The Foundation’s Steering Committee is the governing body that is key to a successful future of the VeChainThor blockchain.
Members are voted into the Committee during Elections in which all stakeholders of the VeChain ecosystem get to cast their vote.
Read this post to learn more about the Steering Committee, the elections, and an important vote that is currently taking place to postpone the elections.
The role of the Steering Committee
The Steering Committee represents the VeChainThor blockchain stakeholders’ interests in the long-term development of the technical infrastructure, business expansion, and VET value enhancement.
The Steering Committee is responsible for establishing the general oversight and framework, including the design of the operating rules of the blockchain that are intended to achieve these goals.
The SC has regular meetings to discuss important topics and determine the strategy for the Foundation.
Current members of the Steering Committee include Sunny Lu (VeChain), Renato Grottola (DNV GL), George Kang (PwC) and Daniel Kelman (OceanEx) among others.
Election of the Steering Committee
With the term of the current Steering Committee coming to an end on June 30th 2020, an election was announced on February 17th during which all stakeholders can vote who they would like to see in the Steering Committee.
Stakeholders can vote on candidates out of three categories:
- Existing SC members.
- Candidates nominated directly by the Foundation.
- Other candidates interested can declare their intention to run for SC membership on the VeChain Forums.
The election to elect the 2nd term Steering Committee was set for May 2020.
Postponement of the Election
On May 1st, the Foundation announced that they want to postpone the Steering Committee election until June 2021 because of the global pandemic:
As the world grapples with the COVID-19, the pandemic now negatively affects and disrupts social and economic activity worldwide. We are seeing a large reduction in business meetings and the implementation of strict travel and border restrictions across the world. Unfortunately, with most of our nominees and candidates located in different countries and subjected to various social and travel restrictions, it has been increasingly difficult to schedule and plan for in-person and face-to-face meetings. In the event of a post-election, we are of the view that it will be difficult for newly elected candidates to have a grounded mutual understanding with all parties involved and take the responsibility to serve as one of the SC members.
It is up to the stakeholders to vote if they agree with this postponement, which will result in the current Steering Committee staying onboard another year if passed.
At the time of writing, there have been 330 votes resulting in 94% of users voting that they agree with the postponement of the new elections.
Currently 8% of the Authority Nodes and 5% of the Economic (X) Nodes have voted.
With 5 days left to vote, is is important that the voting reaches the 15% minimum participation requirement or the vote will fail.
How to vote
Voting is really easy:
- Visit https://vevote.vechain.org/ using Sync or the VeChainThor mobile wallet.
- Go to Proposals
- Click on the Postponement proposal.
- On the proposal page click on Authorize to vote
- Authorize the VeVote Dapp to check if you meet the requirements to vote by signing the identification certificate.
- Select your choice
- Submit your vote by signing the transaction.
And you are done!