Reading Community Energy Society Board is a combination of members from the local community, Reading Council and Energy 4 All. Each Board of Directors is passionate about increasing the amount of renewable energy in Reading and making this project happen.
RCES is set up as a ‘community benefit society’ meaning it is a business run for charitable purposes. It is registered with the Financial Conduct Authority (Registered Number 7156) under the Co-operative and Community Benefit Societies Act 2014. It is managed for the benefit of the community and owned by investors, who we hope will be mainly local people. These investors will be RCES’ Members and are protected by limited liability status.
Energy4All a non-profit social enterprise that supports communities to own and operate renewable energy projects is helping to deliver this scheme. Its constitution is in the form of Rules approved by and registered with the FCA. The RCES Board are driven by high ethical standards as defined by the international co-operative movement and intend to operate the Society in line with the values of co-operation and democracy as well as a sound commercial ethos.
The key characteristics of Reading Energy are:
• the Society operates for the benefit of the community;
• a Member must have the minimum number of shares which is 200, each with a nominal value of £1;
• all Members have one vote regardless of how many Shares they hold;
• no Member, except another registered Society, may hold more than 100,000 Shares;
• the Board is elected by the Members and only Members are eligible to serve on the Board