A co-operative society operates much like a traditional limited company except that the voting rights are distributed equally amongst the members, regardless of the number of shares held. Isle of Skye Renewables Co-op was registered as an Industrial and Provident Society with the Financial Conduct Authority. With effect from 1 August 2014, an IPS is registered under the Co-operative and Community Benefit Societies Act 2014 (the 2014 Act), which consolidates all previous legislation. FCA Registration Number (2685 RS).
As such it is a co-operative owned by and managed for the benefit of its Members, who are protected by limited liability status. Its constitution is in the form of Rules approved by and registered with the Financial Conduct Authority. The Rules of Isle of Skye Renewables Co-op are available from our office.
Key characteristics of Isle of Skye Renewables Co-op, as a co-operative, are:
A single class of shares with a nominal value of £1
All Members have one vote regardless of how many shares they hold
No Member, except another Industrial and Provident Society, may hold more than 20,000 shares
The Board is elected by the Members
Only Members are eligible to serve on the Board.
The objects of the Co-operative shall be to carry on as a bonafide co-operative, for the benefit of its members, the business (“the Business”) of:-
The development, management, generation, transmission and supply of electricity from renewable energy sources;
The conservation of energy through advice on energy efficiency including energy efficient products and the supply of energy efficient products and such other activities of a general commercial company as the members shall agree by amendment to these Rules from time to time; and
The promotion of awareness of environmental and related issues and support for educational initiatives related to renewable energy.
The governance of the Co-operative is vested in the Board. The Board shall be elected each year at or by postal ballot prior to the Annual General Meeting.
Co-operative Values & Principles:
Self help and self-responsibility
Democracy and equality
Honesty and openness
Autonomy and independence
Member economic participation
Opportunities for education
Concern for community
Co-operation among co-operatives