1 Who might be included in the stakeholders to whom the directors are responsible?

Meeting users’ needs Extracts from annual report 2008 (pp. 1 and 26)
Key results (p. 1)

Directors’ responsibilities (extract)
Directors are expected to exercise their judgement when making decisions in the best interests of the Society as a whole, mindful of their responsibilities to members and other stakeholders. (p. 26)
What is a co-operative? (from the website)
Unlike lots of other businesses, a co-operative doesn’t have tradeable shares like a plc whose values can fluctuate. A co-operative, however, is owned equally and fairly by its members – people like you! We’d far rather give our profits back to our members and the community than to faceless shareholding institutions. You know that twice-yearly payment you get from us? That’s actually a share of our profits! And the more you spend with us, the more of a profit you get back! How neat is that? Your dividend is linked to how much profit we make. Not many businesses give back that sort of money to their customers.

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2008 2007 m m The co-operative food Gross sales including VAT and travel agency sales Up 15% 10,435 9,075 Revenue before premiums Up 13% 9,399 8,289 ceded to reinsurers HALLE HALE HALE Operating profit before Up 11% 393 355 significant items Operating profit after Up 60% 275 173 significant items Profit before payments to Up 11% 218 196 and on behalf of members Payments to and on behalf of members Members' funds Up 122% 102 46 Up 4% 3,933 3,797