Nigel Farage has given up sole control of Reform UK, with the party’s members now being “handed over ownership” following a vote last year, according to its chairman.
The party, led by Mr Farage, was previously controlled by the Clacton MP as he held a majority of shares in the company.
According to the party’s new constitution, a board will instead be set up that will lead and direct the party, with members voting in an advisory manner on policies at the annual conference.
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Members also have the power to call an “extraordinary general meeting”, and launch no-confidence motions in the party leader.
In a statement, Reform chairman Zia Yusuf said: “We are pleased to announce that, as promised, Nigel Farage has handed over ownership of Reform UK to its members.
“Reform UK is now a non-profit, with no shareholders, limited by guarantee.
“We are assembling the governing board, in line with the constitution.
“This was an important step in professionalising the party.
“We will soon have more exciting announcements about Reform UK as we prepare for government.”
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Poll: Tories trail Reform UK
Documents filed with Companies House show that all shareholders in Reform UK Party Limited have given up their shares and control of the organisation.
Instead, a limited company called Reform 2025 Ltd is listed as being in control of the party.
Reform 2025 Ltd has two directors – Mr Farage and Mr Yusuf – but no shareholders or persons with significant control.
It is understood this is because the membership is said to be in control.
This appears to put it in a similar structure to the Labour Party, while the Conservatives and Liberal Democrats appear to have controlling leaders or chairs.
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According to the party’s website, Reform UK have more than 211,000 members – close to double the Conservative membership.
Mr Farage says he wants to overtake Labour, which has around 309,000 members.
The party won five seats at the last general election off the back of 4.1 million votes. For comparison, the Liberal Democrats won 72 seats off the back of 3.5 million votes.
This discrepancy is largely down to seats votes are concentrated in.
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Recent polling has shown that Reform are seen as stronger than Labour on a range of topics among voters, including trustworthiness, strength, and “clear sense of purpose”.
Earlier in February, the party also topped a voter intention poll for the first time.