Here are some definitions of some of the common terms used when talking about governance.
A yearly gathering of our company members. During an AGM, the directors of the company present an annual report containing information about the company’s performance and strategy. Company members participate in decisions related to appointments to the company’s board of directors, executive compensation, dividend payments, and the selection of auditors. More about our AGM.
This is like an organisation’s constitution. It’s a legal document that contains the rules that govern how the company operates internally. They cover various aspects, including:
the organisation’s purpose
how directors are appointed, their powers, and their responsibilities
procedures for holding general meetings, board meetings, and decision-making
anything else related to the company’s internal affairs.
Council is how we currently refer to our governing bodies. Other organisations call this their Board of Directors or Board of Trustees. Council is formally responsible for governance, including finance, managing risks and delivering plans to achieve our strategic priorities. Find out more about our Council.
This term refers to the Articles of Association, which are like an organisation’s constitution. It’s a legal document that contains the rules that govern how the company operates internally. They cover various aspects, including:
the organisation’s purpose
how directors are appointed, their powers, and their responsibilities
procedures for holding general meetings, board meetings, and decision-making
anything else related to the company’s internal affairs.
These are the members of a company as set out in the company’s Articles of Association. The members are either the company shareholders or the ‘guardians’/guarantors depending on the type of company (limited by shares or limited by guarantee). Members have legal rights and responsibilities. Members can be individuals or organisations.
These are the people who ‘direct’ the business of the company on behalf of its members and are legally responsible for managing the company’s business. Company directors are formally registered at Companies House. We know the company directors of BAOT and RCOT as ‘Council’.
Companies House is the part UK Government that maintains the register of companies.
These are the people responsible for the governance of the charity and for making sure it complies with the law, is financially stable, meets the public benefit requirements, is accountable to its members/beneficiaries and acts for the purpose for which it was established. Trustees are formally registered with the Charity Commission and have legal duties. We know the RCOT Board of Trustees as ‘Council’. Find out more about Council.
At the moment, this refers to Council, which covers both BAOT Council and RCOT Council. In future, if the proposed changes happen, it would refer to both Council and the Board of Trustees.
This term refers to the Articles of Association, which are like an organisation’s constitution. It’s a legal document that contains the rules that govern how the company operates internally. They cover various aspects, including:
the organisation’s purpose
how directors are appointed, their powers, and their responsibilities
procedures for holding general meetings, board meetings, and decision-making
anything else related to the company’s internal affairs.