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Mustard Seed Property

Governance and people

Mustard Seed Property was formed in July 2007 (Incorporated under the Co-operative and Community Benefit Societies Act 2014 Registered No. 30293R). Its aim is to invest in residential property in Cornwall and the Isles of Scilly for use as supported accommodation for vulnerable adults.

The Society

Mustard Seed Property's vision is of a Cornwall where its world renowned hospitality is extended not just to those who can most afford it, but to the most vulnerable in the local community, and that offers the right supprt to those that need it.

Mustard Seed Property's purpose is to contribute to the achievement of this vision by supporting a range of initiatives and organisations that benefit those who have little ability to fend for themselves and are isolated from family or friends.

Membership

Any individual aged over 16 and resident in the UK, or any company with a registered office in the UK, can apply to become a member of Mustard Seed Property. Members have a direct say in how the organisation works and hands-on involvement is welcomed.

Directors are elected from the membership on a one-member one-vote basis at the Annual General Meeting. A member can, at any time, increase their shareholding. Members agree to be bound by the Rules of Mustard Seed Property, a copy of which is available on the website.

The minimum shareholding is £250 for individuals and £1,000 for organisations. The maximum shareholding is £100,000. There is no limit on the number of members Mustard Seed Property may have and no limit on the number of shares which may be issued.

Voting is on a one-member, one vote basis regardless of the size of shareholding. Where shares are held jointly, the first named person has priority. Investor members will be kept informed of Mustard Seed Property’s work through the Annual General Meeting, regular newsletters, annual review and social impact report. Members are welcome in the office during working hours, by appointment, to discuss any aspects of its work.

Anyone can become a member of MSP whether they live in Cornwall or not. All that you need to become a member is to support the aims of the organisation and apply for shares via the Ethex website.

Governance

MSP is governed by a Board comprised of local people. The board meets at least quarterly each year. Only their travel expenses are compensated.

However, because partners are encouraged to put forward directors, there are a number of conflicts of interest that occur from time to time. These are documented clearly in meeting minutes and conflicted parties are not allowed to vote on the relevant board decisions.

In addition to attending board meetings, each director participates in at least one sub-group. These sub-groups include:

  • Partner Development
  • Impact Measurement
  • Property Development
  • Member Engagement
  • Risk and Resources

Minutes of these sub-groups are shared with the whole board.

Directors

Board

Directors' remuneration

Board members receive no remuneration for their work.

Directors' holdings

Some Board members have invested in MSP's original share offer, and some intend to invest in this offer.

Conflict of Interest

The Board ensures that when conflicts of interests occur, they are documented clearly in meeting minutes and conflicted parties are not allowed to vote on the relevant board decisions.

Employee satisfaction

MSP currently employs no paid staff on a regular basis.

Diversity

1 of the 4 board members is a woman.

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