A co-operative society operates much like a traditional limited company except that the voting rights are distributed equally amongst the members, regardless of the number of shares held. Westmill has a minimum share holding of 250 and a maximum of 20,000. Hence a stake in the co-op is within easy reach of almost everyone but no single individual or organisation can have a controlling interest.
Westmill Co-op was registered as an Industrial and Provident Society with the Financial Conduct Authority. With effect from 1 August 2014, an IPS is registered under the Co-operative and Community Benefit Societies Act 2014 (the 2014 Act), which consolidates all previous legislation.
Westmill is a co-operative owned by and managed for the benefit of its Members, who are protected by limited liability status. Its constitution is in the form of Rules approved by and registered with the Financial Conduct Authority.
Co-operative Values & Principles:
Self help and self-responsibility
Democracy and equality
Honesty and openness
Autonomy and independence
Member economic participation
Opportunities for education
Concern for community
Co-operation among co-operatives