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Call to Annual General Meeting

 

Hello Robyns! 

It is that time of the year again:

The annual general members meeting (AGM) of the coop will be held on December 27-29th in Loomio.org, just like the meeting last year. Opening and closing dates and time of the meeting correspond to Finland's time zone. 

This is the official call for the meeting.
Only members will be able to attend.

Each member will get the individual invite link to the meeting area on the e-mail associated with their RHcoop account.

Watch your inbox for the link to Loomio and other important emails coming up!


The agenda items are the following:

(in some detail; full agenda is available in the meeting area on loomio.org)


Agenda 1: Opening of the meeting

Agenda 2: Accepting the agenda

Agenda 3: What happened 2015-2016

  • During this fourth year of operation, the cooperative got 351 new members which is a 38% increase. Welcome all! The number of members was in the end of the fiscal year 926 (end of third year was 575).

  • Also assets under management (AUM) increased by 49 000 EUR or 7%. The AUM was in the end of the fourth year 0.688 MEUR (third year 0.639 MEUR).

  • RHC2.0: the implementation of our system in the Ethereum blockchain is being tested as we speak. First, the onboarding of new users and purchase of new assets paying with US bank accounts, Bitcoin and Ether are available. (Outside US also using Transferwise is possible.) The existing members database is being updated and members pages will be accessible to all again very soon. Another major feature, the new internal members market is ready. Having now our own market hopefully also alleviates the problem of the slow process to withdraw shares of the cooperative, as members can sell and buy assets on the internal market. We have a few other features saved for later that we believe will be useful and interesting. Welcome to this ride! RobinHood2.0 is up, and we have more in mind.

  • The move to the new system also means changes in practical matters with regard to voluntary shares and the fund. We will have new info pages up for the new system, but in a nutshell:

    • First, the old share series are gone, but the profit splits remain.

    • Second, optional assets are given a daily price (instead of a fixed price of 30 euros like the voluntary shares had before) on the basis of the Net Asset Value of the portfolio. You can purchase asset items with any sum you like and the number of asset items will depend on the daily price (how much you pay / daily asset item price = number of asset items). Obviously, the EUR/USD exchange rate also has an effect on how many asset items you get, if you pay by euros.

    • Third, the way the performance of the fund will be reported in a new way; the way that most funds do it, i.e., in terms of time-weighted rate of return (TWR). On the old website the performance of the fund was reported in terms of the relationship between the cumulative amount of assets under management (AUM) and the daily net asset value (NAV). The AUM has simply been the sum total of all the shares ever bought. The costs of running the fund have not been deducted form the total sum, which has meant that it has been unrealistic. Consequently, also the relationship of the AUM to the daily NAV has been unrealistic. Now, with the new fiscal year 2016-2017 we move to the more commonplace system of reporting the AUM after costs. That means that we deduce form the cumulative AUM number all the costs of running the fund, the shares bought back from members that have left, the funds the AGM has allocated to projects, for development and so on. 

  • Big steps have been taken with regard to the decisions made in 2014. During the summer, Robin Hood Services changed its name to Economic Space Agency, Inc., or ECSA. Right now, ECSA is in the process of launching a major project of technology development, under the title “Agoric”. Agoric is a ‘post-blockchain’ technology, intended to surpass the problems of scalability in blockchains while providing increased modularity. Agoric is intended as a technology for decentralised governance (not as a technology for cryptocurrency, like Bitcoin), and it has great potential for powering self-organised finance and democratic economy. If all goes well, this could also result in something flowing back to the coop, too, in return of its pioneering ideas.

 

Agenda 4: Annual accounts 2015-2016

  • We have about 0.4M assets in the coop. The turnover of the fiscal year was 2,5 M€, with 342 K€ loss (before taxes), and 345 K€ loss after taxes.

  • The loss is considerable, that is a cold fact. Starting with the China stock market turbulence in Autumn 2015, the fiscal year was challenging for many funds. The time-weighted rate of return (TWR) for the fund for the fiscal year was -38%.   

  • We will have a detailed financial report available in the meeting space.

 

Agenda 5: Next steps of the cooperative

  • Some potential things the coop could take up:

    • Since we have no profits to do a project funding round right now, we are planning to develop crowdfunding tools embedded in the coop’s new system, through which members can support projects by allocating their personal coop assets to them.

    • In connection to this, we could develop a decision making structure to go with the crowdfunding tools, for members to make decisions related to the coop and the projects funding.

    • The performance of our investment algorithm, The Parasite, has not been as good as we would like, and this has been going on for several months. Some of the issues leading to this have been identified, and will be addressed. More info will be available on the meeting area.

    • The coop could also start developing new investment algorithms and models. For instance, an impact or ethical investment model has been discussed before. Maybe now is the time to take these further, and also seek for resources and collaborators?

  • The coop needs new volunteers to run its operations. Volunteers are needed for many different tasks. As always, marketing and PR work by members is very valuable.

 

Agenda 6: Ending of the Meeting


 


The full, detailed agenda will be present in Loomio.

All members will get an invite to Loomio via e-mail.

Keep an eye on your inbox!

There will also be other important emails regarding your Robin Hood account and new system coming soon. 

 


News


Robin Hood Coop moves on to the #ethereum #blockchain #coop2dot0
Follow the updates on our forums here and here.

Check this and other ECSA medium pages for its lates developments

 

Spread the word 


Please participate and help us continuing by spreading the word.

We are now 926 at the time of writing this! And with the new exciting tools we will surely hit the 1000 mark soon.

Keep your networks informed, come to discuss at the forum and volunteer if you can!

 

Find Us

www.robinhoodcoop.org
http://discourse.robinhoodcoop.org

contact@robinhoodcoop.org
projects@robinhoodcoop.org
support@robinhoodcoop.org

 
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