WHO OWNS CO-OPS?
Co-ops come in different forms and the CBNZ website points to:
Producer cooperatives:
Owned by people who produce similar types of products.
Purchasing/shared services cooperatives:
Owned and governed by independent business owners that come together to enhance their purchasing power.
Banking cooperatives:
Financial entities which belong to their members, who are at the same time owners and customers. They can be set up as a bank, a building society or a credit union.
Insurance mutual:
Owned entirely by those who take out policies. Surpluses are either used to reduce future premiums or rebated to policyholders as a dividend.
Consumer cooperatives:
Owned by the people who buy the goods or use the services of the cooperative.
Worker cooperatives:
Owned and governed by the employees of the business.