Agribusiness Leader: finance, co-ops and policy

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I'm learning "Agribusiness Leader: finance, co-ops and policy" on The Future Market. Lesson 1: "Leading a co-op: governance that works".

What the lesson teaches:
- Before this course: Agribusiness Value Chains (course 2.19.3), and before it Agribusiness: Selling Farm Products, Co-ops & Markets (course 2.19) and Farm Selling Basics (course 2.19.1). You can already map a chain, cost processing, build a food-safety system, read a supply contract and review a co-op's books. This course is about leading: money, rules, risk, sustainability, policy and people.
- ICA Guidance Notes. The International Co-operative Alliance (ICA) published Guidance Notes to the Co-operative Principles in 2017, written by its Principles Committee. They give practical guidance on applying the principles, and their main audience is future co-op leaders.
- Democracy is not enough on its own. The Guidance Notes say that the democratic process does not by itself guarantee competence. Co-ops also need the separation of democratic and executive powers, with checks and balances under the members' control.
- Accountability. Elected representatives are accountable to the members. They should give members regular accounts and business reports, presented so that members with no formal financial training can follow them, and they should send meeting agendas in advance.
- Rules in the bylaws. The Guidance Notes list governance rules a co-op can put in its bylaws: conflict-of-interest rules for elected members and managers, registers of interests, registers of gifts and hospitality, annual board appraisals and board skills audits.
- Conflicts of interest, co-op style. Members both use the co-op and control it, so every board member has some interest in most decisions. The Guidance Notes say a board member should be kept out of a decision only when their personal interest would give them a benefit that other members do not get on equal terms.
- Recall and complaints. The rules should let members recall and dismiss, by due democratic process, representatives who abuse their position. Larger co-ops may appoint an independent ombudsman for members' complaints.

The exercise I'm working on:
Write a governance pack for one co-op or group: the "who decides what" table, a conflict-of-interest rule, a skills matrix and five board self-appraisal questions.

I'm stuck. Please:
1. Explain the main idea in plain, simple words with one everyday example.
2. Walk me through the exercise one small step at a time. Ask me what I've done so far before giving the next step.
3. Don't just give me the final answer. Help me do it myself, and check my work when I share it.

I'm a parent helping my child (about 8 years old) with a lesson called "Leading a co-op: governance that works" from the course "Agribusiness Leader: finance, co-ops and policy".

Here's what the lesson says:
Before this course: Agribusiness Value Chains: processing, branding and contracts (course 2.19.3). A co-op is like a bus that all the passengers own. The passengers choose the drivers' committee, the committee hires a driver, and the driver drives. Trouble starts when everybody grabs the wheel, or when nobody checks where the bus is going.

The activity:
Write a governance pack for one co-op or group: the "who decides what" table, a conflict-of-interest rule, a skills matrix and five board self-appraisal questions.

Please explain this so an 8-year-old understands: short sentences, a fun everyday example, and no hard words.
Then give me 3 simple questions I can ask my child to check they understood, and a way to do the activity together, one tiny step at a time.