I have been aware of several attempts to gain SEC support for the formation of this CIC Association. So far its not really got anywhere.
Yesterday I recieved a call from a third party on behalf of the SEC conducting research in to CIC's. One of the questions I was asked was "have i found anything about being a CIC difficult?" - the answer I gave, and the answer I give now, is "yes... the fact that there isn't a single easily accessible resource to give me any supporting information about what on earth I am doing!"
We need a CIC Association.
I would pride myself on being one of the longer standing CIC's - we, Ethical Junction CIC (www.ethical-junction.org
) were formed in 2005. We are a CLG and operate a membership network of over 1000 ethical businesses and organisations in the UK. I would estimate that about 5% of our network have even heard of a CIC.
I have so many questions that I don't know where to get answers for...
- do the value of shares in a CIC go up and down?
- since the interest rates have gone down is the dividend cap remaining the same?
- how can I easily get in touch with other CIC's?
- what are the plans for the development of the CIC brand?
- how do I get around the fact that virtually no one in the commercial world has heard of the trading entity CIC
And so on and so on...
I assumed I was alone in this until the first CIC forum held by the SEC last August at which I met John Mulkerrin. Since then I have found, with John, many many other CIC's in the same boat. If you read this and feel similar, join up and invite other CIC stakeholders/managers etc to join in this network and help provide evidence to support the formation of a CIC association.