We’re setting up Talking Wales as a cooperative, more specifically a Community Benefit Society. The purpose of a Community Benefit Society is to serve the broader interests of the community, in contrast to cooperative societies that serve the interests of members, you can learn more about what a CBS is here.
As a CBS we will be subject to regulation by the Financial Conduct Authority and will be bound by a set of rules, as you can imagine this isn’t a straightforward process as there are a number of legal issues that need to be taken into consideration.
We are fortunate as we are being supported by Cwmpas, formerly the Wales cooperative centre, and have benefitted from external expert legal advice, thanks again to Cwmpas.
The process has taken slightly longer than expected due in part to the need to ensure that our incorporation is based on a set of legally binding rules tailored to how we intend to operate as a business and unscheduled surgery for founder and project lead Huw Marshall.
A lot of work has been happening behind the scenes, developing a robust business plan, preparing a prospectus for our first share issue along with extensive research into the business of news discovery and distribution.
We are developing a service that has the potential to have a huge and positive impact on democracy in Wales offering a genuine alternative to the London-based news media and the BBC.
Your continued support is enabling this work and is hugely appreciated. You can contribute to the effort by using the link below.
Diolch