What is a Cooperative?
CoMetro is a cooperative with deposit taking license which is authorised and approved by the Malaysian Government under the Cooperative Act 1993. A cooperative (“coop”) or co-operative (“co-op”) is an autonomous association of peoples who voluntarily cooperate for their mutual, social, economic, and cultural benefit. The cooperative model is an innovative vehicle for group investment with many advantages over traditional models. The cooperative principles and values such as ownership shared by members and not big corporate shareholders, democratic one-member, one-vote basis, social responsibility and members’ benefit and cooperation will provide an investment vehicle that ensure these resources work to create value for the members. Furthermore, a cooperative being a for-profit business, can provide members with a modest to better-than-normal return on their investment.
How does a Cooperative being governed?
All Saving & Deposit deposited into CoMetro is known as “Skim Simpanan Khas & Deposit” and Deposit & Pinjaman”, which is approved by Suruhanjaya Koperasi Malaysia 1993 (Akta), 50(d) Akta and 50(e) Akta and CoMetro constitution and by-law Section 62 and 63. Details of deposit taking can be found at Suruhanjaya Koperasi Malaysia; GP9 : Garis Panduan Mengenai Pengambilan Simpanan Khas Dan Deposit Atau Penerimaan Pinjaman. All deposit taking activity of the Cooperative is governed and approved by Suruhanjaya Koperasi Malaysia and Cooperative must abide by Bank Negara’s “Akta Bank dan Institusi-Institusi Kewangan 1989” and “Anti Money Laundering And Anti Terrorist Financing Act 2001”.
Our investment governance policy
We strived to ensure that our depositor/investor is paid within the stipulated timeline as per our contractual obligation with our investors. To date, we have never defaulted on any payment obligation and we continue to strive towards such excellence of governance.
Every investment decision made by the Cooperative in order to generate the return to pay to our valued investor, we had taken the appropriate steps and mechanism to ensure that corporate governance and transparency is followed. Every investment is made based on Malaysia Commercial and Business Law which includes the following:
- Using of the word ‘bank’ or similar name with approval – Banking and Financial Institutions Act 1989: Section 15(1)
- Receiving, taking or accepting deposits with valid license – Banking and Financial Institutions Act 1989: Section 25(1)
- Advertisement for Deposit Taking – Banking and Financial Institutions Act 1989: Section 27(A)
- Operating money services business with valid licence – Money-Changing Act 1998: Section 4(1) Money Services Business Act 2011; Section 4(1) Warning letters issued
- Furnishing false information – Money-Changing Act 1998: Section 35(b)
- Anti-Money Laundering – Anti-Money Laundering and Anti-Terrorism Financing Act 2001 : Section 4(1)
Therefore adhering to the Law in Malaysia and the Cooperative code of conduct, we continue to strive to adhere the law and policy laid in governing your deposit and investment.
The Board of Directors of CoMetro had also taken the extra steps besides the above governing law by placing a caveat on every business or private equity we invest in. For example when an investment is made on a business, a caveat will be placed on the business property or the director’s of the business personal property. In addition to that a guarantor is imposed for every transaction as back ground check and accountability. These are the additional and important measures that we took to ensure your investment is secured with us, thus maximising the return for our valued investor which is you.
Awards & Recognition
Socially Responsible Company Awards 2014
At the Socially Responsible Company Awards in October 2014, CoMetro received the prestigious awards, Socially Responsible Company Awards – Industry Class Sector in Finance & Investment. The awards is supported by the Prime Minister Department of Malaysia and in global cooperation and support with United Nations Global Compact that advocates good corporate governance in the field of Human Rights, Labour Standard, Environment and Anti-Corruption.
For CoMetro it is an honour to receive such an award. The award is a testimony to our commitment to good corporate governance and best practices to ensure we maximise the return of or valued investor which is you. (The awards was presented to CoMetro by the then Deputy Minister of Women, Family & Community Development).