• Title/Summary/Keyword: Co-operative's identity and principles

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Problem on the Governing Body of National Federation of Fisheries Cooperatives (NFFC) - from the perspective of the Honorary Office of NFFC President - (수산업협동조합중앙회장의 명예직화에서 본 지배구조의 문제점)

  • Jeon, Hyeong-Soo
    • The Journal of Fisheries Business Administration
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    • v.40 no.1
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    • pp.97-112
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    • 2009

  • The amendment of regulation affecting the Governing Body of NFFC (National Federation of Fisheries Cooperatives) has been known to the public in May 2008. Its essential points are as follow: 1) the President of NFFC shall be a non-standing officer. 2) the Full-Time Directors shall have the authority to deal with all subjects except for those especially reserved for the General Meeting or Board of Directors, while minimizing the authority of NFFC President. By providing this amendment, the government seeks to make the Governing body becomes professionalized and the management functions carried out by full-time professional board members. However, the amendment seems to pay no attention to the co-operative's identity and principles. In this context, five issues will be discussed: 1) Strengthening the separation between ownership and control of NFFC. 2) Weakening the authority of General Meeting. 3) The bounds of Audit Committee. 4) Consolidating the management control of the Full-Time Directors. 5) The loss of NFFC's Identity, followed by a summary and conclusion.

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