General Meeting
From FairShares Wiki 3.x
The General Meeting is a meeting of all members and the sovereign body of a FairShares Enterprise.
The Articles pertaining to Governance, describing the powers and procedures of General Meetings, are contained in Clauses 17 to 28.
Key points in the default model rules include:
- The Directors, or a requisition of 10% of members, may call a General Meeting;
- There will be an AGM and one further GM in each accounting period (which may take place online);
- A Quorum is two-fifths of members, or 20 if there are more than 50 members (by default);
- A member may act as a proxy for only one other member (i.e. cast a maximum of two votes) (by default).
Clause 19 establishes the powers of the General Meeting as the ability to:
"set corporate policy, approve/reject social enterprise plans, and take decisions about acquisition and disposal of property, and partnership arrangements with other organisations".
There are special provisions for major decisions:
- Acquisitions may be decided by Ordinary Resolution
- A merger may be decided only by Special Resolution
- A decision to wind up or dissolve may only be taken by Special Resolution.
The execution of policy and plan is the responsibility of the Board of Directors and Executive Team.
Return to the FairShares Glossary.
