|
From the perspective of a modern organisation like our credit union, mutuality can readily be defined as a business being owned by its members, run by members, for the benefit of members.
The successful modern business model is more often than not built upon the premise of ensuring the delivery of profitable dividends to shareholders. This approach results in the disproportionate allocation of majority rewards and benefits to those who are significant holders of shares in the business. With a mutual organisation, it is understood that no member stands in a superior position to any other in terms of voting power, ownership rights or accrued benefits. All members are equal shareholders, and as such have the same rights to any other member regardless of their position within the community, length of membership, or the monetary value of their membership. Any profits are returned to shareholders equally through new branches, upgraded services, more staff and improved channels of delivery and communication. Within a fast growing and culturally diverse community like the one here on the Far North Coast of NSW, the modern definition of mutuality takes on an even greater role, in so much as the whole community also benefits from the organisation’s ongoing success. Wider benefits to the community include sponsorships and donations to a diverse range of interests and events, charitable contributions and volunteer services undertaken by credit union staff, in addition to providing employment and income for local families, and ultimately the continued success of the local economy. Additionally, every employee, including the Board of Directors, is a member themselves of the organisation, and has a vested interest in its success within the wider community. |
