These values serve as the cornerstones of who we are and what we stand for:

• Member-Focused – We passionately embrace our purpose to serve and empower our members.

• Accountable – We take full ownership of our actions, commitments, and outcomes.

• Extraordinary – We never settle for mediocrity; we strive to exceed expectations in everything we do.

• Integrity – We uphold honesty, transparency, and ethical conduct in every interaction.

• Opportunity – We are open to innovation, seeking cost-effective solutions to real challenges.

• Understanding – We prioritize empathy, respect, and collaboration within our teams and communities.

At Ownisha, our values and operations are grounded in the seven internationally recognized cooperative principles as articulated by the International Cooperative Alliance (ICA). These principles serve as our compass and connect us to a global movement of cooperatives committed to economic participation, social responsibility, and shared governance.

These principles guide how we are governed and how we serve our members:

1. Voluntary and Open Membership
   Membership is open to all who are willing to accept the responsibilities of membership and meet the required criteria—participation is entirely voluntary and inclusive.

2. Democratic Member Control
   Ownisha is governed by its members, who actively participate in decision-making. We adhere to the principle of “one member, one vote,” ensuring equal voice for all.

3. Member Economic Participation
   Members contribute equitably to, and democratically control, the capital of the cooperative. As long as eligibility requirements are met, members retain their membership and continue to share in the benefits.

4. Autonomy and Independence
   We are a self-governing and independent organisation, committed to preserving our cooperative identity and values.

5. Education, Training, and Information
   We invest in the ongoing education and development of our members, board, and employees to enable effective participation and leadership.

6. Cooperation Among Cooperatives
   We believe in the power of solidarity and actively collaborate with other cooperatives to strengthen the sector and improve lives across South Africa.

7. Concern for Community
   We are committed to social and environmental responsibility, investing in the communities we serve and striving to make a lasting, positive impact.

The Ownisha Co-operative Group is governed through a robust and transparent structure comprising:

• The Board of Directors and its committees

• The central coordinating body

• Independent auditors

• The Company Secretary

• The Executive Management Team

This governance framework ensures accountability, effective oversight, and strategic alignment with our co-operative values.

As a democratic organisation, every member of the Ownisha Co-operative Group has an equal voice in its management. In line with the principle of “one member, one vote,” each member participates in key decisions that shape the future of the co-operative.

Upon joining, each member is issued one mandatory membership share. This share remains valid unless the member resigns or is formally expelled from the co-operative.

Membership benefits include:

• Access to a wide range of affordable financial products

• Eligibility to receive patronage dividends based on usage

• The right to vote on key matters, such as the election of directors and the approval of the annual profit payout

The Ownisha Co-operative Group operates within a well-defined governance and compliance framework, guided by key legal instruments and overseen by regulatory authorities to ensure integrity, transparency, and accountability in all aspects of our operations.

• Our governance is anchored in the following foundational documents and legislation:

  • The Ownisha Constitution, as approved by our members

  • Co-operatives Act No. 14 of 2005

  • Financial Advisory and Intermediary Services (FAIS) Act No. 37 of 2002

  • Financial Intelligence Centre (FIC) Act No. 38 of 2001

  • Protection of Personal Information (POPI) Act No. 4 of 2013

The following are the group’s core regulators that direct our conduct:

• Companies and Intellectual Property Commission
• Financial Intelligence Centre
• Financial Services Conduct Authority
• Information Regulator

The Board of Directors plays a pivotal role in the governance and success of the Ownisha Co-operative Group. Its primary responsibility is to set the strategic direction of the Group, ensuring that the organisation’s vision, mission, and long-term goals are clearly defined and pursued with purpose.

Beyond strategy formulation, the Board is entrusted with the effective oversight of management, ensuring that the Group’s day-to-day operations align with the agreed strategic objectives and comply with all applicable laws, regulations, and ethical standards. This includes monitoring performance, assessing risks, and holding management accountable for delivering sustainable value to members and stakeholders.

Key responsibilities of the Board include:

• Strategic Leadership: Defining and approving the Group’s overall strategy and key priorities, ensuring they reflect the needs and interests of members and the wider community.

• Governance and Compliance: Establishing robust governance frameworks, policies, and controls to maintain regulatory compliance, ethical conduct, and operational integrity.

• Performance Oversight: Regularly reviewing financial and operational performance to ensure the Group’s resources are effectively utilized and objectives are met.

• Risk Management: Identifying, evaluating, and mitigating risks that could impact the Group’s ability to achieve its goals or jeopardize its reputation.

• Succession Planning: Ensuring there is a strong leadership pipeline by overseeing the appointment, development, and evaluation of executive management.

• Stakeholder Engagement: Maintaining transparent communication with members and other stakeholders to build trust and foster a collaborative environment.

Through these functions, the Board safeguards the long-term sustainability and growth of Ownisha, while upholding its commitment to member-centric governance and shared prosperity.

The Board of Directors is the cornerstone of Ownisha’s corporate governance framework. It holds ultimate accountability for the stewardship, performance, and overall affairs of Ownisha, ensuring that the organisation upholds the highest standards of business integrity and conduct.

Ownisha’s members have the right to elect directors to the Board. In accordance with Ownisha’s Constitution, directors are required to retire by rotation at the Annual General Meeting, allowing for transparent and democratic renewal of the Board.

The role of the Audit Committee is to:

• Assist the Board of Directors in evaluating the adequacy and effectiveness of:

  • Internal control systems

  • Accounting practices

  • Information systems

  • Auditing processes

• Recommend measures that, in the Committee’s opinion, may enhance the credibility and objectivity of financial statements and reports related to the affairs of the co-operative group.

The group company secretary function is provided by Ownisha Company Secretary (Pty) Ltd. This entity plays a vital role in supporting good governance and ensuring regulatory compliance. For any official correspondence or governance-related enquiries, Ownisha Company Secretary (Pty) Ltd can be contacted at: comsec@ownisha.co.za.

Key Functions of the Company Secretary include:

• Ensuring compliance with statutory and regulatory requirements

• Facilitating effective communication between the Board, management, and members

• Organising and coordinating Board and committee meetings, including preparing agendas and minutes

• Maintaining the company’s statutory records and registers

• Advising the Board on governance best practices and legal obligations

• Supporting the implementation of corporate governance policies and procedures

Before the Annual General Meeting (AGM), all members are provided with access to the Annual Report. This report offers a comprehensive overview of the Group’s performance, governance, and strategic direction over the past year.

The Annual Report enables members to:

• Review the Group’s financial statements and key performance indicators

• Understand significant achievements and challenges faced during the year

• Assess the effectiveness of the Board and management in meeting strategic goals

• Gain insight into future plans and initiatives

• Make informed decisions and participate meaningfully during the AGM discussions and voting processes

Members actively participate in the democratic process of the Ownisha Co-operative Group by attending the Annual General Meeting (AGM). This meeting provides members with the opportunity to vote on important matters and stay informed about the Group’s activities and performance.

The AGM serves as a platform to present and discuss key reports and decisions, including:

• Board Chair’s Report

• Management Report

• Audit Committee Report

• Independent Reviewer’s Report

• Appointment of the Independent Reviewer

• Results of Director Elections

• Any Other Business

Through their participation, members help shape the future of Ownisha, ensuring transparency, accountability, and shared governance.