Leaderboard

You can find a full list of 541 shareholders and their share holding on the Filings page on Companies House website here. It is the latest Confirmation Statement. It lists the Supporters Trust as having 13658 Ordinary shares. That may sound a lot but the nominal price of each share is £1 and the Club accounts identify £4.9million of called up share capital, so the Trust's holding is probably substantially less than 1% of the total. The Trust's shareholding should not be confused with its 10% voting right. This voting right stems from voting rights granted on behalf of supporters which were incorporated into the Memorandum and Articles of Association when the club was formed. I'm not sure what you mean about having a voice. We have a voice at the club, but how loud that voice is and how effective it is, has got little to do with our shareholding or voting right. What matters most is how representative the Trust is. Whilst membership is growing, it is still a small minority of the supporters of the club who are members of the Trust. The simple message is that if you want the Supporters Trust to have a louder voice - join it! If you mean why does the Trust not have a voice on the Club Board, the answer is simply that we have never been invited to have a representative of the fans on the Club Board. Several clubs do, and we believe that having a democratically elected representative of the fans on the Board can only be a good thing. But for that ever to happen, we would need to be seen to be truly representative with a membership in the region of the number of season ticket holders at least. We are a long way from that.

There is no reason why Board members need to be born and bred Invernessians. In my opinion, what matters is that those involved have the desire to contribute to the Board, to make a positive difference and to work with the club to enhance it, both on and off the pitch. They are giving their time voluntarily for no financial or other gain, so should get our collective support. Having a varied Board with different backgrounds is important for it to work well. I consider myself a local, but only moved to the Highlands when I was 4, spent my school days in Fort William, then ended up in the central belt and I only lived in Inverness (first time round) in 1992. Work then took me away for a number of years before returning 8 years ago. That in no way detracts from my passion for the club.

This is not intended as an opinion on what the trust should or should not do. I post this purely for information and because Peter has stated that he stands willing to be corrected. This snippet is from the clubs articles of association. As at the last return, there are 4,902,379 ordinary shares issued. Supporters Trust have 13,658 shares, of which 108 have enhanced rights....leaving 13,550 "ordinary" rights. The enhanced shares are, in todays terms, equal to 490,237 shares....and we then add the 13,550....total 503,787 As per the company articles 900,003 of the ordinary shares carry no voting right, so issued shares with voting powers total 4,002,376 and this gives the trust a voting right of approx 12.6% in real terms This is the second largest single entity voting right which exists within the club right now and far surpasses the total voting right of all current directors combined. The largest shareholding/voting right sits with the ICT Trust (a different entity to the supporters trust). The company articles state no need for club directors to stand down and/or be reelected by rotation. They have the power to appoint new directors and are, at present, entirely self appointed with no elected members on the board. A shareholder resolution can be raised by giving sufficient notice ahead of any general meeting for the election of a board member. The Supporters Trust could do that now if they so desired. The current board do not hold anything like sufficient shares between them to stop that resolution and would need support from others to do so...if they so wished.

I'm sure he'll get a handle on it