Our Vision and Aims


Our Vision is to build a better society by excelling in everything we do

Our aims are as follows:

• To be a commercially successful business
• To meet the needs of our customers
• To respond to our members 
• To be an ethical leader
• To be an exemplary employer
• To inspire others through co-operation

 

Office Bearers - 2022

Mr S.Raymode: President
Mr M.Teeluckdharry:    Vice President
Mr C.Maunick : Secretary
Mr D.Mootien: Assistant Secretary
Mr B. Dindoyal: President Loan Committee
H.Lalloo: Treasurer
Mr S. Ramchurn: Board Director
Mr K.Lanappe: Board Director
Mr S. Kallar: Board Director

Our Ethical Values

We apply the following values:

Openness – nobody’s perfect, and we won’t hide it when we’re not

Honesty – we are honest about what we do and the way we do it

Social responsibility – we encourage people to take responsibility for their own community, and work together to improve it

Caring for others – we really care for our members and the families

Government and Co-operatives

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One interesting aspect of co-operatives in Mauritius is that they all fall under the control and supervision of a Ministry.

Government not only reckons the contribution of co-operatives in the generation of national income, the economic democratisation process and in the strengthening of the foundation of the present economy but views co-operatives as instruments of social justice whereby a substantial number of people especially from the lower strata may improve their real and relative position thus reducing diseconomies which may arise from social imbalance.

Co-operatives shall continue to be an important means to empower the least privileged persons and those at the perpetual risk of becoming poor to achieve economic security, an acceptable standard of living and a better quality of life. The potential of co-operatives to contribute to the solutions of national, economic, social and environmental problems is also increasingly recognized.

Government will leave no stone unturned in the promotion and development of co-operatives. However, its role shall be limited to that of a facilitator and enabler in creating a conducive environment for the emergence of successful co-operatives.

The Government is encouraging the setting up of co-operative societies at various levels: at the level of the family in the form of small & medium enterprises, at the place of work in the form of credit unions, in schools, in women associations. Such endeavour will encourage the economic development of the people and further strengthen the tie between individuals and different groups of people.

Sources of Fund

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1     The funds of-the Society shall consist of:-

(a)    Entrance fee;
(b)    Shares;
(c)    Undistributed net surpluses;
(d)    Grant and Donations;
(e)    Loans;
(f)     Deposits; and
(g)    Premiums on shares; and
(h)    Any other funds established at the General Meeting.


2    Not less than ten per cent of the net surplus resulting from the operations of the society during the year shall, after the Balance Sheet has been approved, be credited to the Reserve Fund of the society and the balance shall be disposed of in the following order Of priority:

(a)    dividend on preference shares, both redeemable and non-redeemable;

(b)    special reserve funds;

(c)    bonus to employees;

(d)    bonus to a member in proportion to the business done by the member with the society: and

(e)    dividend on ordinary shares



3    The Reserve Fund shall be indivisible and no member is entitled to claim a specified share thereof. The Society may utilize the Reserve Fund in its business and to issue bonus shares to its members as approved by the General Meeting.

TEAM SPIRIT

We are guided in our operations by the following international co-operative principles:

      •   Voluntary and Open Membership 
      •   Democratic Member Control
      •   Member Economic Participation 
      •   Autonomy and Independence 
      •   Education, Training and Information
      •   Co-operation among Co-operatives
      •  Concern for Community

 

TRANSPARENCY

The board of Directors ensures that the co-operative society complies with relevant laws, regulations and co-operative principles to ensure accountability and transparency in the management of the affairs and the resources of the society.

INTERNAL CONTROL

Internal control is an essential element in the governance framework that plays a key role in identifying, minimizing and managing risks, and safeguarding the assets of an organization. 

The Board ensures that management sets and maintains a sound system of internal control to safeguard society and members’ interests.

ACCESS TO INFO

The Board ensures a proper documented system which provides relevant information to all “stakeholders”. The Board also ensures that access to information during the office hours is not denied to the stakeholders.

Composition of the Board

The Board comprises of not less than 3 and not more than 9 Directors elected in accordance with the rules. The Board comprises of Directors who, as a group, would provide core competencies for effective decision-making.

Competencies

Subject to the rules and regulations of the society, where core competencies for decision making are not available among the Directors, the Board will consider co-opting non-members with such core competencies on the Board.

Communication

The Board ensures that there is a clearly written policy to be provided to members for the following information: the rules, latest audited financial statements and annual reports, objectives, activities and projects of the society.

Complaints

A complaints handling system is organized for members and other stakeholders of the co-operative society to express their grievances. A complaints committee is also set up by the Board to process the complaints.

Copyright©2022 Local Authorities Employees' Multi-Purpose Co-operative Society Ltd

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