KALKARA, Malta, July 17, 2024 /PRNewswire/ -- Today marks a
significant milestone in the world of cooperative investment with
the launch of Coop Exchange Limited ("Coop Exchange") in
Malta. This groundbreaking
initiative aims to revolutionise the economic landscape by
connecting the immense amounts of patient capital that exists in
the pensions markets – predicted to hit $40
trillion of ESG assets by 2030[1] – with businesses that
deliver long-term sustainable growth through purpose-driven and
people-centered approaches: cooperatives.
The launch event, held at the historic Villa Bighi in Kalkara,
was attended by prominent leaders from the cooperative, mutual, and
sustainability sectors, including members from local cooperative
bodies, representatives from the Malta Financial Services Authority
(MFSA), and the Minister for Finance, Clyde
Caruana. Notably, the event featured a distinguished lineup
of speakers.
Maltese Prime Minister, Robert
Abela, delivered a video address, highlighting
Malta's ambition to lead in
sustainable finance and digital transformation. He expressed pride
in Coop Exchange's decision to establish its EU base in
Malta, noting that it aligns with
the country's efforts to drive funds towards activities that
support climate neutrality and societal welfare. Abela assured that
his administration will fully support Coop Exchange in becoming an
integral part of Malta's dynamic
and progressive financial sector.
Stephen Gill, Founder
and CEO of Coop Exchange, set the context for the following
speakers by painting a vision of an economic landscape dominated by
businesses prioritising social good and governance. "Imagine a
world where public ownership is characterised by community-driven
investments that shape the future for the benefit of those
communities. Investments supported by purpose-oriented investors
and institutions who appreciate that sustainable financial
investment and socially conscious impact investing are not mutually
exclusive but can be a force for good. This transformative shift in
our economic paradigm is what Coop Exchange is at the forefront
of."
He emphasised the importance of aligning investments with
cooperative values: "Younger generations are demanding a new way of
doing business, pushing those in power to address wealth inequality
and driving investment towards community-owned, purpose-oriented
organisations. Cooperatives, with their inherent values of equity,
solidarity, and mutual support, align closely with the principles
of ESG investing."
Dr. Ariel Guarco,
President of the International Cooperative Alliance (ICA),
highlighted the global impact: "Coop Exchange is a fundamental
instrument for the fulfilment of our cooperative principles and for
increasing the economic power of the cooperative movement on a
global scale. By directing resources towards a triple impact:
economic, social, and environmental, Coop Exchange demonstrates
that cooperative principles can and should be put into action
through concrete tools that generate visible fruits for
cooperatives and strengthen the cooperative ecosystem
globally."
Shaun Tarbuck,
Non-Executive Director of Coop Exchange and CEO of the
International Cooperative and Mutual Insurance Federation
(ICMIF), spoke about the long-term perspective of the
cooperative movement: "The cooperative movement is now necessary
because we are long-term thinkers. The UK government's pledge to
double the size of the cooperative economy over the next five years
is inspiring. Imagine if 25 governments made similar commitments by
2025, it would change inequality and create a fairer society and
jobs."
Dame Pauline Green,
Non-Executive Director of Coop Exchange and former ICA
President, emphasised the need for innovative solutions for
cooperative capital: "Coop Exchange is a creative, new way of doing
business for cooperatives, and it has the potential to help double
the size of cooperatives in the UK and hopefully worldwide. This
launch marks our progress towards resolving the challenges of
cooperative capital acquisition."
Barry O'Dwyer,
Non-Executive Director of Coop Exchange and Group CEO of Royal
London, underscored the importance of ESG considerations:
"Recent research shows that ESG considerations are in the top three
priorities for millennials, and the only priority for Gen Z.
Coop Exchange offers the opportunity to connect the immense amounts
of patient capital in the pensions markets with businesses that
deliver long-term sustainable growth based on doing the right
thing: being purpose-driven and having people at their core."
Jeroen Douglas, recently
appointed ICA Director General, addressed the issue of growing
inequality: "Prosperity for all cannot be achieved without
inclusive finance. Coop Exchange will offer a unique opportunity to
close the income gap and provide finance for those who need it
most."
