Section 1: Good co-operative governance

1. Good co-operative governance (1) The main pillars of good governance are transparency, accountability and control. (2) The code of best practices provides effective guidelines for the proper functioning of co-operatives and eventually ensures sound co-operative development. (3) The good co-operative governance shall— (a) ensure that board and management pursue objectives that are in the interests of co-operative and members; (b) lead to effective monitoring of activities of societies; (c) ensure efficient and effective use of available resources; (d) reduce conflicts; and (e) increase accountability and transparency in co-operatives.