Questions to the community ( @DaveH @DavidShaw)

1-When are the names of the new NEM group board members published?
2- Have the previous directors (Alex) finished their free time? Are they still collecting from the foundation?
3- Is it possible for the new team to have transparency in the Foundation’s accounts with salaries and expenses by community in each country?
Waiting for some answer, thank you.

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so I would like to know if she is still collecting funds and salary from the foundation

Hi @eddy

1-When are the names of the new NEM group board members published?

We have communicated quite a few as they have taken up roles etc, there is a plan to release a variety of communications over the next few days/weeks explaining the vision, plans, what’s been done etc so that should help with some of this information.

Currently though as reminder, those announced are:

NEM Group

Exec: David Shaw (CEO), David Mansell (COO), Iain Wilson (CFO + MD Nem Trading), Mike Sotirakos (MD NEM Software), David Hodgson (CIO + MD NEM Ventures), Niko (Chief Legal), Dan Bobby (CMO - Interim)

Non Exec: Jaguar, Gimre, Jeff

NEM Software:

Exec: Mike Sotirakos (MD), Kristy-Leigh Minehan (CTO), Antony Welfare (CCO)

2- Have the previous directors (Alex) finished their free time? Are they still collecting from the foundation?

There are no paid positions in the NEM Foundation to my knowledge, the remaining Directors/Trustees/Trust Enforcers, in accordance with their legal obligations as officers etc, are leading the shut down of the NF legal entities now that the assets, people, IP etc have been moved over to NEM Group where possible/appropriate.

There are no employees or directors of NEM Group on sabbatical (paid or unpaid)

3- Is it possible for the new team to have transparency in the Foundation’s accounts with salaries and expenses by community in each country?

This is not within the mandate of NEM Group, which we said in the first few communications so we will not be doing so, nor do we have the legal position do so. We have no interest in what has happened or not happened in the past and focussed purely on what is to come. Core Team may or may not be discussing this matter with the ex/current Directors of NEM Foundation entities but its not something NGL is involved in or has any information on.

Any member of the public can review the files and audited accounts for a Singapore registered company (https://www.bizfile.gov.sg/). I understand the remaining Directors are arranging the final accounts for this year + audit + filing at present - as part of closing down and will call an AGM in due course for members etc as part of due process. That is not something I’m involved in personally but NGL is supporting the NEM Foundation and NEM Studios with their shut down processes wherever needed and to try and help things go smoothly.

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Thank you very much Dave, your answers are always concrete and direct. Very good work, keep it up! :wink:

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Hi Eddy,
My sabbatical has come to a close and my current contract with NGL ended in October (as did any remaining NF contracts.) However I have been working with David Shaw on scoping out what the future looks like. It’s worth noting that during my sabbatical I continued to support the transition between the Foundation and NGL (so I have been continuing to work behind-the-scenes.) There’s a lot that goes into a consolidation of an ecosystem and moving from a public company to a private one.

As for oversight into the Foundation’s spend, just a reminder that the Foundation’s spend was monitored through the Trust (which included David Shaw.) Core Team has also always had a copy of the quarterly spend from the Foundation with audits and documentation available. There is a plan being led by the remaining Foundation Directors and Trust on what to do with the remaining ~$3.5M. Details should be forthcoming on this in the upcoming AGM.

This transition from Foundation to NGL was in the works since early 2019 and I was always working with the Core Team, David Shaw (@davidshaw), and other entity leads to help bring forth a stronger ecosystem through change. As @Jaguar0625 can attest, I was a strong proponent for the ecosystem consolidation and believed the governance for the Foundation lacked in many areas and needed a new start in order to be done right.

I’m really proud of the teams – including NGL. I’m also proud and thankful for the many roles I’ve held at NEM and looking forward to continuing to support the platform for many years to come.

Thanks,
Alex

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Thank you very much for your response Alex, I appreciate your transparency in the development of the transition to Nem’s new group. The project has been in good hands. Take care of yourself.

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I didn’t realise the CTO had changed, don’t recall seeing anything on this Forum about it. Having seen the name change in your post I searched and found an annoucement here https://nem.io/news/introducing-kristy-leigh-minehan-cto-of-nem-software/

What happened to the last CTO, Nate D’Amico?

I’m glad that slowly the answers to your questions have come @eddy.
i am confused about the statement of the ex president. If the transition / planning from NF to NGL began at the beginning of 2019, I don’t understand why this approach was not made public. That could have set positive accents overall. Instead of talking about a possible bankruptcy that was in the room at the time.

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@DaveH how can be one successful without taking the past into account?

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It’s not a switch, it’s a process… one that involved well over a hundred team members globally with many moving parts. Most consolidations aren’t public until contracts are in place and there’s support teams (legal, HR, etc) to mitigate pain points. There was also an issue of funding that had to be addressed.

Again, I’m happy and proud of the outcome. It was not easy but it was worth it.

I am fully aware that this was a process. I am not stupid enough to assume that the change took place overnight. Nevertheless, it seems that there was an intention early on. Personally, I would have liked to know about it earlier. Maybe that would have put 2019 and the Foundation’s achievements in a different light. So it looked like the right hand did not know what the left was doing, and the emergency brake was pulled.

I was well aware that from May onwards Mr. Shaw had some kind of supervision, nothing more. Had NF, two interim presidents? in 2018 and 2019, it almost looks like that.

Translated with www.DeepL.com/Translator (free version)

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When the new council was created in 2018-2019 it was already known that they had to mitigate with the mistakes of the past, but why did they try to hide the bankruptcy of the foundation and vote the new budgets? If the result is good we should be proud all members, but really a 5 year project with great changes as Nem is, is being fulminated every day by new internal processes and delays of the product in question.

I was working with Jag and Shaw on this since early 2019. It took a while to get all the pieces in place and negotiations. NGL had to be spun up and that took time while Foundation/Studios had to be integrated. NEM Labs was another consideration although much of the staff ended up integrating into Foundation and Studios.

It wasn’t a brake. It was a planned rebirth so governance and the product would have the best support possible and organization design to move into a new strategic direction that matched with the market.

Regarding the 2019 Foundation inheriting low operational funds (not bankruptcy!) the move toward consolidation evolved after this point when it was painfully aware that the governance and constitution was not ideal. Discussions for rebirth were happening at a high-level earlier but again, it takes time to manifest and align strategies.

Hopefully this can close out the discussion and put the focus back on Symbol and NIS1. :+1:t2:

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i’m not quite sure now! So a new leadership was chosen to actually lead the NF. NF, however, has prepared a company restructuring in the background with the development team and the newly founded private arm. Note on the side, the problem of the wallet creates a different picture. and if all of this is correct, the associated error is even more serious.

I don’t know what else to tell you, Dorian. I worked alongside with Core, Ventures, and Studios (and eventually NGL) on the rebirth plan because we all wanted to see real change for the ecosystem that was meaningful and would give Symbol a chance at success.

Sometimes things take longer than expected but the end goal is always in sight. It’s not bad intentions. It’s people doing the best they can.

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That sums it up, thank you no need to say more.

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I don’t think ,but Many people will say ”Scam”.
I don’t think so.

…It’s just sad.

May many NEMBERs be saved. :pray:

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