Organizational changes in Canada

Oikocredit International (OI), an international social impact investor and worldwide cooperative based in the Netherlands, is currently represented in Canada by two Support Associations (SAs). These two voluntary boards are Oikocredit Canada (OCSA), based in Toronto, Ontario, and Oikocredit Atlantic Canada Cooperative (Oikocredit Atlantic) based in Dartmouth, Nova Scotia.  By the end of this year, Oikocredit Atlantic will cease operations and OCSA will continue as the single SA representing Oikocredit throughout Canada. With a new national mandate, OCSA will aim to operate efficiently, as a single entity, with representation from the Western, Central, and Atlantic regions of the country.

Joseph Howse, formerly of Oikocredit Atlantic and now on the board of OCSA, says that Oikocredit Atlantic “operated successfully over the years as an investment co-operative, raising funds for Oikocredit International. However, a few years ago, when we and other Oikocredit SAs in North America saw changes in the economic and regulatory environment, we had to adapt to new ways of raising investments that would be most efficient for Oikocredit as a whole.” At that time, Oikocredit Atlantic became one of several SAs that stopped raising new investments and instead focused on other volunteer activities.

Considering that Oikocredit Atlantic no longer sells or promotes investments, and that other volunteer activities can be coordinated effectively through a single nationwide SA,  the current board members of Oikocredit Atlantic have expressed their wish to retire from this role and their members have approved the board's recommendation to dissolve Oikocredit Atlantic effective December 31, 2019.

What does it mean for investors in Atlantic Canada?

Depending on shareholders' individual wishes, funds invested in Oikocredit through Oikocredit Atlantic are being (1) donated to OI, (2) returned to shareholders but then re-invested in OI in other forms, or (3) returned to shareholders for other purposes. All investors have been informed and this process is already underway.

How does this affect Oikocredit’s role in Canada?

These changes align with Oikocredit’s organization-wide initiative towards greater operational efficiency and will not impact Oikocredit's relationships with other Canadian members and investors. Across Canada, through speaking engagements, knowledge-sharing events, and blended finance opportunities, OCSA will continue to actively promote the core impact investing and sustainable development initiatives of OI that focus on financial inclusion, agriculture, and renewable energy.   

Questions about investing in Oikocredit or about Oikocredit in Canada should be directed to canada@oikocredit.org.