The role and rights of Members are comparable in certain respects to that of Shareholders.
Members of a multi-academy trust do not have rights of ownership in the company like Shareholders because the profits of the company cannot be distributed to them. However, the Members can control changes in the constitution (subject to DfE approval) and other fundamental decisions relating to the academy trust.
The Members appoint the Trustees, referred to as Directors and oversee the work of the Board of Directors. Members also have the right to remove a Director by Ordinary Resolution (a vote passed by a simple majority of members).
Generally, Members of a company limited by guarantee have few obligations other than their obligations towards the company and the other Members, as set out in the constitution and other constitutional documents. This reflects the fact that it is the Directors of a company that are responsible for its operation. The role of Member is likely to therefore be a largely “hands-off role”.
LLT currently has 5 Members: