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A Study on Corporate Governance in SSK Cooperative Society: with Special Reference to Member's Satisfaction

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A Study on Corporate Governance in SSK Cooperative Society: with Special Reference to Member's Satisfaction Vol.7, No.2, April-June 2018 A Study on Corporate Governance in SSK Cooperative Society: with Special Reference to Member's Satisfaction – Netravathi. K* Abstract Corporate governance is not only a special term also includes a vast meaning. Satisfaction of stakeholders in industry is called as corporate governance. The paper objective is to measure the stakeholder's satisfaction. In spite of not having innovative products and services community cooperative societies were attracting more number of customers. Members of these societies are fascinated towards the cooperative society's transactions. As per the survey there are innovative products and services in nationalised, private and public banks, but still people more are interested in opening an account in cooperatives also for different purpose. SSK cooperative society has been taken has a sample of our study. It is a community development cooperative society. Questionnaire has been drafted to collect the data from stakeholders. The results interprets that in spite of innovative banking trends in private, public and nationalised banks, customers still depended upon the cooperative societies. Corporate governance and comfort system is only the reason where members still has a great confidence on the cooperative operations. Keywords: corporate governance, cooperative society, governance parameters Introduction Cooperative societies were a form of business where Individuals belongingness to the same class stretches their hands for the promotion of their common goals. These are the many voluntary associations formed to meet or satisfy the common economic, social and cultural needs through a jointly owned and democratically controlled enterprises. Indian cooperative society 1912 defines a cooperative as a society which has its objective the promotion of economic interest of its member's in accordance with cooperative principles. According Shri V.L. Mehta, a Vetern in the field of cooperation in India believed that, cooperation is only one aspect of vast movement which promotes voluntary associations of individuals having common needs who combine towards the achievement of common economic needs. * Research Scholar, CMR University 171 SUMEDHA Journal of Management Cooperative societies are spread throughout the world based on certain core, principles, and values rules of action conduct. For the first time in modern cooperative founded in Rochdale, England in 1844. Whatever the principles founded were adopted by the officials in the International cooperative alliance (ICA) in 1937as the Rochdale principles of cooperation. Cooperative movement in India is more than a hundred years old. In India first cooperative movement concentrated on agriculture and allied industries, which led to enactment of cooperative credit society's act 1904. Subsequently whenever changes required the act was amended for the development of other important industries like non-agricultural sector, handloom weavers. Likewise Karnataka cooperative societies act enacted on 1959 having 15 chapters. This act amended many times for the development of society, recently the amended in the year 2014. We assume that without innovative banking services we are unable to survive, but the embarrassing truth here is almost 75% of the respondents transacting only in cooperative societies. It is a voluntary association by choice and not by chance. Members prefer cooperative banks, hence membership is open to all with common interest.Minimum numbers of members is 10 to start the society and no restriction on the maximum numbers of members. There is nothing like suspension of membership, they may be a life time members.Entry and quit of membership is completely by their will state registration is required and statues, rules and bye-laws formed to protect the interest of members.Democratic management is another scope of the study and it directly leads to the corporate governance.Management governed by a managing committee of BOD who were selected by the members of the society. These societies specially established to provide service to its members. Cooperative societies are a separate legal entity with limited liability of its member's continuity of membership till death, insolvency or lunacy.Cooperative societies distribute profits earned among members based on their share investment.SSK cooperative societies have 12000+ memberships from same community members, having the objectives like rendering services not for profitability, mutual help, and creation of self-help groups not depending upon others. This is nothing but a instance of existence of corporate governance in SSK cooperative society. Profile of Karnataka State Souharda Federal Cooperative Limited (KSSFCL) The beginning of mankind the concept of cooperation has been the foundation for harmonious existence. Mahatma Gandhi once said that cooperatives are the gateway for economic development; by effectively implementing this philosophy KSSFCL has successfully achieved an environment that is conducive for the growth of souharda cooperatives in Karnataka, India. In 1959, the Karnataka souharda cooperative society act introduced and in this new era which changed the perception of cooperative society among members. 172 Vol.7, No.2, April-June 2018 Evolution of Corporate Governance in Banking System In May 1991, the London stock exchange set up a committee under the chairmanship of Sir Arian Cadbury to help raise the standards of corporate governance and the level of confidence in financial reporting and auditing by setting out clearly what it sees as the respective responsibilities of those involved and what it believes is expected of them. Contemporary corporate governance started in 1992 with the Cadbury report in the UK. Cadbury was the result of several high profile company collapses and was concerned primarily with protecting weak and widely dispersed shareholders against self-interested directors and managers. As prelude to institutionalize corporate governance in societies, an advisory group on corporate governance was formed under the chairmanship of Dr. R. H. Patil, gave the recommendations, in March 2001, under the chairmanship of Dr. A.S. Ganguly with a view to strengthen the internal supervisory role of the boards in societies in India. This move was further reinforced by certain observations of the advisory group on banking supervision under the chairmanship of Shri. M.S.Verma submitted report in January 2003. Keeping all these recommendations in view and the cross country experience, the reserve bank initiated several measures to strengthen the corporate governance in the Indian banking sector. Review of Literature Shifler and Vishny (1997) define corporate governance as the methods by which suppliers of finance control managers in order to ensure that they earn return on their investment. Gopal (1998) argued that the increasing efficiency of capital markets and global mobility of funds across the world means that the opportunity cost of shareholders' funds is increasing Ciancaneli and Gonzales (2000) in their research paper state that in banking sector the regulation represent external corporate governance mechanism. Aravan (2001) suggested that corporate governance is basically a system of making directors accountable to the stakeholders for the effective management of the companies, with concerns for ethics and values. La Porta (2002) studied firms performance from 27 developed countries, they find evidence that there is higher valuation of firms in countries with better protection of minority shareholders. Nam (2004) suggests some aspects that should be concerned in the internal mechanism of corporate governance, including its independence and straucture, function and acitivity, compensation and other relevant responsibilities of board of directors. S.bhaskaran (2005) studied the changing faces of Indian Banking. This article mainly speaks about the changes that have taken place in Indian banking sector since the reforms started. 173 SUMEDHA Journal of Management Fernanndo. A. C.(2006) states in his book "corporate governance, principles, policies and practices". Societies and corporate governance must have following minimum criteria: the objective of governance should be safe guarding depositors money and optimising shareholders' interests. Sharma Geetha & Kawadia Ganesh(2006) in their research paper"efficiency of Urban cooperative societies of Maharashtra: ADEA Analysis". Discussed the cooperative banking sector in India has received a series of shocks in recent years, resulting in a significant number of bank failures and upsurge in bank merger activities, both voluntary and arranged by RBI. The paper analyses and anlyzes and measures the performance and efficiency of the urban cooperative bank of Maharashtra. Pati, Ambika Prasad, Feb 2006, in his working paper, mentioned that societies being the most influential institutions in the financial sector their governance is of crucial importance. Eduardus Tandelilin, hermeindito Kaaro, putu anom mahadwartha, Supriyantna,(2007) in this working paper no.34 provides a conceptual model called Triangle Gap Model(TGM) and then test it in an empirical study. The idea of this research is to investigate the relationships among corporate governance, risk management and bank performance in Indonesian banking sector. Gopinath, shyamala(2008) " corporate governance in the Indian banking induatry, this paper makes a case for corporate governance as an internal mechanism in societies, and therefore influenced by cultural
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