Meeting minutes for the Hedera Council

The Council Members approved the meeting minutes from the Council meetings held on November 8, December 6, and December 13, 2023 and elected individuals to chair a Hedera committee for the term beginning January 1, 2024 and ending December 31, 2025.

The Council members approved the meeting minutes for their October 18, 2023 meeting and the allocation and transfer of 4.86 billion hbars from Hedera’s treasury account to Board-governed Hedera accounts; directed the Board to ensure that any grant to an independent ecosystem development entity shall include requirements that such entity has appropriate good governance mechanisms in place, including, without limitation, appropriate policies with respect to ethical conduct and conflicts of interest; and elected individuals to serve on Hedera’s Board of Directors for the term beginning January 1, 2024 and ending December 31, 2025.

Council members expressed their desire to assist Hedera’s open source efforts, and interested Council members were invited to contact Andrew, who will serve as a conduit between the Council members and community members.

The Council members approved an amendment to RegCom’s charter to change its name to the Government Affairs Committee and revise the purpose statement to reflect the new focus on government affairs, the renewal terms of the specified Council Members, the proposed structure and key terms of an Ethics & Integrity Policy, and the concept of “committee leadership teams”; directed the Secretary to amend the Committee Policy and update MemCom’s charter to include member engagement within its responsibilities; and voted to approve the application of Hitachi America, Ltd. to join the Hedera Council.

The Council members approved the minutes from their August 9, 2023 and September 13, 2023 meetings.

The Council members discussed the Board’s decision to further strengthen Hedera governance by separating the roles of Chair and President.

The Council members approved the July 12, 2023 meeting minutes; changes to the Committee Policy regarding financial oversight and directed the Secretary to update the Committee Policy and Committee charters accordingly; the May 20-21 and June 14 meeting minutes; revised participation requirements for Hedera Directors to be incorporated into the Hedera Contributor Reward Plan; and administrative revisions to the Hedera Committee Policy.

The Council members discussed proposed changes to Hedera Contributor Reward Plan and the Hedera Committee Policy, as well as the Proof-of-Stake Task Force.

The Council members approved the development and implementation of certain changes to the staking rewards algorithm as presented at the meeting.

The Council members approved the April 12, 2023 meeting minutes and the allocation of 3,735,000,000 hbars to fulfill existing contractual obligations for token purchase agreements, network governance and operations, and ecosystem and open-source development and voted to appoint Shuchi Rana and Ian Jebbit as Co-Chairs of the Marketing Committee, with each serving a term of May 17, 2023 through December 31, 2024.

The Council members approved the COFRA Group as the 29th Council member and the March 8, 2023 meeting minutes and voted to form the Marketing Committee, contingent upon Council’s election of two Marketing Committee Co-Chairs, and approved the Marketing Committee’s charter as presented at the meeting.

The Council members approved the February 8, 2023 meeting minutes and a revised charter for the Regulatory & Policy Committee.

The Council members approved the January 11, 2023 meeting minutes.

The Council members approved the October 8-9 and December 14, 2022 meeting minutes and the formation of a group of no less than five Council members—all of whom must be unaffiliated with current Directors—to clarify service level requirements in the Hedera Director Compensation Plan.

The Council members approved the allocation of transaction fees (80% to a Hedera account to cover operating expenses, 10% to a staking rewards account, and 10% to a node rewards account) and voted to approve Dell Technologies as the 28th member of the Hedera Governing Council.

The Council members approved the September 14, 2022 meeting minutes, directed the Technical Steering & Product Committee not to approve HIP 498 and to investigate alternative implementations of the feature, and approved the Open Source Task Force’s recommendation for (i) an open source project scope focused on the Hedera mainnet implementation and complementary projects and (ii) an open source governance structure based on a Linux Foundation/Cloud Native Computing Foundation model.

The Council members approved the July 13, 2022 and the August 10, 2022 meeting minutes and the proposed Board Compensation Policy.

The Council members approved the June 10, 2022 meeting minutes, the appointment of Bill Miller as co-chair of the Membership Committee, Rich Widmann as co-chair of the Legal & Regulatory Committee, and Saiprasad Raut as co-chair of the Corporate Utilization Committee, and providing compensation to Board members for their service in 2020 and 2021.

The Council members approved the transfer of 2.35 billion hbars from Hedera’s Treasury to staff-controlled administrative accounts to be able to meet potential coin distribution obligations.

The Council members approved the May 11, 2022 meeting minutes and authorized CoinCom to select and adjust staking settings, provided at least 5 Council members vote to approve the settings.

The Council members approved the April 20, 2022 meeting minutes and extending the current three Board Director terms through December 31, 2022.

The Council members approved the March 9, 2022 meeting minutes and a revision to the February 26, 2020 meeting minutes.

The Council members approved a hbar compensation program for Board members, Committee chairs, and transaction signers; the charter for the Corporate Utilization Committee; and extending the voting period for the amended LLC agreement.

Council members approved the development of a permissionless staking rewards model and updates to the Committee Policy and delegated authority to the Chair to implement the policy.

Council members approved the minutes from the Council meeting held on November 17, 2021 and authorized the Board to finalize and approve the minutes from the Council meeting held on December 21, 2021.

Council Members approved the reorganization plan for further decentralization that was presented at the meeting and directed the Hedera Board to (i) proceed with finalizing an IP Purchase Agreement with Swirlds to purchase the hashgraph IP and (ii) oversee the process of publishing the hashgraph code under an Apache 2.0 open-source license.

Council Members approved minutes from the September 14, 2021 Council meeting and approved extending the terms of current Board members and Committee chairs for up to 6 months.

Council Members approved the minutes from the Council meeting held on July 14, 2021 and discussed technical, regulatory, and adoption developments, including ecosystem grants and environmental, social, and governance use cases.

Council members allocated 10.7 billion hbars from the Hedera Treasury for ecosystem development, including earmarking up to 5.35 billion hbars and fiat to the HBAR Foundation, an independent foundation that will make ecosystem grants. The Council members also approved the allocation of 4.4 billion hbars for Hedera's H2 2021 budget.

Council Members approved dissolving the Marketing Committee, the minutes from the Council meeting held on March 10, 2021, and certain minor amendments to the Hedera LLC Agreement and Committee Policy as presented at the meeting.

Council Members approved changes to the Hedera Pricing Plan to increase the typical account creation fee from $0.01 to $0.05 and approved the Hedera User Group Policy.

Members reviewed the Hedera Pricing Plan, the Hedera Technical roadmap, Hedera's 2020 KPI metrics, and the three-year budget and fundraising terms.

Members reviewed technical milestones, KPIs, regulatory posture, use cases, Hedera's LLC agreement, stablecoin network implementation, and technology roadmap, including the Hedera Token Service.

Members reviewed Hedera's LLC agreement, KPIs, network services, incentive programs, and regulatory stance.

Members reviewed Hedera's roadmap, software updates, and additional fundraising terms.

Members passed a motion to approve the reallocation of 1 billion hbars to a community incentives program.

Members reviewed network utilization incentive strategies, 2020 platform features, roadmap, and market validation, and discussed token economics and SAFT holder relations.

Members reviewed open access launch (successes and challenges) and departmental updates.

Members reviewed Hedera strategy and competitive landscape, departmental updates, and voted on nominations of co-chairs for each committee.

Members reviewed the Council’s core governance structure, selected Committee co-chairs, and discussed meaningful use cases being collected from the community.

Members recognized the establishment of the Council and the initial meeting of the Members.