Redistribution of Wealth
New Society Publishers is a proud social enterprise.
On June 11, 2015, employees of New Society Publishers Ltd. voted unanimously in favour of signing a shareholder agreement granting a newly formed Employee Trust one-third ownership of the company. The other two-thirds are held equally by Judith Plant and by Carol Newell of Renewal Partners. This unique and innovative agreement has been carefully crafted as a model of social enterprise, demonstrating a new and better way of doing business.
The shareholders agreement was initiated by Carol Newell, CM, Principal of Renewal Partners. Under the plan, rather than employees being required to make a financial contribution, Renewal Partners redistributed their shares to create an Employee Trust, in recognition of the employees’ past dedication. This enabled all employees to join the Trust independent of financial ability. The Trust has been granted holdings in the company, as well as a seat on the Board of Directors, giving employees a role both in upper management and in charting the direction of the company.
Julie Raddysh, Publisher, says,
