Yip Hon Weng on Co-operative Societies (Amendment) Bill

The essence of Singapore’s co-operative movement builds on self-help, mutual assistance and economic empowerment and remains as relevant today as it did in its inception, said MP Yip Hon Weng. Speaking in Parliament on Wednesday (Apr 3), he said the proposed amendments encapsulate the commitment to nurture this important sector, as well as empower co-operatives to adapt and thrive in a rapidly changing landscape through transparent governance, support for smaller societies and commitment to ongoing evaluation. Mr Yip said they also pave the way for a stronger and more resilient co-operative ecosystem and ensure the continued success of stewards like NTUC FairPrice, as well as foster an environment where all co-operatives can flourish and contribute meaningfully to society and the economy. He also sought clarifications on the Co-operative Societies (Amendment) Bill. He wanted to know if the Government would consider providing more flexibility and options for co-operatives in managing their finances. Instead of a one-size-fits-all approach, he asked if the Government would consider having a differentiated approach to give co-operatives which have better fiduciary governance more flexibility.