TL;DR
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The Lido Alliance BORG Foundation (“Lido Alliance BORG”) proposes the appointment of Leeward Supervisors Limited (“Leeward”) as its new Supervisor.
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Leeward already serves as Supervisor of the Lido Labs Foundation and, in that capacity, has developed a strong understanding of the organisational structure of the entities operating adjacent to the Lido DAO and their respective roles and functions.
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Subject to community feedback, the appointment will be submitted for approval by LDO holders via Snapshot vote in the next voting slot. If approved, the appointment will be implemented by the board in accordance with Lido Alliance BORG’s governing documents.
1. Background
Lido Alliance BORG is a Cayman Islands foundation company established to support the purposes assigned to it under its governing documents as approved by the Lido DAO. It has no members or beneficiaries, and its business and affairs are managed by or under the control of its board of directors. It is funded through the Ecosystem Grant gRequest (EGG).
Under Lido Alliance BORG’s bylaws (“Bylaws”), it shall at all times have at least one supervisor. A supervisor is a mandatory office of a memberless Cayman Islands foundation company, responsible for holding the board of directors accountable and overseeing compliance with the foundation company’s constitutional documents and applicable law.
Role of a Supervisor
The Supervisor ensures that Lido Alliance BORG’s rules are enforced and has the right and power to hold BORG Personnel (as defined in the Bylaws) liable for the following: (a) any fraud or violation of applicable Legal Requirements (as defined in the Bylaws) committed by or on behalf of Lido Alliance BORG, or by or on behalf of BORG Personnel in connection with Lido Alliance BORG’s activities; (b) any knowing and intentional material breach of any material term of the Governance Agreements by Lido Alliance BORG or any BORG Personnel that could reasonably be expected to materially adversely impact Lido Alliance BORG or the Community (or any part of the Community) (as defined in the Bylaws).
Current Supervisor
The current Supervisor of Lido Alliance BORG is MetaLeX Pro, LLP. MetaLeX Pro, LLP was appointed as Supervisor of Lido Alliance BORG on a temporary basis. It is now necessary to appoint a new entity for this role.
2. Proposed appointment
Lido Alliance BORG proposes the appointment of Leeward as its new Supervisor, with MetaLeX Pro, LLP resigning once the new appointment takes effect.
Leeward is established in the Cayman Islands and is a governance, compliance, and fiduciary services firm specialising in Web3 and digital assets. Leeward already serves as Supervisor of the Lido Labs Foundation and, in that capacity, has developed a strong understanding of the organisational structure of the entities operating adjacent to the Lido DAO and their respective roles and functions.
3. Next steps
The proposed process is:
- Community feedback on this proposal.
- Snapshot vote seeking Community Module Approval on Leeward’s appointment as Supervisor.
- Board approval of the new Supervisor’s appointment.
- Resignation of MetaLeX Pro, LLP as the current Supervisor, effective upon Leeward’s appointment taking effect.
- Completion of the necessary corporate actions to give effect to the appointment of Leeward.
Winning option: For