To be better prepared for the future, the International Marine Contractors Association (IMCA) has incorporated a new company IMCA Trading Ltd. It will carry out all trading activities of the Association, including managing seminars, workshops and events, selling publications and contracting with other parties for work. IMCA represents offshore, marine and underwater engineering companies anywhere in the world.
"IMCA has grown rapidly in recent years from a membership of 300 companies in 2005 to over 730 companies in 58 countries around the world in 2010," said Hugh Williams, Chief Executive. "We need the right corporate structure to carry out our business, deliver sensible governance and prepare for the future which, if recent years are anything to go by, will continue to include significant growth."
The Association was formed in 1995 by merging two trade associations, the International Association of Offshore Diving Contractors (AODC) and the Dynamically Positioned Vessel Operators Association (DPVOA), which had very similar memberships, structures and objectives.
"The structure and Constitution created in 1995 have served us very well", he said. "Indeed, the Constitution will remain unchanged and the Association will still handle the annual subscriptions rather than IMCA Trading Ltd, because these fall typically in the remit of an association whereas the other aspects are better described by the word 'trading'".
The IMCA President and Vice President, plus Hugh Williams and Jane Bugler, as Chief Executive and Technical Director respectively, will be the Directors of the new company. The Association cannot own shares so the President holds the shares in IMCA Trading Ltd 'in trust' for the Association and the ‘not for profit' label of an association remains.
"This closely replicates the structure of the Association and will deliver the objectives we seek in a tangible way, similar to many other trade associations which we know," explains Hugh Williams.