Corda Network Foundation Document history

Corda Network Foundation Transition Board

Please note: This is a repeat of clauses 3.3.3.1 - 3.3.3.3 from the Governance Guidelines

Initially R3 shall govern Corda Network, to ensure rapid progress on its implementation.

Once at least three business networks are conducting live transactions using the network with at least three Participants each, the ‘transition period’ of one year will commence.

1 Initial Set-up of Transition Board

For a transition year, the first three business networks onboarded onto Corda Network shall have the right to choose three Participants, to represent the interests of the business network.

One of each of these must be based in the Americas, Europe/Africa and Asia, to ensure geographic diversity, if the pool of Participants allows.

Each selected Participant will appoint a director, to sit on the board, making nine directors in addition to the two directors from R3.

During the Transition Board seating, there will be a vote for Board Directors for the steady-state board.

For the first election only for the steady-state board, of the nine vacant seats:

  • three will be for a duration of one year
  • three for two years, and
  • three for three years.

This will introduce a staggered board, so there is greater continuity at the end of each term. Candidates with the most votes will fill the three-year seats first, followed by two-year and then one-year seats. In all other respects, the first election will follow the steady state process.