Everyone who invests and owns shares, regardless of how many, is a member and has an equal say in how Brendon Energy is run.
Brendon Energy holds general meetings for members during the year and once a year there is an Annual General Meeting, which will normally be held in the autumn, where business will include:
• Approval of minutes of last AGM and of general meetings held since then;
• Directors’ report;
• Approval of the accounts and auditor or examiners report;
• Appointment of auditors;
• Election of directors (at least one third of elected directors – the longest serving since last appointment – and co-opted directors stand down at the AGM but may be reappointed).
Brendon Energy is constituted as an Industrial and Provident Society for community benefit and is governed by a set of rules, which describe how the society operates.
Brendon Energy’s main object is to produce clean renewable energy from community-owned projects, with profits generated donated for projects or a fund that benefits the local community. Brendon Energy’s profits and property can only be used (clause 15.1) to promote our objects (clause 2), which are to:
• Develop and run renewable and low-carbon energy and energy efficiency projects within Wiveliscombe and its Environs;
• Advance education; and
• Provide an opportunity for public-spirited people and organisations to contribute financially to the community, with the expectation of a social dividend, rather than personal financial reward.