What's New in V3.0?

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Welcome to V3.0

The biggest change in FairShares V3.0 is the process by which rules for companies, co-operatives, associations and partnerships are created. This is now initiated by a Google Form which generates a GoogleDoc and PDF version of the rules. From the GoogleDoc version, other format files can be created if necessary.

To create V3.0 rules, you can generate them from the FairShares Rules Generator website.

A key benefit of generating the rules this way is that it simplifies the process for business advisers, accountants and lawyers who wish to assist clients in the creation of a FairShares Enterprise. It also keeps a record of every set of rule generated by people interested in the FairShares Model.

Other Changes

  • V3.0 formally introduces a Model FairShares Limited Liability Partnership (LLP). This is useful for FairShares Partnership working that involves a stable number of corporate partners or group of skilled professionals who practice together. As authorities have to be notified when partners join and leave, it is to less suitable for situations with high turnover of staff or casual staff.
  • We've added a new option in Clause 10 - the ability to transfer Investor Shares to a crowd funding / lending / investing platform approved by members in a General Meeting. This means that Investor Shareholders have a new way to realise their shares if they wish to sell them whilst observing social solidarity economy norms.
  • Small changes to the co-option of Directors have been made to provide for the appointment of specialist directors with environmental and co-operative management skills and experience.
  • An updated statement of Values and Principles has been published that is more inclusive of UN Principles of Responsible Management Education (PRME) and sustainable development goals.
  • Voting procedures have changed in light with the practices of early adopter Evolutesix. If a member belongs to two or more classes, their vote counts only for the lowest number share class. Classes are numbered: 1) Founders, 2) Labour, 3) Users and 4) Investors. So, a person who founds, works in and holds Investor shares will have their vote counted in the Founder class only.
  • Intellectual property rights have been amended so that on leaving, the FairShares Enterprise acquires joint copyright in IP created by the departing member, but only where the IP was commissioned directly and consciously from the member. Members' IP created on their own initiative remains their property, but the FairShares Enterprise is granted a non-exclusive commercial licence on the members' departure.
  • V3.0 includes FCA Approved Co-operative rules (approval pending) created by the FairShares Institute for Co-operative Social Entrepreneurship at Sheffield Hallam University. The concept of Eligible Member has been added to satisfy the Co-operative and Community Benefit Society Act 2014. Only 'eligible members' vote in General Meetings. Eligible members are those that are (and have previously been) a Founder, Labour or User member.

FairShares V3.0 is organised around five values and principles. To put the values and principles into practice, we are pioneering FairShares Labs in five different countries:

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Five documents have been created to introduce FairShares V3.0 and FairShares Labs.

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