People With Significant Control
People with Significant Control.
From 6th April 2016 the Trust is required by law to keep a record of the people who have ultimate control of our Trust. These are known at PSCs. People with Significant Control
These are individuals who either
- Hold more than 25% of the Trust`s shares (not applicable to our Trust)
- Hold more than 25% of the Trust`s voting rights
- Have the right to appoint or remove the majority of directors
In the case of the TEACH Trust PSC`s would be our `members`.
Members of the TEACH Trust have the following control
Members. The `founding fathers` of the Trust.
Members are akin to shareholders in a company limited by shares. However, members of an academy do not have shareholdings but offer a guarantee which is limited to £10. The amount of the guarantee is fixed when the academy was incorporated and cannot be increased. The members are only liable for the amount they have guaranteed if the Trust/company goes into liquidation. Members have the following roles and duties,
- Appoint Directors
- Remove Directors by passing a special resolution and giving written notice to the clerk that the Director is to be removed.
- Remove auditors
- Have the power to amend the articles or change the constitution but must pass a special resolution to do this.
- Receive copy of the annual audited accounts
- Can attend, speak and vote at general meetings
- Can require the Directors to call a general meeting if at least 5% of the total voting rights of all members are able to vote at the meeting. Meeting must be convened with 28 days, with 14 days notice.
- Can appoint proxies to vote at general meetings
- Can inspect the register of members on reasonable notice during normal office hours
- Can petition the court for remedy where the company`s affairs are being, have been, or are likely to be `conducted in a manner that is unfairly prejudicial to the interests of members generally or of some part of its members. (eg. Abuses of power, breaches of the articles, delay of accounts etc)
- Can bring an action on behalf of the academy against a Director or former Director (negligence, breach of duty, breach of trust etc)
- Can resign, provided that 3 members remain in office, by lodging a notice in writing signed by the person entitled to remove him/her.
As of 19.2.18 the PSCs are,
Greg Neilson. David Pawling Andrew Dinnivan