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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