The GLIDE Ethos
As shareholders, each one of us has a vested interest in contributing to the process of driving through growth and promoting innovation in all areas of the business. Everyone has the right to express their opinions in a responsible and constructive manner. Likewise, we all have a duty to listen to and explore the validity of those opinions.
“We aspire to work in a challenging, innovative world class business infused with fairness, respect, learning and fun.”
The beginnings of GLIDE…
In the summer of 2011, GLIDE was formed. All shareholders are members of GLIDE which is a private company limited by guarantee. This means that it has been set up, for example, on the same basis as a sports club, where the individual shareholder’s liability is limited to £1.
Since the mid 1990s, Hugh Facey, the founder and executive company chairman of Gripple Limited and Loadhog Limited, has been examining ways to pass on his legacy to subsequent generations of employees. In establishing GLIDE, many considerations had to be taken into account, not least the culture and how to instil our inherent values into everyone that works in the company both now and in the future. Promoting new product development and experimentation in new processes represent key elements of the innovation process.
Hugh Facey, and subsequently Roger Hall, vice chairman of Gripple Ltd and Loadhog Ltd, have both decided to make a gift donation of their personal shares to GLIDE. Their respective donations will be gifted annually over a ten year period, ceasing in 2021. These shares become known as ‘permanent shares’ and can never be sold. They will, over time, generate significant revenue from dividends for GLIDE.
Why was GLIDE established?
- To harness our unique culture and pass it on to future generations
- To act as custodian / protector of its gifted share dowry from Hugh Facey and Roger Hall, and to ensure they are never sold
- To act as market maker in the buying and selling of members’ shares
- To exercise its right to use the Golden Share, (explained in a following section), in order to prevent the break-up of companies for the sole purpose of profit
- To establish an employee elected board of directors to represent its members
- To charge the board with the responsibility of determining the best way to distribute dividend income from the gifted shares on behalf of their members
GLIDE has been established to preserve and develop employee culture; to look after the interests of its members and to generate engagement by everyone in their company. It’s great to feel that everyone is an owner of their business.
Our goals and the Articles of Association
The operation of GLIDE is controlled under a set of guidelines and goals contained in a document known as the Articles of Association. GLIDE is committed to encouraging each investee company to achieve:
- An annual growth in turnover of 10%
- 25% of annual turnover from products which are less than 4 years old; innovation is key to long term prosperity and independence
- A contribution of 1% of budgeted profits to charitable causes
- The promotion and support of employee ownership to other businesses in the wider economy
In addition, GLIDE has a responsibility to invest any income under its custodianship for the benefit of:
- Its investee companies by investing in new products, machines and processes
- Its members by investing in sports, social and other leisure facilities
- Other businesses in the manufacturing and service sectors, offering unique patented products or value added features
- Its members, by considering when appropriate, the social, healthcare and financial hardships affecting any of its members