Jane Zammit, a Masters
student in Sustainability, Climate Change and Transition to Net
Zero Economy, echoed the importance of cooperatives in
addressing the climate crisis: "Our generation is acutely aware of
the climate crisis. Cooperatives play a crucial role in the
transition to a net zero economy by aligning economic activities
with social and environmental goals."
Martin Chrisney, One
Americas ESG Chief Operating Officer, concluded with a vision
for the future: "The business principles of cooperatives align 100%
with the SDGs and the Paris
climate goals. Coop Exchange is the platform where cooperatives and
investors can define new products, services, and structures to meet
the requirements of the cooperative movement, solving some of the
most pressing global problems."
For more information, please contact:
Stephen Gill,
stephen.gill@coop.exchange
Photos from the event can be downloaded here: Coop Exchange
Malta Launch Event
Coop Exchange's logo can be downloaded here: Coop Exchange
High Resolution Logo
Note to Editors: Please credit photographs to
Matthew Green when using images from
the event.
About Coop Exchange
Coop Exchange is building a global network of stock exchanges
dedicated to Cooperatives and Mutuals, allowing anyone to invest
with impact. It is an international platform for raising capital
and trading financial instruments rooted in the cooperative and
mutual sector. This platform enables institutions—and, subject to
regulatory approval, individuals—to invest in cooperative financial
instruments. It is designed to uphold cooperative values and
principles, ensuring investments align with these ideals while
safeguarding coops against liquidity risk. Together, we're turning
capital into a force for good – where capital empowers people,
rather than people empowering capital.
Further information can be found on our website:
https://coop.exchange
About Cooperatives
Cooperatives are people-centred
enterprises jointly owned and democratically controlled by
and for their members to realise their common economic,
social and cultural needs and aspirations. As enterprises
based on values and principles, they put fairness and equality
first allowing people to create sustainable enterprises
that generate long-term jobs and prosperity. Managed by
producers, users or workers, cooperatives are run according to the
'one member, one vote' rule. Globally, there are over 3 million
co-ops, with a combined annual turnover of of over $2.4 trillion, and 1.2 billion people are members
of coops.
The UN has declared 2025 the Year of Cooperatives.
Further information can be found on the ICA's website:
https://ica.coop
About Robert Abela
Robert Abela, born in
Malta in 1977, graduated with a
law degree from the University of Malta in 2002. Dr. Abela has experience
working in the family law firm and has served as a legal consultant
for various organisations, including public entities and trade
unions.
Elected as a Member of the Maltese Parliament in June 2017, he was subsequently appointed as the
legal adviser to the Cabinet of Ministers. On January 13, 2020, he became the 14th Prime
Minister of Malta after being
elected as the Party Leader of Partit Laburista.
Dr. Abela was re-elected on March 28,
2022, following a decisive victory in the General Elections
held on March 26, 2022, where Partit
Laburista won with the largest majority in Maltese history.
About Stephen Gill
Stephen Gill is the Founder and
Chief Executive Officer (CEO) of Coop Exchange, an innovative
platform dedicated to facilitating the growth and development of
cooperative enterprises through sustainable finance investment.
Since founding Coop Exchange, Gill has been a driving force in
revolutionising how cooperatives access capital, fostering a more
inclusive and sustainable economic landscape.
Gill's entrepreneurial journey is rooted in a deep commitment to
cooperative principles and social entrepreneurship. Before
establishing Coop Exchange, he gained extensive experience in the
technology sector, where he led an MBO of VME, a software business,
before converting it to a cooperative in 2020.
At Coop Exchange, Gill's vision is to democratise finance for
cooperatives, enabling them to thrive in an increasingly
competitive market. Under his leadership, Coop Exchange is building
a unique platform that connects cooperative businesses with
investors who share their values and commitment to sustainable
growth. This approach not only enhances the financial resilience of
cooperatives but also empowers communities by fostering local
ownership and economic empowerment.
Stephen Gill holds a Masters
degree in Management of Cooperatives and Credit Unions, which
underpins his strong analytical and strategic capabilities. His
academic background, combined with his practical experience,
enables him to navigate the complexities of the financial world
while maintaining a clear focus on the unique needs and values of
cooperatives.
As the CEO of Coop Exchange, Gill is dedicated to promoting
transparency, collaboration, and sustainability. His leadership
reflects a deep commitment to the cooperative movement, ensuring
that Coop Exchange remains at the forefront of fostering economic
justice and social impact. Through his visionary approach,
Stephen Gill continues to inspire
and empower cooperative enterprises to achieve their full
potential.
About Ariel Guarco
Ariel Guarco is the President of
the International Co-operative Alliance (ICA), a position he has
held since November 2017. With a
deep-rooted commitment to the cooperative movement, Guarco has
dedicated his career to promoting and advancing cooperative
principles worldwide.
Born in Argentina, Guarco has a
rich background in cooperative organisations, particularly in the
utility sector. He began his journey in the cooperative movement
with the Electric Cooperative of Coronel Pringles in Buenos Aires Province, where he served as
President. His leadership and vision significantly contributed to
the growth and success of the cooperative, making it a model for
others in the region.
Guarco's influence extends beyond national boundaries. He has
been actively involved in various regional and global cooperative
bodies. Prior to his presidency at the ICA, he was a member of the
Board of Directors of the International Co-operative Alliance for
the Americas (ICA-Americas), where he played a crucial role in
strengthening the cooperative network across the continent.
As ICA President, Guarco champions the cooperative model as a
viable and sustainable alternative for economic and social
development. Under his leadership, the ICA has focused on enhancing
cooperative identity, promoting cooperative entrepreneurship, and
advocating for a more inclusive and democratic global economy. His
tenure is marked by efforts to integrate cooperatives more closely
into the United Nations' Sustainable Development Goals (SDGs),
emphasising the sector's potential to contribute to poverty
reduction, equality, and environmental sustainability.
Guarco holds a degree in veterinary medicine, showcasing his
diverse expertise and commitment to serving communities in various
capacities. His academic background complements his pragmatic
approach to cooperative development, fostering a holistic view of
community empowerment and sustainable growth.
Ariel Guarco's leadership is
characterised by his unwavering dedication to the cooperative
principles of self-help, self-responsibility, democracy, equality,
equity, and solidarity. His vision for a more cooperative world
continues to inspire and mobilise cooperative members and
supporters globally.
About Shaun Tarbuck
Shaun Tarbuck's distinguished
career in the mutual sector is highlighted by his long-standing
commitment to the International Cooperative and Mutual Insurance
Federation (ICMIF), where he embarked on his journey in 1995. By
2005, Shaun's visionary leadership propelled him to the role of
CEO, during which he has significantly expanded ICMIF's membership
from 65 to 210 members across 60 countries, underscoring his
pivotal role in the global mutual insurance landscape.
A recognised authority on impact investing and sustainable
business, Shaun authored the ICMIF Global Manifesto "Protecting
Lives and Livelihoods" in 2015, reflecting a steadfast commitment
to the United Nations Sustainable Development Goals. His expertise
in climate change, disaster risk resilience, and responsible
investing positions him as a key influencer in shaping insurance
policies for sustainability.
Under Shaun's stewardship, ICMIF has forged strategic global
partnerships with key UN agencies and the Prince's Accounting for
Sustainability Project (A4S), enhancing the role of mutual
insurance in achieving the UN 2030 Agenda. As a founding member of
the Insurance Development Forum (IDF), Shaun has been instrumental
in fostering unique public-private collaborations that address
insurance-related issues at the highest levels of global
policy.
Beyond his environmental and policy achievements, Shaun is
celebrated for his thought leadership in the mutual sector,
frequently addressing topics like governance, innovation, and
mutual sector strategies. His board positions with the Climate
Bonds Initiative further demonstrate his dedication to promoting
green finance and pioneering mutual insurance development.
In addition to being a non-executive Director of Coop Exchange,
Shaun's dedication to the mutual insurance sector and
sustainability is reflected in his numerous roles and achievements,
including serving on the ICMIF Board, the ICMIF Executive
Committee, the UNDRR Investment Advisory Board, and the Global
Reporting Initiative's Insurance Sector Taskforce. He has also
played a crucial role in developing the world's first Insurance SDG
Calculator with Swiss Re.
As Shaun prepares to retire from his role as CEO of ICMIF in
November 2024, his legacy of growth,
sustainability, and innovation continues to inspire and shape the
future of the mutual insurance industry.
About Dame Pauline
Green
Dame Pauline Green is an
internationally respected leader within the cooperative movement,
having held a number of pivotal leadership positions within the
European Parliament, Coops UK, and both the European and
international ICA bodies – including being a former ICA
President.
Dame Pauline was born in Malta
and brings an invaluable wealth of cooperative experience,
networks, and governance expertise. Her work with other recognised
leaders on the Blue Ribbon Commission helped shape cooperative
capital without compromising on cooperative principles and
values.
Dame Pauline is a former Labour and Cooperative Party Member of
the European Parliament and former Leader of the Parliamentary
Group of the Party of European Socialists. In 2003, Dame Pauline
was appointed President of ICA Europe until her election as
President of the ICA in November
2009. As with her appointment to Coops UK, Dame Pauline was
the first female president in the ICA's history.
Committed to cooperative values and principles, Dame Pauline has
worked on a number of initiatives relating to cooperative capital,
including the ICA's Blueprint for a Cooperative Decade research
paper and the Blue Ribbon Commission.
About Barry O'Dwyer
In addition to being a non-executive Director of Coop Exchange,
Barry O'Dwyer is the Group Chief
Executive Officer (CEO) of Royal London, the UK's largest mutual
life, pensions, and investment company. Appointed in September 2019, O'Dwyer brings a wealth of
experience and a proven track record in the financial services
industry, guiding Royal London through a period of significant
growth and strategic transformation.
O'Dwyer has spent over two decades in senior leadership roles
within the insurance and investment sectors. Before joining Royal
London, he served as the CEO of Standard Life Aberdeen's UK
business. His tenure at Standard Life Aberdeen was marked by
successful leadership through complex regulatory changes and
significant market challenges, showcasing his ability to navigate
and thrive in dynamic environments.
Barry began his career at Standard Life in 1988, when it was a
mutual. In 2008, he moved to HBOS and shortly afterwards to
Prudential UK & Europe, where
he became Deputy Chief Executive Officer. He returned to Standard
Life in 2013, where he became Chief Executive Officer of Standard
Life's platform, pensions and savings business. His extensive
experience encompasses a broad spectrum of responsibilities, from
business strategy and development to operational management and
customer engagement.
As the CEO of Royal London, O'Dwyer is committed to the
company's mutual ethos, which prioritises the needs and interests
of its members and customers over shareholders. His leadership
focuses on delivering value, transparency, and trust, ensuring that
Royal London remains a leader in customer service and innovation in
the financial services industry.
Under O'Dwyer's stewardship, Royal London has continued to
expand its market presence, launching new products and services
tailored to meet the evolving needs of its diverse customer base.
His strategic vision emphasises sustainability, digital
transformation, and the importance of financial education and
inclusion.
O'Dwyer qualified as an actuary, and he is a Fellow of the
Institute and Faculty of Actuaries. His technical expertise and
strategic insight are complemented by a genuine passion for making
a positive impact on society through the provision of fair and
accessible financial services.
Barry O'Dwyer's leadership at
Royal London is characterised by his dedication to the principles
of mutuality, customer-centricity, and long-term value creation.
His vision and direction continue to shape the future of the
company, ensuring it remains at the forefront of the industry while
maintaining its core values and commitment to its members.
About Jeroen Douglas
Jeroen Douglas is the newly
appointed Director General of the International Co-operative
Alliance (ICA), a global organisation dedicated to promoting and
strengthening cooperative businesses worldwide. Taking on this role
in 2024, Douglas brings a wealth of experience in international
development, cooperative movements, and organisational
leadership.
