LINX is a mutual company – owned by its customers – you, our members. There are no external shareholders to answer to and all major decisions are ultimately made by you the members. This can either be on your behalf by the LINX Board of Directors or directly by the members voting on resolutions at a general meeting. Each year there are typically two general meetings, the Annual General Meeting at the LINX Members’ Meeting in May and an Extraordinary General Meeting at the LINX Members’ Meeting in November. In some years there may be other EGMs, which again will typically be held as part of the LINX Quarterly Members’ Meetings. However, they don’t have to be on any particular date and, in the event of a particularly important need to consult the LINX membership, an EGM would be held.
The LINX Board takes day to day control of the operation of LINX. The Board’s members are elected by you, the members. Two Board members retire by rotation each year and elections are held for the two vacant places at the May AGM.
Other business conducted at the May AGM is the formal approval of the annual accounts for the previous calendar year.
At the November EGM typical business includes the approval of the following year’s fees and the overall approval of the LINX Budget.
From time to time, LINX updates the Memorandum of Understanding or its Articles and Memorandum of Association. These are the two constitutional documents which govern LINX’s formal agreement with each member and the basis on which LINX operates. Typically any changes to the MoU or the M&A will be announced in outline at the preceding quarterly meeting and a member consultation held over the following two months by email, with documents on the LINX website. Members are asked to approve those changes by voting on formal resolutions at the next AGM or EGM.
In addition, as LINX is a membership organisation, there is a formal process which governs the expulsion of members who are in default of their obligations under the terms of the LINX MoU. Any such “suspended” members are listed with the notice for the AGM or EGM and any member can call for a vote. If a vote is called, the members present at the meeting can govern whether the member’s membership is terminated.
