Gender focal persons of Philippine co-ops hold seminar

“Global300 Report 2010” announces world’s largest co-op enterprises

The International Co-operative Alliance (ICA) launched on October 31, 2011 in New York City, USA, the “Global300 Report 2010,” which announced that the largest 300 co-operative enterprises in the world have a collective revenue of USD 1.6 trillion, comparable to the gross domestic product (GDP) of the world’s ninth largest economy.

The Report detailed that although co-operatives were affected by the global financial crisis in 2008, they provided stability and security due to their measured risk model and their emphasis on services to members–not just profits. As a result, the co-op model represents an important contribution to the economic and social well-being of populations and their communities. As ICA President Dame Pauline Green has said, “The diversity and robustness of the co-operative business model is based on principles and values. This is why co-operatives were resilient during the global financial crisis, employing over 100 million people worldwide and enabling the development and welfare of societies in the most competitive economies.”

The Report analyzed the co-ops by seven sectors: Agriculture/Forestry, Banking/Credit Unions, Consumer/Retail, Insurance, Workers/Industrial, Health, Utilities (and others). It detailed how the global financial crisis affected each industry. While co-operatives were not immune to financial hardship, their flexibility in responding to the shifting markets and the trust of their members enabled these businesses to survive and thrive.

The launch of the Report coincided with the United Nations (UN) “International Year of Co-operatives” in 2012, a monumental year that will provide a platform to educate the public on the strength and socio-economic value of co-operatives. Over the course of 2012, co-operatives around the world will join together in a series of events to raise awareness of the impact and importance of the co-op model on societies and economies around the world as well as promote their growth.

ICA is the global voice for the values-based business model of the co-operative, uniting co-ops worldwide and providing a forum for knowledge and concerted action. ICA was established by co-operatives in 1895, with current members in almost 100 countries representing one billion people. Co-ops are successful values-based businesses owned by their members. Whether they are customers, employees or residents, the members get an equal say in the business and a share of the profits. Employing 100 million people, co-ops are significant economic actors in many different sectors like agriculture and fisheries, retail, banking and financial services, housing, production, transport and tourism, and other sectors. The theme of the 2012 “International Year of Co-operatives” is “Co-operative enterprises build a better world.” More information is available at ica.coop

--Press Release from ICA, October 31, 2011