PEC Renewables is a Community Benefit Society, set up in 2014 by Plymouth Energy Community to fund, install and manage community-owned renewable energy installations.
PEC Renewables' sixth AGM was held alongside those of PEC Trust and PEC Renewables. All of the AGM's were incorporated into a wider event called 'The Power of Creativity', during Plymouth Social Enterprise Festival.
Dave Garland (Chair) opened the meeting and conducted the formal proceedings. The Directors' report and audited Financial statements for the year ended 30th June 2019 were received and adopted. The auditors, Bromhead Chartered Accountants, were re-appointed as the auditors of the company for the year to 30th June 2020 and the Board were authorised to set their remuneration.
As per the rules of PEC Renewables, one third of Directors must stand down. As the longest serving Director, Ian Johnston stood down and was subsequently re-elected:
- Ian Johnston (Plymouth Community Homes)
Of the 40% of membership who voted, 97% of members approved payment of interest on members share capital at a rate of 5% of the investment value for shareholdings allocated in 2014 and 2015 (share offers 1 and 2). 99% of members approved payment of interest on members share capital at a rate of 6% of the investment value for shareholdings allocated in 2016 (share offer 3). Both payments were approved.
90% of the members who voted agreed to amending the Society Rules to reduce the number of Directors that can be nominated by PEC Trust from 3 to 2 and to increase the number of external independent Directors who can be co-opted from 2 to 3.
After all of the AGMs were complete, members and attendees chatted over light refreshments, browsed the fantastic solar art works by PEC Pals on display and even had the chance to get creative by making moths for a new art project, 'Moths to a Flame'.
CEO Alistair wowed the audience with impressive impact stats of how our Energy Team have helped residents of Plymouth over the last year. More than just figures, it's the personal stories that show the life-changing impact the team have. In addition, Alistair shared the year's frustrations and achievements, again emphasising how dynamic the organisation must be in this ever changing landscape to maximise change for the good of our community and environment. He explained the rise in consciousness around the climate emergency and new ventures into heating innovation and community-led housing.
Addressing the climate emergency and transitioning to a zero carbon energy system requires creative, novel solutions, Art and Energy CIC are bursting with them! Artists Chloe, Jenny and Naomi give the audience an inspiring insight into the power of creativity, showing examples of what’s possible from around the world (and Devon!), how PEC Pals have been working on solar art installations and different ways to participate through projects that make energy and imagine a better future.
Matt Harvey, poet extraordinaire, shared some of his passionately entertaining poems inspired by renewable energy before closing the evening perfectly with a clever tune from his musical SWIMBY.
Observation about Board
An observation was made that for an outsider, there was not enough information on the current Board make up. The CEO asked if the observer had referred to the annual report. They confirmed that they had.
Is there feedback on why some people voted against the share offer percentage
The CEO explained that the voting process had not been invited or allowed for feedback, however one comment he had received was about the unfairness of the different rates. The CEO referred to the annual report and that the Secondary Rules permitted the different rates which were appropriate at this point in time for funds raised under the third share offer for Ernesettle Community solar park.
"Thank you for such a lovely night last night, the presentation was extremely good and the food yummy, thank you to everyone involved."
Penny Knowles - PEC Renewables member