Central cooperative members include credit institutions whose bylaws or articles of association meet the requirements of what is prescribed in the Act on the Amalgamation of Deposit Banks, whose bylaws or articles of association have been approved by the central cooperative and which have been approved as members of the central cooperative by the Supervisory Council.
According to the central cooperative’s Bylaws, the Annual Cooperative Meeting is held before the end of May. In practice, the Annual Cooperative Meeting is held in March. Extraordinary Cooperative Meetings are held whenever necessary.
The central cooperative’s Board of Directors convenes the Cooperative Meeting. The Cooperative Meeting approves the financial statements, decides on the allocation of surplus, decides on the discharge of Supervisory Council members, Board members and the managing director from liability, as well as appoints the Auditor and members of the Supervisory Council and decides on their remuneration. The Cooperative Meeting also decides on amendments to the Bylaws of the central cooperative.
The number of votes members get to cast at the Meeting is based on their cooperative contributions and equals their membership shares in the central cooperative. Member cooperative banks with a good financial standing have additional votes as stipulated in greater detail in the central cooperative’s Bylaws. However, no single member may cast more than seven per cent of the votes represented at the Meeting. In addition to the requirement of majority or a qualified majority, a decision requires that at least half of the members who voted at the Meeting second the proposal. However, in elections, the person receiving the most votes shall be elected. At the Meeting, a member has only one vote if, due to its own financial difficulties, it has received financial support based on a resolution passed by OP Cooperative, which fulfils the characteristics specified in Section 8 of the central cooperative’s Bylaws. The central cooperative’s subsidiaries, as members of the central cooperative, may attend a Cooperative Meeting where they have the right to speak at the Meeting but not the right to vote.
OP Financial Group's Nomination Committee
In appointing members of the Supervisory Council, the Cooperative Meeting receives assistance from the OP Financial Group Nomination Committee, which consists of the chairs, first vice chairs and second vice chairs of the boards of directors of each Federation of Cooperative Banks. OP Financial Group Nomination Committee’s key task is to make a proposal for the Cooperative Meeting of candidates for the Supervisory Council.