15 June 2021 / 5:00 PM GMT / Conference Call
Romain Sourdiaux (RS), Mike Speed (MS), Gareth Yorke (GY), Steven Yorke (SY), Michael Martin (MM), Chirag Patil (CP)
Following questions from the Charity Commission, the board of directors reviewed and agreed the proposed approach and target end-state of Medito's legal structure, in relation to the existing Stichting (Dutch entity) and requested CIO.
The board agrees that the the creation of the CIO will result in the following:
- Stichting Medito will transfer the app, resources, branding, name, documentation and services created so far to the CIO in the UK.
- Once the CIO is established, Stichting Medito will name the CIO as its only board member. The current board of directors will be removed from the Stichting. The only board member who will be able to take decisions for Stichting Medito will be the CIO.
- The current board of directors of Stichting Medito will be appointed as the board of trustees for the CIO.
- None of the board members are currently receiving remuneration/payment for acting as board members as per the governing document of the Stichting stipulates. The current board understands that once they become trustees of the CIO, they will not be able to receive remuneration/payment directly or indirectly for being a trustee of the CIO as per the governing document of the CIO stipulates.
- The current board of directors understands that the CIO and Stichting are two separate entities regulated by their respective local laws.
- Once the CIO is created and the CIO is appointed as the sole board member of the Stichting, the Stichting will then become an EU chapter of the CIO. The Stichting will manage the CIO's presence and interests in the EU, such as applying for EU grants to further the CIO's charitable purposes.
- The current board of directors understands that the Charity Commission might prefer alternative solutions, like requiring us to close the Stichting or change how both entities work together. The board is willing to change the structure, as mentioned earlier if needed.