information of interest to co-operatives.

Opinions expressed in this publication are not necessarily those of theleadership and management of the ICA.

Contents may be reprinted without permission, but citation of source isrequested and three copies of the publication concerned should be sent toICA Review, 15, route des Morillons, 1218 Grand-Saconnex, Geneva,Switzerland.

Printed by SRO-Kundig SA, 1219 Châteleine, GenevaISSN 0034-6608

Couverture corr 8.8.2007 14:57 Page 2

REVIEW OF INTERNATIONAL CO-OPERATION

General Assembly Edition

Couverture corr 8.8.2007 14:57 Page 1

VOLUME 100 N° 1/2007