We're currently in the process of setting up the cooperative legal structure.
Further details will be announce once we can officially announce that Favabank is a cooperative.
We think that operating as a cooperative will give members a with a stronger feeling of community.
Cooperatives are characterised by being owned and managed by members who benefit from it's services, having a say in how its goals are achieved.
A cooperative can be a commercial organisation which from the outside looks like any other business, but on the inside it operates with a greater degree of openness, shared participation and shared rewards.
There are seven guiding principles which distinguish a cooperative from other organisations:
We feel the cooperative model gives us the best chance of success:
By taking the cooperative approach, we hope be an antidote to the way some leading social media platforms power and control is concentrated in the hands of a few individuals who profit from the content created by its users.
Once our cooperative is legally established we will announce ways in which people can become members.
All cooperative members will receive account privileges and full voting rights according to the legal obligations within Favabank's Articles of Association.
We will make a formal announcement regarding member privileges in due course. They are likely to be along the lines of:
These account features depend on Favabank's achievement of its membership recruitment goals and with membership consent.
Misconceptions arise when comparing commercial cooperatives to conventional businesses where power and control reside in the hands of its shareholders:
There are many ways of constructing a cooperative, they can be created in ways that strike a balance between effective decision making, innovation, profit seeking, and democratic control. Day to day decisions can be taken by management within a freely accessible framework which defines how things are done within the organisation and how information flows between stakeholders. E.g., it is possible for a Limited Company to gain cooperative status by writing the cooperative framework into the Articles of Association as a legally binding guide to the company's operations.
See the resources on the right for further information about the cooperative model.
In October, we launched our 'Local Pages' feature to create a space for people to talk about what's happening in their community. When you log in as a user, your default page will now be your local page. Every area in the UK has a local page and we will initially be having a promotional focus in the North Surrey and Berkshire area.