A conversation with… Stephen Gill

Founder CEO and CTO, Co-op Exchange (Malta)

Tell us about your organisation?

Coop Exchange is the home of Member-Owned Capital: a technology platform, standards body, and distribution network that makes member-owned businesses of all sizes investable for institutional capital—pension funds, asset managers, and ESG mandates—while preserving member control and values. By defining and operating the Member-Owned Capital Market, we give issuers a recognised place to raise—and investors a single place to find—genuine member-owned instruments with investor-grade ESG indicators presented alongside financials.

How does being organised as a cooperative make a difference here?

Because the market infrastructure needed for member-owned businesses to raise capital on public markets without compromising their identity is owned by them – our success is tied to our members’ success in raising capital. Instead of bespoke, one-off raises, members start from a reusable, purpose-built standard and platform, plus a portable Coop Exchange Approved mark that investors recognise wherever member-owned instruments are listed.

And this lets members raise equity without losing control

That’s right. Outside capital participates on member terms, while governance stays with members. That means clearer guardrails, comparable information for fair pricing, and more surplus staying local for wages, services, and long-term investment. Crucially, it enables debt-to-equity conversions, and when member-owned businesses share a portion of surplus with ESG and responsible pension funds, that value spreads to millions of pension holders worldwide—helping tackle wealth inequality beyond the co-op’s membership. In short: members keep sovereignty; communities see tangible benefits; and the wider public shares in the upside of businesses that put people before speculation.

Why did you join the CM50?

There is a structural mismatch between the scale of values-aligned capital and the availability of investable, non-extractive, member-owned businesses. $40 trillion of values-aligned capital seeks credible, sustainable returns tied to real-economy outcomes, while three million member-owned businesses—employing around 10% of the world’s working population—want growth capital that preserves their identity and mission. I joined CM50 because, together, we can unlock this capital by addressing this mismatch: normalising values-aligned investment flowing toward the cooperative and mutual economy, not just the S&P 500.

What are your hopes for Doha and beyond? 

My hopes are that the World Social Summit recognises that one of the most effective ways to reduce wealth inequality is to make the majority of the world’s investable businesses less extractive and more community-anchored. Member-owned businesses that exist for members’ benefit while delivering fair, sustainable returns for long-term investors—including millions of pension holders—are the most realistic path. I’d like the CM50 to build on the Summit’s momentum and set a five-year actionable plan with clear milestones.

How do cooperatives build a better world?

By generating dignified work and member benefits in a socially responsible way. Co-ops are one of the fairest forms of business, and by sharing a portion of annual surplus with the millions saving for retirement, can unlock unprecedented capital to grow the cooperative economy. This creates a reinforcing loop where most businesses exist for the many, not the few.