Member Controlled and the Constitution
 

The constitution, as approved by our members and the Prudential Authority (PA) under the South African Reserve Bank (SARB), governs MediCoop's corporate structure and has various checks in place to ensure MediCoop is well governed and member controlled.
 

This includes the following:
 

• Voting rights: Each member, regardless of shareholding, shall only have the right to a single vote at the Annual General Meeting (AGM).
• 15% Shareholding ceiling: Notwithstanding the above, no single shareholder will be allowed to own more than 15% of the total issued share capital at any point in time. Exceptions to this rule can be made in certain situations where circumstances could warrant this (subject to specific PA approval).
• Changes to the constitution: Any proposed changes to the constitution require a 2/3 special resolution to be passed at the AGM in order to become effective.
• Board of directors: All board members are MediCoop members and selected annually at the AGM (with the number of new directors being chosen annually at the AGM depending on vacancies to be filled).

Board of Directors

MediCoop is governed by a board of directors appointed by our members. The Board consists of thirteen directors who are non-executive except for the Managing Director. The Board is composed of directors with a diverse mix of skills, experience and competences in the relevant fields of expertise and is well placed to take the business forward.

Committees
 

The following committees are appointed to assist the board and executive team in managing MediCoop’s affairs:
 

• Governance committee: Assess monthly management accounts and approve membership applications.
• Audit and supervisory committee: Monitor adequacy of internal audit function.
• Credit committee: Consideration and approval of finance applications, as well as the monitoring of MediCoop's credit risk and compliance with the Prudential Authority’s requirements.
• Nominating committee: To nominate at least one individual for each vacancy to be filled and ensure validity of candidates to fulfil applicable vacancies.
• Community development committee: Identify, consider and approve community development projects.

More Information
 

 MediCoop Board  MediCoop Constitution  Code of Banking Practice