|Corda Network Foundation||Document history|
It is critically important that a commercial entity should not control Corda Network going forwards, and that it should be governed transparently, with a fair and representative structure that can deliver a stable operating environment for its members in the long term.
A separate entity called Corda Network Foundation will be set up, using a not-for-profit legal entity type known as a Stichting, residing in the Netherlands. This type is suited for governance activities, able to act commercially, with limited liability but no shareholders, capital or dividends. Its constitution is defined in a set of Articles of Association and By-laws.
A Foundation will enable Network members to be involved with, and also understand, how decisions are made (including around issues of identity and permission), building trust and engagement from a wide range of stakeholders. We believe this will bring about the best decisions and outcomes for the Network’s long-term success.
Its governance bodies shall include:
- A Governing Board (‘the Board’) of 11 representatives (‘Directors’).
- A Technical Advisory Committee (‘the TAC’), comprised of representatives of Participant organisations.
- A Governance Advisory Committee, comprised of representatives of Participant organisations.
- A Network Operator (‘the Operator’), charging the Foundation reasonable costs for providing network and administration services, paid by the Foundation through membership funds, and accountable directly to the Board.
Operating on behalf of:
- Participants (‘Participants’), open to any legal entity participating in Corda Network, and independent of R3 alliance membership.
For more information about the intended governance of the network, please refer to the Corda Network Foundation : Governance Guidelines document.