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Treasury Council
This page explains the role and constitution of Treasury Council, appointed by a Council Vote of the Open Council.
The role of the Treasury Council is to steer the Muellners Foundation's various initiatives with fund appropriations, and governance rules on co-operative owned fund management.
Treasury Council members are generally individuals of industry wide reputation, having had persistent success in steering and contributing to the humankind, with major sustainable impact. They can be successful bankers, investment fund managers, wealth managers, senior financial analysts, scheduled and chartered auditors, accountants, members with background on tax compliances, and public grants.
The members of the Treasury Council have voluntarily chosen to actively contribute to projects maintained by the Muellners Foundation.
These members contribute to Open Bank's Fund appropriation, allocation and provisioning to different projects of the Foundation. Treasury Council members also participate in presenting Foundation's agenda in local industry forums and chamber networks, build strategic relationships with Hedge Funds, Venture Capital and Private Equity and Crpto Asset Holding Financial Services companies.
The members to the Treasury Council generally stay on the Committee for a fixed period.
The members from the Treasury Council work with following guidelines:
Meetings:
1. The Treasury Council members shall meet the Executive Council on an ongoing basis: 1.1 Generally recorded on a monthly basis through an electronic meeting with the Executive Council, either exclusively or
1.2 When recorded through the member’s presence in the Foundation’s monthly Council meetings, or
1.3 When participating through the Independent Board's private mailing list on any Open Council vote, atleast once in a month.
Treasury Council plays a central role in fund appropriation, and representing Foundation's investment and Fiscal host relationships. Treasury Council contributes to actively steering Foundation's roadmap and advocacy of its guiding principles. Therefore, a vote of confidence may be scheduled to register attendance of the Treasury Council members.
The members of the Treasury Council shall also nominate members to Steward Group.
2. The Treasury Council may convene to meet the Executive Council or other members through an electronic meeting, in addition to the monthly Council meetings, to contribute to their roles and responsibilities.
3. Treasury Council may convene an electronic meeting, inviting all the Open Council members or all the Foundation's members, to conduct an independent documented review of the Foundation’s project and initiatives.
The meeting minutes from any convened “Treasury Council meeting” shall be released to the Executive Council within 14 days of the meeting.
The Executive Council reserves the right to reject or release the meeting minutes and documented reviews of this council to the other members of the Foundation.
Serenity Governance Framework:
4. Muellners Foundation run itself with a decentralised governance system, known as Serenity. Treasury Council works with all the Open Council members with respect to the Foundation’s open source projects.
The Executive Council ratifies the Treasury Council’s Resolutions.
The Independent Board then ensures ratification of any amendments to the open constitution, governance of Open Bank, based on Executive Council’s public reports.
The chair of Treasury Council may also get elected to an Open Tribunal, registered on Serenity Governance System for arbitrations between disputing members of the Foundation.
Consideration:
5. Appointment to this Treasury Council is pro bono and voluntary in nature. Appointments are generally made for an election period of atleast 1 year and atmost 3 years.
Appointment, Nomination, Removal and Resignation:
Appointment:
6.1 Following members can officially nominate a new or existing member of the Foundation to the Treasury Council:
6.1 a. An elected member of the Executive Council or of the Treasury Council or of the Advisory Council.
6.1 b. An individual member can also request a nomination and the action of nomination shall be officially filed by the only members mentioned in above 6.1 “a”.
6.2 Self nomination by an existing member of one of the Open Council bodies for his/her/their appointment to the Treasury Council is not acceptable.
Self nomination by an existing non Council member of the Foundation, for his/her/their appointment to the Treasury Council is not acceptable. Please read more. 6.3 Once the nomination is accepted by the Nominee, Nominee or the member nominating the nominee, shall file supporting information such as nominee's literature, publications, demonstration of social activities on Foundation's Membership Registry.
A Council Resolution "Vote IN" is then scheduled on the Council's mailing list.
Electoral Process for "Vote IN" is conditional to a quorum.
a. Quorum is achieved when a minimum of half of all the Open Council members, participate in the Council Resolution - "Vote IN". b. A decision is received in favour of the Council Resolution - "Vote IN", when majority of all the participating members of the Open Council, vote "+1". E.g: Let's say there are 21 Open Council members.
