Does an Ontario co-operative corporation need a board of directors like a regular corporation does?

Yes. An Ontario co-operative, like a regular business corporation, is governed by an elected board of directors responsible for overseeing the co-operative's affairs, even though the co-operative operates under its own statute and a one-member-one-vote membership structure rather than the Business Corporations Act's share-weighted model. The board is elected by the members at meetings, and directors owe the co-operative duties broadly comparable to those directors owe a regular corporation — acting honestly, in good faith, and with reasonable care in the co-operative's best interests.

Where a co-operative's governance differs most from a regular corporation isn't whether it has a board, but how that board is chosen and held accountable: members elect directors on a one-member-one-vote basis regardless of investment, and major decisions affecting the co-operative's structure often require member approval in ways that go beyond what a regular corporation's shareholders typically vote on. The specific number of directors, their terms, and election procedures are set out in the co-operative's own bylaws, so the details can vary meaningfully between co-operatives even though the basic requirement for a board is consistent.