Legal form and mission
The FMC coordinates the activities of Migros and determines its strategy. It is also a Migros service provider. The FMC is responsible for covering the needs of the regional Cooperatives through a system of combined purchasing and production, as well as by establishing or acquiring participatory interests and subsidiary companies of all kinds.
The organs of the FMC are the Assembly of Delegates, the Board of Directors, the Executive Board and the Board of Control.
Cooperative capital and liability
The cooperative capital of the FMC totals CHF 15 million (Migros Group Financial Report, consolidated group, p.140). The shares have a nominal value of CHF 1'000, pay interest of 4% and are not transferable. They are distributed among the regional Cooperatives as follows (as % of cooperative capital):
Distribution of the Cooperative Capital
|Migros Cooperative Zurich (MCZ)||32.2%|
|Migros Cooperative Aare (MCAA)||19.7%|
|Migros Cooperative Eastern Switzerland (MCOS)||11.4%|
|Migros Cooperative Basel (MCBS)||10.0%|
|Migros Cooperative Geneva (MCGE)||7.1%|
|Migros Cooperative Vaud (MCVD)||4.8%|
|Migros Cooperative Lucerne (MCLU)||4.6%|
|Migros Cooperative Neuchatel-Fribourg (MCNE-FR)||4.3%|
|Migros Cooperative Ticino (MCTI)||3.8%|
|Migros Cooperative Valais (MCVS)||1.7%|
In accordance with the statutes, the shares that are not participation certificates are underwritten on the basis of the annual retail sales. The number of shares acquired by the Cooperatives is based on the conditions in 1957. As it was no longer necessary to issue new shares to finance the FMC, and because the voting rights are exercised independently of the share distribution, the Board of Directors decided not to change anything and has retained the original distribution from 1957.
Liability for the obligations of the FMC is limited to its assets.
Statutes and regulations
The organisation of the FMC is set out in the company statutes (version of 26 March 2011) and substantially in the updated organisational rules of the Assembly of Delegates (version of 07 November 2015) as well as in the organisational rules of the Board of Directors (version of 29 March 2014). The reciprocal rights and duties between the FMC and the regional Cooperatives are set out in ten (identical) agreements between the FMC and the Cooperatives (version of June 1984, as amended).