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Schools Energy Co-op

Governance and people

Schools’ Energy Co-op is a co-operative formed under the Co-operative and Community Benefit Societies Act 2014 (number 32071R). It is 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. As a co-operative, Schools’ Energy Co-op is committed to high ethical standards and to the values of cooperation as well as a commercial ethos.

The Society's constitution

Constitutionally, key characteristics of Schools’ Energy Co-op are: a member must have the minimum number of shares; there is 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 may hold more than 100,000 shares; the Board is elected by the members; only members are eligible to serve on the Board; shares are transferable only on death and are not tradeable; at the discretion of the Board shares can be withdrawn by members at the price paid for them and the Board may require shares to be withdrawn at that price as part of a return of capital to all members in proportion to their shareholding.

Energy4All

Schools’ Energy Co-operative is supported and assisted by Energy4All. Energy4All projects have raised over £72 million to construct and operate community owned renewable energy generation at sites throughout the UK.

Schools’ Energy Co-op has no employees and the business is not dependent on key individuals. Administration, accounting and day to day operations is managed by Energy4All and Laura Moreno under the supervision of the Board. Laura also project manages the solar panel installations and their initial set up and registration. The Board will bear ultimate responsibility to the members, acting on reports and advice from Energy4All.

Share capital

As at November 2019 the Co-op has not yet permitted share withdrawals from any earlier share offer, but intends to commence repaying share capital to members in March 2020 enabling members to receive the return of their investment. Members do not have the right to withdraw share capital, but the Board has the power to permit shares to be withdrawn. The Co-op currently envisages that it will offer to repay up to £200,000 of its share capital in March 2020 and a further 5% of its shares each year thereafter until all capital is fully repaid. Members who wished to redeem their shares would be given priority, and any remaining shares would be redeemed in proportion to members’ shareholdings. All redemptions would be at the par value of £1. The Co-op will fund the repayment of shares principally from cash accumulating as a result of the depreciation charged in the accounts, but also, if appropriate, by making an issue of new shares to existing members and others who wish to invest, or increase their investment, in the Co-op. The intention is to redeem all share capital within 21 years after the commissioning of the last solar panels funded by this offer.

Directors

Directors' remuneration

None of the directors are paid for their role as Directors

Directors' holdings

The Directors of Schools’ Energy Co-op and Energy4All directors and staff and their immediate families have already invested £71,752 in the Co-op’s shares and intend to invest not less than a further £10,500 under the share offer on the same terms as other members.

Conflicts of Interest

Mike Smyth is the volunteer chair of Energy4All which is providing development and management services to Schools’ Energy Co-op. Laura Moreno is employed by Energy4All.

Diversity

The Schools' Energy Co-op Board is 33% female (2 out of 6 Directors).

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