These changes involve simplified procedures for the election of members and the introduction of subscriptions calculated on a corporate basis. The introduction of a new category of social membership has also been approved.
Speaking after the meeting today, Peter Kitching, Chairman of the Exchange said: "I am very pleased that members have supported the proposals made by the Board. We have been considering for some time how best we might revise our membership rules to reflect not only the introduction of our electronic platform and other member services but also to build a sound basis for the future development of the Exchange. The measures approved today achieve that objective."
On the implementation of the changes, annual subscriptions will broadly reflect the size of the company, or group of companies, in terms of its interest in shipbroking, arbitration, law, finance, freight derivatives and related employment as measured by the number of employees.
There will be five membership bands, ranging from the genuine sole trader business where the subscription will be £950 annually to £20,000 plus VAT for the largest UK companies. The annual subscription for social members who do not work in the Exchange's businesses - but who will be able to make use of the organisation's catering and certain other facilities at member discounted rates - will be £500 plus VAT. Previously, subscriptions have been calculated on the basis of the number of principals and representatives representing each member company.
Overall, the changes represent a re-distribution of charges amongst members and it is not expected that subscription income will increase by more than a few percentage points. The procedures for the election of members will also be streamlined and in future member companies will be required to provide the Exchange with a list of employees whom they want to enjoy the benefits of membership with a few details. The resolution, which gives effect to these and a number of other minor changes to the rules, was supported by a majority of over 90 per cent.
