12 December 2025 - Intersect December Meeting
1
IOG - Gerard Moroney
Yes
2
EMURGO - Nikhil Joshi
Yes
3
Academia - Professor Steven Lupien
No
4
Membership - Kavinda Kariyapperuma
Yes
5
Membership - Adam Rusch
Yes
6
Membership - Mercy Fordwoo
Yes
7
Membership - Rand McHenry
Yes
Interim Executive Director - Jack Briggs
Yes
Intersect Executive Team - Nick Cook
Yes
Invitees:
Rosie Graham (Head of People & Organizational Dynamics)
Yes
Intersect Board Meeting – December Date: December 12, 2025 Location: Virtual
Chair: Kavinda Kariyapperuma
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Call to Order and Conflicts of Interest
Jack Briggs opened the meeting and confirmed attendance.
Mercy Fordwoo declared a conflict of interest relating to the Cardano Africa Tech Summit, as they are part of the organising team and the topic was expected to arise during the meeting. Mercy opted to participate in discussion but excused themself from any related voting or decision making.
Agenda Overview
Jack Briggs presented the agenda and outlined the key approvals and outcomes sought from the board. These included acknowledgment of the financial update, approval of time-sensitive governance actions prior to the Christmas break, discussion of delegated authority items, and organizational and people updates.
Financial Overview and Runway
Nick Cook presented an overview of Intersect’s financial position and fund management approach. The focus remains on maintaining financial runway through disciplined expenditure, targeting monthly spend levels and managing the timing of fund transfers to minimise tax exposure.
Nick noted that the current operational target is to move from a three month runway toward a six month runway over the coming period.
Nikhil Joshi commented that a longer runway would be preferable and suggested converting holdings into stable assets to protect against market volatility. Nick clarified that mechanisms are already in place to convert funds rapidly if required and that the current position reflects a balance between liquidity, tax efficiency, and operational needs.
Nick also outlined projected revenues for the year, noting that if all expected inflows materialise, Intersect would be in a materially stronger position than previously forecast. This could support lower budget requests in future cycles.
Treasury and Fund Management Practices
Nick Cook described initiatives underway to improve efficiency and control, including:
streamlining custodial and payment processes
short-term treasury management to optimise idle funds without reducing liquidity
maintaining a high proportion of ADA staked as part of fiduciary responsibility
Nikhil Joshi encouraged leveraging Intersect’s operational relationships when engaging with service providers to ensure alignment and efficiency.
Staking Strategy and Member Involvement
The board discussed approaches to staking Intersect’s ADA holdings in a way that avoids perceptions of favoritism while delivering member benefit.
Adam Rusch proposed that Intersect temporarily identify a service to operate its own stake pool, while the executive with a membership group could consider a transparent process for selecting a stake pool operator from the membership on a three month rotating basis.
The motion to explore options was seconded by Nikhil Joshi. After discussion and clarification, the amended motion directed that:
the Executive Director identify a temporary staking service for Intersect
Consider and present long-term staking plan in future session
The amended motion passed with no opposition recorded.
Governance Actions Requiring Approval
Jack Briggs requested board approval for two time-sensitive governance actions:
Raising the Cardano 2030 vision and mission, including high-level KPIs informed by product committee work.
Raising a net change limit of 350 million ADA for an 18-month period, as proposed by the Budget Committee.
Adam Rusch moved to approve both actions. Kavinda Kariyapperuma seconded. Both motions passed by unanimous consent.
Organizational Dynamics and People Update
Rosie Graham provided a pulse check on organizational dynamics, highlighting themes around clarity, accountability, decision making, and the need for more empowered leadership layers.
Rosie outlined ongoing HR initiatives, including:
contract and resource reviews
addressing role clarity and classification risks
development of core values focused on integrity, collaborative ownership, purposeful delivery, and ecosystem-first thinking
These values are planned to be rolled out and embedded from January.
Rosie also reported working with Jack Briggs and Nick Cook on a draft organizational structure aligned to key verticals, and with the Chair on clarifying board and Executive Director mandates. She recommended a dedicated board session to align on accountability boundaries, reporting expectations, and meeting cadence.
The board agreed on the importance of right-sizing and clarifying board engagement.
Delegation of Member Misconduct Authority
Adam Rusch proposed a motion to delegate authority to the Executive Director to suspend member privileges for individuals or organizations found to be in breach of the membership agreement or code of conduct. The motion also requested the Membership and Community Committee establish a dispute resolution body to review cases and recommend outcomes.
Rand McHenry seconded the motion.
Jack Briggs clarified that while bylaws reserve final removal authority to the board, the motion establishes a clear operational process and delegation framework.
The motion carried.
Offsite and Board Planning
The board discussed the need for a future session to review organizational structure and board engagement in more depth.
Jack Briggs committed to sharing a proposed plan for a board offsite via Slack and email for asynchronous review.
Close
The meeting concluded approximately 45 minutes over the scheduled time. Jack Briggs committed to circulating follow-up materials and next steps via Slack and email.
Action Items
Mercy Fordwoo will abstain from voting on matters related to the Cardano Africa Tech Summit.
Nick Cook will continue to refine runway targets and provide updates as part of regular financial reporting.
Jack Briggs to identify and implement a temporary staking service for Intersect and return to the board with a proposed long-term staking approach at a future session.
Jack Briggs will circulate a proposed plan for the board offsite via Slack and email.
Rosie Graham and Jack Briggs will prepare a visual organizational plan for board review.
The Executive Director will manage the delegated member misconduct process in line with the newly approved framework.
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