As a highly profitable multi-million-pound business with an array of quality clients, Accord is an example of a hybrid form of employee ownership.
The company was the first employee owned start-up business in Scotland in 2010. The Accord model has an Employee Ownership Trust (EOT) that holds, on behalf of the employees, a controlling 51% interest in the company. The EOT has founder, employee and independent external representation on its board of trustees. This ensures that key decisions are taken in the long-term interests of the staff. Accord also has an HMRC-approved Share Incentive Plan (SIP) giving employees direct ownership in a tax-efficient manner. The SIP holds 21% of the equity of the company and has a founder shareholder, an employee and an independent external trustee on its governing board. The balance of equity in the company is owned by the founder directors.
Employee ownership at Accord has consolidated the culture of openness and staff participation within the organisation by giving employees a long-term stake and involvement in the business along with two employee-elected employee directors on the board. This arrangement has unlocked outstanding productivity, innovation and financial results for the company.
We believe that this model and its potential benefits will be attractive to prospective clients and employees alike and will enable us to provide a unique and exciting offering.
The business was recognised in the 2019 UK Employee Ownership Awards, securing ‘Highly Commended’ as Employee Owned Business of the Year.
“Accord Energy is an outstanding example of an innovative, entrepreneurial business that is using employee ownership to enhance its competitiveness and differentiate itself in a tough international market,”
Jacqui Mitchell, 4 Purpose