Atleast 11 members shall participate in the Council Resolution for the "Vote IN" to achieve quorum. This is the qualifying state for the Council Resolution to be logged on Serenity public ledger. For the appointment to be electorally approved, the "Vote IN" should receive atleast half of the total votes(required for quorum), in the favour of this Council Resolution. So, in this example, six (+1) votes of the participating 11 Council members will do the job.😒
6.4 Appointment to the Treasury Council is published on the public facing records of the Muellners Foundation.
Removal Proceedings:
7.1 Members of the Executive Council or of the Treasury Council can only officially nominate removal of a member from the Treasury Council.
7.2 Open Council Resolution - Vote OUT" is considered to be active on the Serenity system, once it is initiated on the Council’s private mailing list.
Electoral Process for "Vote OUT" is conditional to a quorum. a. Quorum is achieved when a minimum of half of all the Open Council members participate in the Council Resolution "Vote OUT". b. A decision is received in favour of the "Vote OUT", when majority of all the participating members of the Open Council, vote "+1". E.g: Let's say there are 21 Open Council members.
Atleast 11 members shall participate in the Council Resolution for "Vote OUT" to achieve quorum. This is the qualifying state for the Council Resolution to be locked on Serenity public ledger. For the removal to be electorally approved for next stage, the "Vote OUT" should receive at least half of the total votes(required for quorum), in the favour of this Council Resolution. So, in this example, six (+1) votes of the participating 11 Council members will do the job.😒
A strong reason for violation of Muellners Foundation’s governing policies and directives must be provided by member(s) initiating the resolution, to support the Council resolution “Vote OUT”.
7.3 Community Referendum: Final removal of a member from the Treasury Council is subject to a community referendum on the passed Council resolution “Vote OUT”, stated in 7.1 & 7.2 above.
Community Referendum is generally accessible by all members of the Muellners Foundation - both Council, its CWC members and non Council members.
Quorum on the Community Referendum for the Council Resolution - "Vote Out" is achieved when 33% (more than 1/3rd) of all the voluntarily organised subscribed members participate. Of the minimum participating members, the Community Referendum stands as Decided when majority of the quorum populace votes in favour of the stated Council resolution “Vote OUT”.
E.g: Let's say there are 1000 Foundation members.
A minimum of 333 members are required to participate in the Community Referendum to achieve quorum. The decision of the Community Referendum depends on a majority(167/333) in favour of, or against the subject of the Referendum. This is the qualifying state for the Referendum to get locked on Serenity public ledger.
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8. A member may serve on more than one Open Council bodies. Each Council body membership reserves additional voting rights.
If a member happens to serve on two Open Council bodies, then this effectively means that two votes are counted for the same member for the Foundation’s Council Vote based decision proceedings, including but not limited to the governing protocols for appointment of members or their removal to the Open Council.
Resignation:
9. A member's self resignation from the Treasury Committee is a voluntary action.
A member may resign from the Treasury Committee by stating the reasons for resignation. The announcement of resignation can be done via electronic email on the Council's mailing list; [email protected]
Miscellaneous:
10. The Independent Board reserves the right to update the terms and conditions, statutes from time to time, in compliance with the existing rules and regulations of the association, including reserving the right to terminate the appointment to this Council at any time, without notice and without the due electoral process of removal, in the following scenario:
If the member is found convicted of criminal, civil and financial crimes, in any court of competent jurisdiction, across the world, where Foundation has an active presence, either through a legal body representation or an affiliate network.
Read more on the guiding principles & diversity statement of the Foundation here.
Read more about the Foundation’s Code of Conduct here.
11. The statutes of the Foundation and terms and conditions governing its functioning can be found here. The Independent Board reserves the right to dissolve the whole Treasury Council and initiate constitution of a new Treasury Council.
12. The Foundation members communicate via cryptographic electronic communications systems, and technology tools. In connection to the electronic meetings convened by members of this council, Foundation’s IT infrastructure shall be used.
If the meeting took place outside the Foundation’s communications infrastructure, then the meeting minutes must be brought back to the notice of the Executive Council.
Upon a successful nomination and having received a passed Council Resolution "Vote IN", a new Open Council member should file their supporting documents to Serenity Membership Registry. A private link is generated by Serenity system.
Custodian: Election Council
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