Effectively, the revision fundamentally changes the target of the petitioning action.
Rather than the FSAF, the proposal asks the ICF to generate summary reports for fiscal years 2019 - 2023.
Much of the proposal structure remains the same.
The largest changes are reflected in RESOLUTION and CALL TO ACTION sections.
BACKGROUND:
addition
ACKNOWLEDGMENT OF COMPLIANCE AND DEFINITION OF SUMMARY REPORTS WHEREAS, the Cosmos Hub community acknowledges that the ICF has been in compliance with its annual filing and reporting obligations with the Federal Supervisory Authority for Foundations (FSAF) since its establishment in 2017; and
WHEREAS, the community cannot conclusively determine if the required audits are as comprehensive as what Swiss authorities refer to as an “ordinary audit”; and
WHEREAS, for the purposes of this proposal, “summary reports” are defined as discretionary high-level documents that address the scope of issues specified herein, derived from the audit findings the ICF claims it performs on an annual basis due to its mandatory reporting requirements as a Stiftung under Swiss law; and
WHEREAS, these summary reports are intended to provide transparency to the Cosmos Hub community while respecting the confidentiality of the ICF’s full statutory filings;
RESOLUTION
THEREFORE, the Cosmos Hub community hereby resolves to signal via consensus governance, the following proposal:
- DECLARATION OF NO CONFIDENCE
The Cosmos Hub community formally declares no confidence in the current leadership of the Interchain Foundation.
- REQUEST FOR PUBLICATION OF SUMMARY REPORTS
The Cosmos Hub community hereby petitions the ICF to publish summary reports derived from its statutory filings for the years 2018, 2019, 2020, 2021, 2022, and 2023, addressing the areas specified in Section 3 of this Resolution.
FINANCIAL DISCLOSURE
While acknowledging the ICF’s right to protect sensitive financial information, the community requests disclosure of: a) Aggregated assets held in the treasury each year, including fiat, stocks/securities, and cryptocurrencies b) Annual expenditures on grant making, vendors, and investments, including economic amounts and categories of recipient entities.
SUMMARY REPORT PUBLICATION TIMELINE
The ICF is requested to publish these summary reports and financial disclosures within 60 days of this proposal passing.
- SCOPE OF SUMMARY REPORTS
The Cosmos Hub community hereby petitions the ICF to publish individual summary reports derived from its statutory filings and audit findings for each fiscal year from 2018 through 2023.
Specifically:
- A separate summary report must be provided for each of the following fiscal years: 2018, 2019, 2020, 2021, 2022, and 2023.
- Each summary report must be based on and reflect the audit findings and statutory filings specific to its respective fiscal year.
- Providing a single consolidated summary report covering multiple years is not acceptable.
- Each annual summary report must address the areas specified in Section 3 of this Resolution, to the extent that they were covered in the audits for that specific year.
Each annual summary report shall address the findings of the audits and statutory filings for its respective fiscal year in relation to, but not limited to, the following areas:
- a) Financial management and reporting b) Asset and treasury management c) Grant allocation processes d) Resource allocation and utilization e) Governance structure and decision-making f) Internal controls g) Strategic planning and execution h) Leadership transitions i) Board competency evaluation j) Community engagement practices k) Compliance with Swiss laws and industry standards
- ICF must identify which areas were not covered by annual audits for each year, explain why, and describe any alternative evaluation methods used
- Disclose aggregated assets and annual expenditures, with right to redact sensitive information
GROUNDS FOR NO CONFIDENCE AND SUMMARY REPORT REQUEST
stays the same
CALL TO ACTION
NOW, THEREFORE, BE IT RESOLVED that upon passing this proposal by simple majority, the Cosmos Hub community hereby:
a) DECLARES formally its vote of no confidence in the current leadership of the Interchain Foundation (ICF);
b) PETITIONS the ICF directly to publish summary reports of its statutory filings and audits for the years 2021, 2022, and 2023, in accordance with the scope and objectives delineated in this proposal;
c) DEMANDS that these summary reports be published within 60 days of this proposal passing;
d) AFFIRMS that this action aims to realign the ICF with its mission and restore community trust, ensuring that the governance of the ICF is mutually affirmed with the values and expectations of our Cosmos community;
e) ESTABLISHES the following contingency measure: In the event that the ICF fails to share the requested summary reports within the specified 60-day period, the Cosmos Hub community will directly petition the Federal Supervisory Authority for Foundations (FSAF) to execute a comprehensive audit on the ICF, encompassing the scope outlined in this proposal.
This decisive action underscores our commitment to upholding the principles of transparency, accountability, and good governance within our ecosystem. We call upon all stakeholders to support this initiative in the interest of the long-term health and success of the Cosmos Hub and Network.
