Boards of directors of cooperatives told to comply with law or else …
The Ministry of Social Affairs, through its cooperatives sector, seeks to reassure cooperative societies’ boards of directors that its actions are aimed at guiding them toward optimal compliance with the law and the adoption of sound purchasing policies that safeguard their financial stability and protect shareholders’ funds.
The Al-Jarida daily has learned that the ministry is implementing a new policy, giving cooperative societies a specific timeframe to address observations, objections, and reported violations by field inspection teams before taking legal action, provided the violations are not severe enough to threaten the cooperative centers or jeopardize shareholders’ funds.
According to ministry sources, the inspection teams are spread across the country to assess compliance with Law No. (118/2013) on cooperative societies and its amendments, and will embark on re-inspection mission within a short period to rectify the situation.
If cooperation is lacking or the violations persist, legal measures will be taken based on the nature of the violations. The ministry emphasizes its commitment to the ultimate goal of cooperative work by providing quality goods at cooperative prices, alleviating financial burdens on consumers.
The inspection teams will work concurrently with investigation committees formed by the ministry based on financial and administrative observers’ reports or shareholder complaints, ensuring continuous monitoring throughout the year. The sources stress that the teams will take action even without existing problems or notes, with their continuous efforts to maintain the stability of cooperative societies.
In cases where suspicions of transgressions or intentional misuse of powers by a board of directors threaten shareholders’ funds, firm measures will be taken, including the immediate formation of investigation and review committees.
The ministry reassures cooperative societies that these actions aim to guide them toward optimal law application, sound purchasing policies, and the protection of shareholders’ funds.
On another note, the Ministry of Social Affairs opened its annual spring camp in the Sulaibiya area.
Khaled bin Shaflot, Director of the Activities and Media Department at the Ministry, expressed satisfaction with the camp’s opening, emphasizing the ministry’s social responsibility and collaboration with government agencies.
He noted the significance of the “Halfway House,” inaugurated in 2017 for addicts in recovery, as an innovative rehabilitation initiative focusing on therapeutic, psychological, and spiritual aspects.
