Excerpted from May 12, 2006, issue of Solutions News Extra
CFC Governor & CEO Sheldon C. Petersen joined more than 250 cooperative leaders
from across the country last week at the National Co-op Summit in Washington, D.C.
Petersen spoke on ethics and governance issues at the event sponsored by the National
Cooperative Business Association.
Petersen said cooperatives are formed to serve a social purpose—whether it’s a food
cooperative, a credit union, a housing cooperative or an electric or telephone utility
cooperative. And the fact that cooperatives are not-for-profit puts them in a different
category—ethically speaking—than the rest of American businesses. Cooperatives,
Petersen said, “are called to a higher purpose: serving our members’ needs rather
than making a profit for shareholders. And, therefore, I strongly feel that our ethics
must also be operating at a higher level.”
Although relatively few cooperatives are subject to the
Sarbanes-Oxley Act, the ethical bar has been raised for every
business in America, Petersen said. To assist its members’
compliance with best financial practices, CFC put together a
guidebook that helps boards discuss sensitive areas of ethical
and good governance practices and policies, called
Commitment to Excellence.
“I’m proud to be part of this great cooperative network,”
Petersen said. “I believe that we do, in fact, make America a
better place to live and work. Creating a culture of ethics and
integrity throughout the workplace is just a natural part of doing business as a cooperative."
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