Financial stresses on farmers and grain elevators should make board members for agriculture-related cooperative more vigilant in their duties, experts say.
According to a report at the Grand Forks Herald, a September 2018 grain elevator cooperative embezzlement scandal that cropped up at Ashby, MN, and other instances of malfeasance should awaken companies to the challenges, says John O. Christianson, a certified public accountant and managing partner of Christianson PLLP, at Willmar, MN.
Christianson says the first step to avert problems is for board members to take an active role in leading your cooperative or company.
He also urges co-op boards to define expectations which need to be set and clearly understood in all areas important to the company, which include ethics; financial performance; operational performance; market position; and innovation.
Read the full report here.
