Cooperatives have become an increasingly visible and relevant sector, whose purpose strengthens the philosophy of offering a response to specific needs of well-being of people, communities and society in general.The purpose of this paper is to analyze the governance of the cooperative sector in Colombia, in order to highlight the importance of the code of good governance in these organizations, as a response derived from diligent governance practices and their impact on development of public trust between what these organizations report and the perception of legality and legitimacy before the different interest groups.The research is presented under a qualitative approach, so you will use the interview as instruments for the collection of information; specifically, the research is supported by the Stakeholder theory proposed by Freeman and the control theory proposed by Sunder.Finally, it perceives the importance of implementing and monitoring the institutional governance code for the cooperative sector, in order to favor its legitimacy in the different interest groups, impacting in the same way the development of Social Responsibility practices Corporate and therefore its competitiveness.