Public consultation on the draft law that regulates cooperatives

The draft law that regulates cooperatives opened for public consultation on Friday 19th July and will remain open until 30th September.

Cooperatives are defined as people-centred enterprises that are owned, controlled and run by and for their members.

The amendments in this bill are “crucial to ensure the relevance, efficiency and growth of cooperatives in today’s economic and social environment”, Government said in a statement.

The aim behind the amendments, Government added, is to help cooperatives to meet challenges and be better prepared for the opportunities of today’s “globalised, dynamic and innovative markets”.

In addition, they aim to “offer a solid foundation for good governance, transparency and accounting within the cooperative to strengthen trust and participation within members”.

Government also intends to raise the standards of cooperatives in Malta in line with international standards, facilitating growth.

Minister for the Economy, Enterprise and Strategic Projects Silvio Schembri said that in a small country with limited resources the economic model of a cooperative is a concept that makes sense because “it combines the resources so that the industry of that cooperative continues to strengthen”.

“The aim of these amendments is precisely to see the cooperatives in our country continue to grow and be strengthened in a regulatory framework that is in line with international practice,” said Minister Silvio Schembri.

For more information and to make submissions, click here.