Update on the @IntersectMBO Board of Directors recent meetings. 🔥 Here are some of the highlights from the link above. May 1, 2025 – Regular Board Meeting After receiving feedback from the Cardano Community that the Intersect proposed budget was too high and not detailed enough, a revised budget proposal was presented, reducing the request from 20 million ADA to 15.75 million ADA. The proposal emphasized quarterly fund releases and personnel cost reductions. Discussions included contingency planning, technical audit requirements, and the need for enhanced transparency to bolster community support. A commitment was made to provide the community with the necessary information to understand how Intersect works and how funding its funding can be justified for the organization. Updates were provided on organizational changes, including the transition following key staff departures and the need to have a community-focused transition for the organization. Election updates and the importance of clear communication with the Intersect Steering Committee (ISC) were also addressed. May 8, 2025 – Special Session of the Board The board discussed structuring an open and inclusive recruitment process for a new Executive Director, involving community input in shaping the job description and reviewing applicants. This would be part of an overall effort to reform and enhance the governance standards to better include member and community voices. Improvements to the governance of funds managed by Cardano Development Holdings (CDH) were proposed, including implementing a new multi-signature model and establishing an oversight committee for increased transparency. Including new members in CDH oversight will better assure the community that its interests are being served. Updates were shared on selecting a new third-party custody provider for crypto assets and clarifying legal support. A proposal to expand the Board from five to seven members was discussed, aiming to increase community-elected seats from two to four and extend term lengths from one to two years. Terms for the Seed member seats will expire in 2026 and these could be replaced with sustaining membership seats that may or may not include the original seed members. May 15, 2025 – Special Session of the Board The board reviewed an early draft of the job description for the Executive Director role, aiming to align it with Cardano community values. Plans were made for further refinement and community feedback. There was broad support to expand community representation on the board, with discussions on necessary bylaw changes and improving the election process. Operational and financial updates included steps to improve fund and asset management, income received, and audit planning. Security considerations were discussed, focusing on operational security and addressing board-level concerns. The board addressed concerns about working group conduct and culture, emphasizing the importance of respectful collaboration. While there are some tensions within some of the groups it is considered essential to follow up with opportunities for reconciliation. Discussions on the budget process and governance actions included structuring treasury withdrawals and aligning categories with community expectations. The Interim Executive Director will be working on a more detailed proposal taking into account feedback from community stakeholders. Closing Thoughts In my opinion, Jack Briggs has been doing an excellent job in his first weeks as Interim Executive Director with key support coming from Interim Director of Operations Nick Cook. Their responsiveness to questions from the Board and dedication to including stakeholder feedback has been essential in helping Intersect chart a course that will serve the Cardano Community. The Intersect Board of Directors remains dedicated to representing all of our Members and taking into account the needs of our stakeholders holding Ada and serving as DReps as we continue reforms to the organization. We appreciate everyone who has stepped forward to serve on Committees, provide vital guidance during the Budget process, and lended support to Intersect leaders as they serve in their roles!