Azlan Othman
According to statistics in 2021, 159 cooperatives have been registered under the Cooperative Companies Act (Chapter 84), of which only 29 per cent of cooperatives are still active in business activities. The rest are categorised as inactive, either stopped operating or have never operated since it was registered.
Only 13 per cent of all cooperatives in the country have completed and prepared annual financial statements in accordance with the Cooperative Companies Act.
Acting Director of the Registry of Companies and Business Names Division (ROCBN) at the Ministry of Finance and Economy (MoFE) Pengiran Addizulfadli bin Pengiran Darussalam said this during a briefing session and exhibition on the best practices in cooperative corporate governance at the MoFE’s Theatre Hall yesterday.
“The government is aware of some of the challenges experienced by cooperatives to take their steps further in developing their cooperatives to a higher level so that they are able to be independent, sustainable and able to penetrate the export market either at the regional or international level,” he said.
Pengiran Addizulfadli added that the MoFE is always examining acts and guidelines to remain relevant and make it easier for cooperatives in Brunei to thrive.
The MoFE, through the Cooperative Development Unit in the Industry and Business Ecosystem Division (IBE) held a briefing and exhibition for two days starting yesterday.
Deputy Permanent Secretary (Trade and Industry) at the MoFE Mohammad Harris bin Brigadier General (Rtd) Dato Paduka Haji Ibrahim was the guest of honour.
Director of IBE Allen On, heads of divisions, senior officers and staff of government and private agencies as well as chairpersons and members of the cooperative board were also in attendance.
The briefing’s objective was to provide exposure to the cooperatives on the existing policies and guidelines under the ministry and the relevant agencies; and to listen to success stories or sharing information about governance practices by four cooperatives in Brunei.
Ninety participants comprising cooperative board members, attended the briefing themed ‘Conducive Business Environment, Improving Cooperative Sustainability’.
Briefings on legislation, policies, processes and services that could be studied to further enhance the corporate governance of cooperatives were delivered by several officials from government and private agencies.
The briefing concluded with a forum session on the experience of cooperatives in the country by listening to the sharing of four panels comprising members of the cooperative board – KOTIBA Cooperative, Kesuma Mekar Cooperative, SAMAKAYA Cooperative and ITM Cooperative.
