What’s the AMM all about?
You’ve been a member of your Coop for years, visit our stores every week and know your share number off by heart.
Or, you’re brand new to the Coop, have just signed up for a share number because you want to make the most of your dividend.
But now you’re seeing posters and receiving emails about attending a meeting of members?
However, before you swipe away the notifications, hold it for a few moments and let us share with you just a few reasons why you might reconsider accepting your invite to our upcoming AMM.
First things first, what even is an AMM?
We’re glad you asked! As a member, you might be starting to hear more news and updates about our upcoming annual meeting of members (otherwise known as our 'AMM').
Essentially, our AMM is our version of an AGM (annual general meeting). It is our yearly gathering to allow all our members an insight into what has been happening at their Coop.
As a co-operative business, we are owned by our shareholders (that is you, our members). The annual meeting of members is the opportunity for everyone to come together to discuss the past year of our business and look forward to what is coming up in the future.
Meetings can vary, and some years members are able to vote through motions and rules or elect new members to the board of directors.
It is also the chance for members to ask questions, voice their views and share their thoughts and experience about our Coop.
It really is the best way to get involved, be a part of your Coop and help shape its future.
So, why should I go?
Although attendance isn't compulsory, we think it is good for our members to attend our annual meetings. As a shareholder at CI Coop, you’re more than just a member. You’re part of a collective ownership.
Being a member means you have a share, a vested interest in what we do. Each time you quote those few digits of your share number, you are investing into your Coop, which looks to benefit you, our community and our local suppliers.
In return for being a member and being an active part of our Coop, you can receive dividend and benefits as your ‘share’ of our co-operative system.
What should I expect to see at the AMM?
Our AMM is the place to meet colleagues from the business, suppliers and local producers, plus chat with other members of your Channel Islands Coop.
There are certain elements of our meetings that have to be included. These are:
- Approving the minutes from the previous years' AMM
- Approving the board of directors’ report for the past year
- Approving the financial statements
- Appointing an independent auditor for the business
- Declaring the dividend for members
Once the main formalities are covered, this is where you can take part.
You could be raising questions about your Coop, voting in a new director(s), or having your say on whether rules or amendments are carried.
You have the power as a member to make changes to your Coop.
Can anyone attend the AMM?
Our AMM is open to all members and our members are people from our community just like you. All eligible members are welcome to attend our member meetings and get involved.
Anyone can become a member. Whether you shop regularly with us or once in a while, whether you’re a proud ‘St Ouennais’ or ‘Hail from the Vale’, we only require three conditions if you want to become a member:
- You are a resident in the Channel Islands
- You are over sixteen
- You have at least one pound to open an account with
That’s all. No strange handshakes or initiation ceremonies. Within a few days, we will send to you details of your new account with us and you can start quoting your share number for any qualifying purchases with us. Simple.
So, ready to join us at our AMM?
By being a member, you have the right to know what is happening within your Society. AMM’s provide an insight into financial reports, business updates and overall performance of the business. You have the opportunity to ask questions to key people of our Coop, including executive management.
Plus, there’s also a chance to win some great prizes in our raffle(!) including £200 Coop vouchers, an air fryer and a hamper of local goods.
So, now you know, we think it’s a good time to RSVP to that AMM invite…