Did you know that Desjardins is a financial services cooperative?

Do you know why Desjardins Group defines itself as a different financial institution? Your caisse is different from a bank because of its cooperative nature. But what exactly does that mean?

If you are a member of a caisse populaire or a credit union, then you and your fellow-members are also co-owners. This means that as a member, you are dealing with an organization that belongs to you.

Becoming a caisse member gives you the right to vote at the Annual General Meeting of the caisse, to file your candidacy for election to the position of volunteer officer and to receive member dividends. By becoming a caisse member, you also commit to participating in the democratic life of the caisse by voicing your opinion, to encouraging the financial success of the caisse and to supporting the caisse's mutual aid objectives.

Caisses pay member dividends to members

If caisse operations are profitable, the caisse will realize a surplus that can be paid out to members. These surplus funds are called "member dividends." For the 2006 financial year, the Desjardins caisses paid out $483 million in member dividends that their members share as individual and collective member dividends.

Caisse members may also decide to allocate a portion or even the entire available surplus to one or several group projects. (e.g.: creating jobs, supporting young businesses, promoting local products and supporting people in crises).

The caisse is a democracy

Certain important decisions about your caisse are made at the Annual General Meeting. Each member can ask questions, state their opinion and exercise their right to vote and participate in the election of officers. Since a cooperative operates on the "one member, one vote" principle, your vote at the Annual General Meeting carries the same weight as anyone else's.

You too can become a caisse officer

Any member can become a volunteer officer. All you need to do is announce your candidacy for one of the available positions during the appropriate period and then be elected by your fellow-members. The "Young Intern Officer" program gives 18- to 30-year-olds the chance to do a 1-year internship on the Board of Directors of a Desjardins caisse.

This column was written by Mélanie Lefebvre, Youth Focus Advisor at the Caisse populaire Desjardins de Mont-Tremblant.