Sögur’s governance system allows Participants to submit governance proposals for the consideration of other Participants which then may support turning the proposal to an official binding vote on Sögur’s Voting Page. For this to occur the Participant initiated proposal must be supported by more than 5% of the total voting power.
These guidelines provide the information required for submitting a proposal. Proposals which do not follow these rules guidelines will be blocked. Sögur’s Voting Terms and Conditions, present a detailed and legal description of the validation process of a new proposal.
- The proposal must fall under the Assembly’s authority and decision making rights which according to Sögur’s Provisional Constitution currently include:
- Determining the identity of the financial institution(s) that host the Fiat Reserve from those willing to do so at a competitive cost;
- Determining the portion of the USD reserve to be held in stablecoin (ranging up to 15%);
- Determining the USD stablecoin(s) to be used for the purpose above;
- Determining which portion of EUR or GBP is to be held in stablecoin (ranging up to 15%), once the credibility and liquidity of such stablecoins is verified;
- Determining the currency (from the existing basket) in which the RMB portion is to be held in case RMB is not available at the reserve holding institutions;
- Determining the primary bank to host the Fiat Reserve where more than one is willing to provide such services at competitive costs;
- Determining the identity of the primary ETH liquidity provider;
- Determining the identity of the two additional supporting ETH liquidity providers;
- Determining the identity of the statutory auditor (where more than one is willing to provide such services at competitive costs).
- The proposal must not be subject to the consent of any third party, or to any precondition of any occurrence, approval or consent out of the control of Sögur or its organs.
- The proposal must be practical and achievable with reasonable best efforts.
- The proposal must not be in violation of Sögur’s constituting documents.
- The proposal must not include any harmful content.
- Acting upon such a proposal must not be deemed illegal in a relevant jurisdiction.
- The proposal must be provided with all relevant supporting information, to the best of the Proposer’s ability.
The technical requirements for submitting a proposal are:
- The proposal must be submitted by a `Participant, i.e from an address associated with a Sögur account that holds for at least 10 SGR or SGN tokens.
- The Proposer has not submitted any other proposal that is still active.
- The proposal must be provided with all relevant supporting documents and information, to the best of the Proposer’s ability.
- The proposal (or one similar thereto) must not have been rejected during the three month period preceding the proposal.
- The time between the submission of a and the beginning of voting (the “Pending Period”) must be set to be between 48 hours to 10 days.
- In the snapshot.page platform, the snapshot block number that is used to determine each wallet’s balance in the voting process must be within the Pending Period.
- The time period in which a proposal is open for voting must not be longer than 30 days.
- The proposal should only include two possible choices: “For” and “Against”.
- The proposal will be promoted to an official vote on Sögur’s Voting Page only if the “For” votes account for more than 5% of the total voting power in Sögur.