ABSTRACT
This chapter explores a crisis Jeonju iCOOP confronted, which has been changed into a new opportunity afterward. A cooperative is a member-owned and democratically governed enterprise, which shows different governance properties to those of corporations. The present research investigates cooperative governance practice and how board members in cooperatives internalize the cooperative values and principles. Cooperative governance has been relatively less theorized compared to corporate governance, which is generating many studies applying various competing theories of governance in the profit sector. The Board of Directors of Jeonju iCOOP cognizes the situation where they might lose their office and the deposit for it as a crisis and tried to find a solution through active interaction. Each board member was initially a member of the cooperative who joined Jeonju iCOOP to fulfill their own needs. In the case of Jeonju iCOOP, the board members formalized the issues derived from the ecological change based on their own experiences and cognition.
