The iSHARE Trust Framework describes the Governance as follows. The Scheme Owner is the main body involved in the maintenance of the iSHARE Trust Framework.
The governance consists of the following bodies. See below for detailed descriptions:
- the iSHARE Foundation, which is the Scheme Owner
- the Executive Board
- the Supervisory Board
- the Council of Participants
- the Change Advisory Board
- the Council of Sponsors
The governance is organised as such that the iSHARE network can operate and grow in a sustainable way. At the same time it provides the appropriate checks and balances that will allow Participants to provide input, supervise ongoing activities and collaboratively influence the growth and development of the iSHARE Trust Framework.
Rules about the foundation’s organisation and its governance framework are captured in the statutes of the iSHARE Foundation. The iSHARE Foundation is listed in the Commercial Register (Handelsregister) in the Netherlands maintained by the Chamber of Commerce (Kamer van Koophandel) under registration number 73058289.
The above figure describes the governance in the Trust Framework. L/O - Legal/Operational. F/T - Functional/Technical.
Scheme Owner
The iSHARE Foundation is the Scheme Owner of the iSHARE Trust Framework and is responsible for all activities related to the iSHARE Trust Framework. The iSHARE Scheme Owner consists of:
- An Executive Board formed by (an) independent representative(s) of the iSHARE community. Executive board members are selected and chosen by the Supervisory Board. The Executive Board is the highest organ of the Scheme Owner. Executive board members are accountable to the Supervisory Board for the functioning of the iSHARE Foundation and the iSHARE Trust Framework.
- An operational branch responsible for day to day management activities. These activities include (amongst others) the following responsibilities:
- Management of the iSHARE Trust framework (specifications + brand management and marketing);
- Development and maintenance of tools.
- Maintenance of the Participant Registry
- Addition of new Satellites/ Data spaces
- Note: participant admission and maintenance can be delegated to the Satellite Administrator role by the individual Satellites
Sponsor(s)
The iSHARE Foundation can receive funding from government and semi-public organisations that wish to support the realisation of the goals of the Foundation. Upon request of such an organisation, the Supervisory Board can decide to grant the organisation the status of Sponsor of the iSHARE Foundation. The organisation maintains the status of Sponsor for the duration that it provides funding to the iSHARE Foundation.
Supervisory Board
- The Supervisory Board is appointed by the Council of Participants and consists of three members
- One member of the Supervisory Board may be appointed by the Sponsor(s), rather than the Council of Participants, if there are Sponsor(s) present.
- The Supervisory Board supervises the correct functioning of the iSHARE Foundation's Executive Board and elects/dismisses the members of the Executive Board.
The Supervisory Board transferred Scheme Owner activities to the iSHARE Foundation.
Council of Participants
- The Council of Participants consists of all Parties (or representations of these parties) that have a contract with the Scheme Owner/ Satellites and are willing to participate in the Council of Participants' activities.
- The Council of Participants advises the iSHARE Foundation and appoints members of the Supervisory Board.
Change Advisory Board
- The Change Advisory Board consists of subject matter experts (legal/ operational/ functional/ technical) delegated by the Participants and Satellites.
- The Change Advisory Board advises the Scheme Owner on changes to the specifications of the iSHARE Trust Framework.