The Hedera Governing Council today announced the results of the election to increase the decentralization of governance over the Hedera network by replacing all previously permanent executive voting directors on the Board with elected representatives from the Council and the industry.
The voting directors are responsible for establishing and maintaining enterprise-grade corporate governance, including but not limited to financial oversight, the appointment and oversight of all corporate officers, and the election of the non-voting non-affiliated Chair. These functions are critical to establishing trust in the governance controls designed to ensure the long-term viability of the decentralized Hedera network. The voting directors elected into these seats will serve the remaining eighteen months of a twenty-four month term, beginning July 1, 2022, through December 31, 2023. They join the existing three Board members who were elected by the Council to terms that expire at the end of 2022. The end result of this newly adopted governance process is an annual election whereby the Governing Council will elect half of the seven voting directors (three members at the end of even years and four members at the end of odd years) to two-year terms, ensuring continuity of oversight.
In May, all Council members were allowed to nominate candidates (either affiliated with a Council Member or independent persons), and in June, Council members voted on the slate of directors. The elections resulted in six directors coming from existing council members, and one independent director, Monique Morrow from Syniverse Technologies, a global leader in telecommunications standards and governance.
“I am thrilled to be elected to the Hedera Board of Directors. I look forward to serving with my stellar colleagues," said Morrow.
The Board of Directors now is as follows:
Brian Jeffords, Senior Director of Identity & Access Management, the Boeing Company - term ending December 31, 2022
Scott Thiel, Founder and Entrepreneur-in-Residence, TOKO, the Digital Assets Tokenization Engine by DLA Piper - term ending December 31, 2022
Pradeep Iyer, Founder, Satvatma LLC, representing atma.io and Avery Dennison - term ending December 31, 2022
Tasker Generes, Vice President of Vision and Innovation, ServiceNow - term ending December 31, 2023
Monique Morrow, Sr. Distinguished Architect of Emerging Technologies, Syniverse Technologies - term ending December 31, 2023
Shyam Nagarajan, Executive Partner, Web3.0 and Sustainability, IBM Consulting - term ending December 31, 2023
Ian Putter, Head Blockchain Center of Excellence, Standard Bank Group - term ending December 31, 2023
Brett McDowell (Non-Voting, Non-Affiliated Chair elected by the Board)
"The Hedera Governing Council sets the standard for decentralized governance at scale in the industry. It’s a great honor to be a part of a brilliant team, and contribute to a safe digital future for all through collaboration and partnerships,” said Ian Putter.
Hedera Board Members will typically invest multiple hours a month furthering the success of the Hedera network through activities that include, but are not limited to:
Attending all regular meetings as well as potential ad hoc meetings. Regular meetings are currently scheduled twice per month and typically run for 1-2 hours, in addition to renewing quarterly in-person meetings that typically last 1-2 days.
Meaningfully engage in all Board-level decisions, including analysis, debate and voting on various policies and other proposals from their fellow voting directors and/or the Hedera executives.
Preparing as needed for each meeting by reviewing relevant materials, participating in discussions, and researching topics under deliberation.
Acting as representatives of the Council to external parties as coordinated by the Chair. This may include opportunities for public speaking or engaging with industry bodies and stakeholders on behalf of the Hedera network.