Section 2: Code of best practices for board of directors

2. Code of best practices for board of directors (1) The Board of Directors shall manage a co-operative society. (2) The Board of Directors shall, subject to any limitation contained in the law and constituting instruments, exercise all the powers of the co-operative society. [Issue 9] C49 – 66 Revised Laws of Mauritius (3) The Board of Directors shall abide by the following code of ethics and good governance— (a) safeguard the interest of members – the Board of Directors shall be responsible to manage the affairs of the society to ensure sustainability and to safeguard the interest of the members; (b) conflict of interests – in all fairness, the Board of Directors shall not be in conflict with the society or become a competitor of the society; (c) compliance – the Board of Directors shall ensure that the society complies with all statutory and legal requirements, together with cooperative values, principles and prescribed codes for best practices; (d) accountability and transparency – accountability is one of the main pillars of good governance. All activities of the society shall be open to scrutiny. Directors shall adopt the principles of transparency and accountability and ensure good governance; (e) control and supervision – the Board of Directors shall set up a monitoring mechanism to assess the performance of societies; (f) members – the Board shall ensure the expansion of membership, the participation of members in the operation of the society, and that members are aware of their rights; (g) co-operative principle and values – the Board shall adopt co-operative principles and adhere to co-operative values while managing the affairs of the co-operative societies.