ABA is owned by the members and managed by a Board of Directors who report to the members.
No member can hold more than 20% of the issued equity, which ensures that no one person or party has control.
All key decisions are made by the members at general meetings However, in practice, the Board is authorised to manage the day to day operation of the Co-operative and in particular to raise capital and make investment decisions.
It is registered as a high level open Co-operative which entitles it to raise unlimited capital and to invest in any assets or project that is lawful.
In the case of Australian Business Advancement Co-operative, an audit review is conducted on a monthly basis and an annual report is provided to the Consumer Affairs Department a division of the Department of Justice.
The audit covers not just the financial reporting and processes, it also covers the processes and systems in place to ensure that the Co-operative is operating within its rules.
The auditor is responsible for reporting to Department of Justice the capacity of management and if deemed either incompetent, irresponsible or fraudulent who can replace the Board if there they feel appropriate..
The co-operative is regulated under the Co-operatives national Law 2013 and the Victorian Co-operative act 1996 amended in 2014.
Directors of a co-operative have a responsibility to act in an ethical manner and to be responsible in their management roles.
We have instigated a rigid process of monthly audit with a Department of Justice approved auditor who’s role is to review not just the financial probity but also the adherence to the rules laid down by the Department of justice.