Last week, Oikocredit International's membership took part in its 44th Annual General Meeting, following related meetings earlier in the week for Support Associations and members. Due to the Covid-19 pandemic, most participants -- including representatives from Oikocredit US -- joined the proceedings via a web-based conferencing system and voting was held electronically.
Among other things, the cooperative's members approved Oikocredit's Managing Board's and Supervisory Board's proposal not to pay a dividend for 2019. The intent of this proposal was to:
Allow Oikocredit to add € 11 million that would otherwise have been distributed as dividends to its general reserves, which would help the cooperative weather adverse economic developments should these occur
Help Oikocredit ensure the continuity of the cooperative and the protection of its members’ capital as uncertainty caused by the pandemic continues
Allow Oikocredit to be flexible in responding to the needs of the partners it finances, which in turn support low-income people hardest hit by the crisis
More information about the Annual General Meeting is at this link.
Photo: Charlotte Lott