Because it’s the cooperatives
On October 17, those in the credit union world shall take part take part in International Credit Union Day. In Alberta, 2013 marks 75 years of credit union service to Albertans, including the 75th anniversary of Servus Credit Union’s founding father, Mangan Credit Union. Mangan was the first credit union in Alberta under the Credit Union Act and was incorporated on September 27, 1938.
I think as credit unions we sometimes forget the significance of the cooperative principles. They are what set us apart from banks. They will ensure that credit unions continue to be a viable option through our socially responsible approach to banking.
To celebrate International Credit Union Day, the Servus Young Leaders Network has created the Cooperative Principle Cup Championship. We wanted to highlight our principles leading up to the day that credit unions will celebrate all across the world. Think of this as a March Madness tournament where seeded cooperative principles will face off against each other to determine the ultimate cooperative principle.
If you don’t know what the cooperative principles are, firstly, SHAME ON YOU! Secondly, here they are in layman’s terms:
Voluntary and Open Membership: Membership is open to everyone
Democratic Member Control: All members have an equal voice in making policies and electing representatives
Member Economic Participation: All profits are controlled democratically by members and for their benefit
Autonomy and Independence: Co-operatives are always independent, even when they enter into agreements with the Government and other organisations
Education, Training and Information: Co-operatives educate and develop their members as well as their staff
Co-operation among Co-operatives: Co-operatives work together with other co‑operatives to strengthen the co-operative movement as a whole
Concern for Community: Co-operatives also work to improve and develop the community, both locally and internationally.
We asked the young leaders of Servus Credit Union to pre-rank the principles in order of their favorites and these were the results:
1. Concern for community
2. Education, training, and information
3. Democratic member control
4. Voluntary and open membership
5. Member economic participation
6. Cooperation among co-operatives
7. Autonomy and Independence
Over the past few weeks, cooperative principles have battled it out in a single elimination tournament leading to a final showdown between Concern for Community vs. Education, Training, and Information.
I can’t say that I am overly surprised by the results, especially those principles in our championship matchup. If we truly want to change the world through credit unions, we must continue to impact our communities through volunteerism and financial education.
What do you think of the results thus far? What surprises you? What doesn’t? Are the most highly valued cooperative principles of the Servus Young Leaders listed above differ from yours? Why?
Follow the Servus Young Leaders Network on Twitter on International Credit Union Day as we announce the winner of the COOPERATIVE PRINCIPLE CUP!
