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Tamar Energy Community

Governance and people

Tamar Energy Community Ltd (TEC) is a Community Benefit Society registered with the Financial Conduct Authority (number 32455R) with registered office at 2 Rock View, Devon Consols, Tavistock, PL19 8PB.

TEC is governed by a board of local volunteer Directors and managed by a small team of passionate local people.
As a community benefit society, TEC operates primarily for the benefit of the Local Community rather than its Members. However, Members who invest in TEC may be paid interest on their Shares.
 

Local community area

Tamar Energy Community serves the communities in and around the Tamar Valley in Devon and Cornwall. With a combined population of around 30,000, Tavistock and Callington are local centres providing day-to-day services such as healthcare, shopping and education to the adjoining parishes and villages.

Ownership of TEC

TEC is owned by its Members on a one Member one vote basis. The rights of the Members are set out in the Rules.

There are currently no major shareholders in TEC and in the context of a Community Benefit Society such a concept is of limited significance. There is a principle of one vote per member whatever a Member’s holding and a limit of 100,000 Shares for individuals and for organisations except other community benefit or co-operative societies.

No individual, organisation or groups of individuals or organisations has control, given the one Member one vote governing principle. As well as the Shares to be issued under this Share Offer, TEC has 120 £1 shareholders who do not receive share interest, but have the same ‘1 member 1 vote’ voting rights as Applicants who will become Shareholders under this Share Offer.

Directors

TEC is overseen by a non-executive board of Directors who are responsible for the supervision of the day to day operation and key decision making of TEC, which shall be governed in accordance with the Rules.

In addition to the Directors listed below, additional directors may be nominated and appointed from the Members in accordance with the Rules at TEC’s future Annual General Meetings.

Directors' remuneration

Director services will be provided on an unpaid basis, but Directors may be reimbursed for reasonable out of pocket expenses.

The Directors are acting as directors because they are committed to the success of TEC’s business, its ability to directly benefit the Local Community and to make a difference to the environment by their own actions.

None of the Directors listed above have, for at least the past five years, received any convictions (for any fraudulent offence or otherwise), or been involved in any bankruptcies, receiverships or liquidations, or received any public recrimination or sanction by a statutory or regulatory authority or designated professional body, or been disqualified from any function by any court.

Management and administration

Administration of TEC will be managed in-house. The Board bears ultimate responsibility to the Members for the management and administration of TEC, acting on reports and advice from its advisors and contractors.

The member register and member capital and interest payments will be administered initially by Ethex. The Register of Members will be definitive evidence of the share capital held by a Member, with any Share Certificate issued providing a statement only of the Shares held in and therefore capital paid and not withdrawn, from TEC in accordance with the Rules.

Annual accounts will be prepared by TEC’s accountants, presented to the membership at each AGM and published on TEC’s website.

Diversity

Tamar Energy Community's Board is 29% female (2 out of 7 Directors).

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