V3.9
GOVERNANCE The governance of the LODE System is set up in three phases to ensure the project’s mandate is met with the intention that LODE Community Members ultimately govern the entire system. The key parties highlighted in this section include LODE and its Board of Directors, Steering Committee, LODE Service Providers Advisory Committee, and the LODE Community Advisory Committee. Below is a listing of each board’s and Committee’s area of responsibility:
LODE - BOARD OF DIRECTORS The requirements of the LODE Board of Directors is to: • Act honestly and in good faith; • Perform due diligence and safeguard the interests of the LODE Project including the obligation of secrecy and, if required, be obliged to refrain from involvement in handling matters affecting personal interest; • Determine the mission, vision, values for the organizations’ current operations and future development; • Determine and review the organizations’ goals, objectives, and policies; • Select, appoint and support Advisory Board, Non-Executive Committee, CEO and CFO; • Develop and delegate the implementation of business strategy/plan and organizations’ structure; • Review and evaluate present and future opportunities, threats, and risks; • Delegate authority to manage, monitor and evaluate the implementation of policies, goals, strategies and business plans; • Establish monitoring criteria to be used by the board; • Communicate, collaborate, delegate and monitor success of senior management and executives; • Approve annual budgets; • Monitor, track and challenge LODE’s performance and provide feedback for improvement and Provide financial performance reporting.
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STEERING COMMITTEE The Steering Committee’s role is to act as the de facto CEO for the LODE Project; When requested, provide input and approval on budget expenditures; Set compensation packages of the SPA and create, communicate, collaborate, delegate, and monitor activities of the SPA. SERVICE PROVIDERS ADVISORY COMMITTEE the SPAC provide non-binding, unbiased counsel, advice and opinions on initiatives proposed by BOD; Develop an understanding of LODE, its markets, and industry trends; When requested, give advice on governance consistent with the goal of sustainable growth of LODE; Support and explore new business initiatives and●Provide contacts for networking the LODE Platform for the BOD.