Douglas has an extensive background in sustainable development
and social enterprise, with a particular focus on agriculture and
rural development. Before joining the ICA, he served as the
Executive Director of Solidaridad Network, a renowned international
civil society organisation that works towards sustainable supply
chains and inclusive economies. His leadership at Solidaridad was
marked by significant advancements in promoting fair trade,
environmental sustainability, and social justice.
Throughout his career, Douglas has been a passionate advocate
for sustainable supply chains, emphasising their potential to drive
inclusive growth and community empowerment. His work has spanned
multiple continents, including Latin
America, Africa, and
Asia, where he has collaborated
with a diverse range of stakeholders, from smallholder farmers to
multinational corporations, to create equitable and sustainable
economic opportunities.
As the Director General of the ICA, Douglas aims to enhance the
visibility and impact of cooperatives globally. His strategic
vision includes strengthening the cooperative identity, fostering
innovation, and deepening the integration of cooperatives into the
global economic framework. He is particularly focused on leveraging
cooperatives as vehicles for achieving the United Nations'
Sustainable Development Goals (SDGs), advocating for their role in
poverty alleviation, gender equality, and climate action.
Douglas holds a Master's degree in Cultural Anthropology from
Radboud University in the
Netherlands. His academic background, coupled with his
practical experience, enables him to navigate the multifaceted
challenges and opportunities facing the cooperative sector
today.
Jeroen Douglas's leadership at
the ICA is characterised by his commitment to cooperative values of
self-help, self-responsibility, democracy, equality, equity, and
solidarity. His vision for a more cooperative world is set to
inspire and mobilise the global cooperative community, driving
forward initiatives that foster sustainable and inclusive
development.
About Jane Zammit
Jane Zammit, born in 1996 in
Malta, is an emerging leader in
the field of sustainability and environmental management. She holds
an undergraduate degree in Business Management, which has provided
her with a solid foundation in corporate operations and strategic
planning. Currently, Jane is furthering her education by pursuing a
Master's degree in Sustainability, Climate Change, and Transition
to a Net Zero Economy.
Jane's academic and professional journey reflects her deep
passion for Environmental, Social, and Governance (ESG) issues. Her
commitment to creating sustainable solutions and driving positive
change in the corporate world positions her as a key advocate for
responsible and forward-thinking business practices. Jane's
expertise and dedication make her a valuable asset in the global
effort to address climate change and transition towards a
sustainable future.
About Martin Chrisney
Martin Chrisney is a strategic
advisor specialising in sustainable finance topics, providing
expert guidance to corporates, banks, governments, and the
international community. With over 25 years of experience, Martin
has honed his skills in strategy, operations, and program delivery,
successfully building and leading multidisciplinary teams across
diverse geographies. His work focuses on implementing initiatives
that generate both positive social and environmental impacts and
are consistent with sustainable financial return.
Currently serving as the Chief Operating Officer for KPMG's One
Americas ESG, Martin coordinates the delivery of programs for
clients throughout Latin America
and the Caribbean. His previous
roles at KPMG include Director and Senior Director at the
International Development Assistance Services (IDAS) Institute and
he spent over two decades at the Inter-American Development Bank,
overseeing private sector operations and sustainable development
projects. Previously he was a lead economist at the Institute of
International Finance and researcher at the World Bank's Research
Department.
Martin has published numerous thought leadership pieces on
international development finance and sustainability, establishing
himself as a respected voice in the field. His professional
experience spans across Africa,
Asia, the Middle East, Latin
America, and the Caribbean,
where he has cultivated a robust network of professional contacts
and deep regional insights. Martin holds advanced degrees from the
London School of Economics and
Johns Hopkins University, SAIS.
[1]
https://www.bloomberg.com/company/press/global-esg-assets-predicted-to-hit-40-trillion-by-2030-despite-challenging-environment-forecasts-bloomberg-intelligence/
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