Oikocredit held General Meeting to discuss strategy and capital-raising model
On 2 December Oikocredit held an Extraordinary General Meeting (EGM) in Amersfoort, the Netherlands, with members and others participating through a web-based conferencing and electronic voting system.
Oikocredit’s Managing Board invited members to an extraordinary meeting to: further discuss the review of Oikocredit’s capital-raising model and the related role of members; provide an update on the development of Oikocredit’s 2022-2026 strategy; and follow up on several motions that were presented at the last General Meeting in June.
The EGM was held as a hybrid meeting with only a small number of participants gathered at the Oikocredit office in Amersfoort, due to the ongoing coronavirus pandemic. Ging Ledesma, Director of Social Performance Innovation, chaired the meeting and around 80 member representatives participated and voted online.
Future capital-raising model
In 2021, Oikocredit reviewed its capital-raising model and looked for possibilities to make it more resilient in the face of evolving financial markets regulations, particularly in the European Union. The cooperative relies on funding from its members globally as well as from investors via support associations and the Oikocredit International Share Foundation. Oikocredit has built its capital-raising model organically over the past 46 years and the model has proven to work successfully to date. The objective of this review process was to find a new capital-raising model that ensures the sustainability of Oikocredit's mission going forward while increasing transparency and reducing complexity and regulatory risk. This was done through a collaborative process that closely involved Oikocredit’s support associations and included regular consultations with other members.
At the EGM members voted in favour of resolutions that allow the Managing Board to continue to gather input from members and work out a more detailed model, which will be shared with members at the next General Meeting.
Following the next General Meeting, implementation plans will be developed before the new model is rolled out. The new model is expected to be implemented in the first market(s) by early 2023. All stakeholders, particularly investors in these markets, will be kept informed throughout this process. Introducing a new capital-raising model will not change Oikocredit’s purpose and commitment to provide investments across its focus countries in Africa, Asia and Latin America and the Caribbean. The cooperative will continue to support its partners in empowering low-income people to improve their livelihoods.
Oikocredit’s Managing Board also provided an update on the 2022-2026 strategy, which is due to be finalised in the first half of 2022. The new strategy focuses on creating resilience by supporting communities in Oikocredit’s outflow countries through a more holistic approach as well as connecting Oikocredit’s investor community in a global impact-making movement. Read more about the community-focused approach here >
Oikocredit’s Managing Board also updated members on the progress made on motions submitted during the Annual General Meeting in June. The Supervisory Board also shared details on the nomination of its members and on Supervisory Board vacancies.
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