In a multi-academy trust (MAT), a single trust is responsible for a number of academies. The MAT consists of the Central Team, the Members and the Trustees. The members are akin to the shareholders of a company. They have ultimate control over the academy trust, with the ability to appoint some of the trustees and the right to amend the trust's articles of association. The trustees are responsible for the three core governance functions performed by the governing body in a maintained school; setting the direction, holding the headteacher to account and ensuring financial probity. As charity trustees, they must also ensure that they are complying with charity law requirements. Academy trusts are charitable companies and the trustees are company directors and must comply with company law requirements.