23 October 2025 - Intersect October Meeting
Board Seat
In attendance
1
IOG - Gerard Moroney
Yes
2
EMURGO - Nikhil Joshi
Yes
3
Academia - Professor Steven Lupien
Yes
4
Membership - Kavinda Kariyapperuma
Yes
5
Membership - Adam Rusch
Yes
Interim Executive Director - Jack Briggs
Yes
Intersect Executive Team - Nick Cook
Yes
Observers Rand McHenry Mercy Fordwoo
Intersect Board Meeting – October Date: October 23, 2025 Location: Virtual
Chair: Professor Steven Lupien
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Call to Order and Conflicts of Interest Declaration
Jack Briggs called the meeting to order and initiated the declaration of conflicts of interest. Prof. Steven, Gerard Moroney, Rand McHenry, Mercy, Nikhil Joshi, and Adam Rusch each declared no conflicts.
Gerard Moroney noted a potential conflict regarding his encouragement of Midnight Foundation and Shielded Technologies to work more closely with Intersect.
Welcome to New Board Members
Jack Briggs welcomed new board members Rand McHenry and Mercy, attending as observers until contracts commence on 1 November. They will assume full responsibilities at the next session and will attend the Cardano Summit in Berlin.
Board members expressed their welcome.
Budget Process and Framework Update
Jack Briggs presented an update on the 2025 budget process, including a three-month activity overview. A weekly coordination call with IOG has been established to support alignment.
Gerard Moroney clarified that recent feedback from IOG related to product and KPIs rather than the budget process itself. A meeting with stakeholders across IOG, IOE, and selected budget committee members will be arranged to gather input and support shared alignment.
Gerard Moroney emphasised that KPIs should tie directly to product delivery. Jack Briggs confirmed the view that budget proposals should map to measurable KPIs.
Jack Briggs outlined the timeline for socialising the proposed budget and governance framework through October and November. An updated iteration will be circulated to the board on October 31 for asynchronous review.
A project manager, Bosko, has been assigned to maintain momentum, and the framework was published to the community last week. Jack Briggs stressed that responsiveness and iteration should be demonstrable to the community.
The board reviewed a high-level roadmap for the budget process. The goal is for withdrawals to begin in May 2026. Prof. Steven requested that board checkpoints be added to the roadmap for visibility. Two governance actions are expected before Christmas: the net change limit and formal approval of the 2025 budget process.
Net Change Limit and Constitutional Review
Gerard Moroney raised a concern regarding the legality of the Net Change Limit. He requested legal review under the Cardano Constitution. Prof. Steven approved proceeding with a legal opinion.
Board members suggested consulting both constitutional counsel and individuals who participated in drafting the constitution. Gerard reiterated the need for structured legal interpretation given the document's status.
Technical Coordination, Release Management, and Test Environments
Jack Briggs briefed the board on current roles and responsibilities across test environments, release readiness, and technical coordination. IOG continues to lead development and release operations for the Haskell node. Intersect does not have direct ownership of Cardano’s environments or formal authority over release readiness.
Gerard Moroney expressed that Intersect should have a stronger role in release processes and increase the number of vendor partners in order to build capability similar to its coordination role for hard forks.
Jack Briggs noted that bandwidth is being addressed through internal reallocation. Bosko, a direct employee, has been assigned as lead for this work with support from Ryan.
Gerard mentioned that discussions with IOG are underway to formalise responsibilities and that a staff role at Intersect is essential for handling sensitive operational information.
Nick Cook confirmed that the organizational restructure supports increased responsibility for this coordination function.
Collaboration with Shielded and Midnight
Jack Briggs reported that Shielded is now formally collaborating with Intersect and integrated into Intersect systems and channels.
Gerard noted that Midnight is expected to engage similarly and that further announcements will be made at their London event in November.
Both entities seek clarity on Cardano’s release cadence and expect to participate actively. Jack Briggs indicated both will be included as voting members for the next hard fork group scheduled for Q1 2026.
Executive Director Hiring Process
Prof. Steven provided a status update. A large and diverse range of applicants has been received, though community representation has been lower than expected.
Adam Rusch stressed the importance of thorough due diligence over strict timelines. Standard background and reference checks will be performed for shortlisted candidates. Adam confirmed that Ekklesia will be used to capture DRep sentiment at a later stage. This is an advisory signal for the board rather than a formal election.
Prof. Steven reaffirmed that the board retains the final hiring authority.
Vision, Mission, and Intersect’s Long-Term Strategy
Jack Briggs presented the draft vision and mission statements. The draft vision focuses on enabling a Cardano ecosystem where essential processes are standardised, transparent, and community-led, with Intersect acting as the coordination mechanism.
The draft mission centres on mobilising member expertise, fostering coordination, and identifying and addressing critical needs for Cardano in alignment with a three-year strategic transition.
The board discussed financial sustainability, including the administration of contracts, long-term planning, and the potential for a small percentage-based administration fee to support a more predictable revenue model.
Prof. Steven and Gerard emphasised that mission and vision clarity must precede decisions regarding financial structures. They encouraged the exploration of investment or reserve models that reduce reliance on community funds and potentially allow for free membership tiers.
A subcommittee will be formed to develop mission, vision, and financial planning recommendations.
Committee Accountability and Governance
Jack Briggs reported significant progress in the product committee’s work, including development of the Cardano 2030 vision and strategy with broad engagement and 80 percent completion.
Gerard and Prof. Steven raised concerns that committees report primarily to the executive rather than the board. Both stressed the need to address committee alignment once the ED search is completed. This includes closer alignment with the budget committee and the technical steering committee.
Committee Elections
Nick Cook provided an update on the election cycle. Seventy-five applicants have been received. Most committees have strong coverage, but the technical steering committee currently has only five applicants for five seats.
Board members agreed to help encourage additional applicants if needed.
Tax and Corporate Status
Nick Cook reported that Intersect has filed IRS returns and is pursuing a refund from taxes paid earlier in the year. Intersect is investigating why it did not secure 501(c)(6) status previously and will present findings at the November board meeting.
Prof. Steven noted that 501(c)(6) status is the most appropriate structure for Intersect and offered to support the process.
Board Compensation Consistency
Prof. Steven highlighted inconsistencies in past board compensation payments. Nick Cook and Jack Briggs will audit historical payments and ensure a consistent structure going forward. Any retroactive corrections will be made.
Prof. Steven noted an increased workload for the board chair and suggested a small increase in chair compensation for consideration at the next meeting.
Scheduling and Upcoming Meetings
The board confirmed adjustments to meeting schedules, including moving sessions to Wednesday mornings to accommodate availability.
Cardano Foundation Board Meeting
Adam Rusch confirmed a meeting with the Cardano Foundation board on November 12 in Berlin, with Fred Gregaard and Jack Briggs invited.
Next Steps and Action Items
Jack Briggs will provide monthly Project Epson updates.
Nikhil Joshi and Prof. Steven will meet to discuss patent considerations.
A legal review of the net change limit will be arranged.
Investigation into 501(c)(6) status will continue, with findings presented in November.
Jack Briggs will send the November agenda to Prof. Steven for approval.
Prof. Steven and Jack Briggs will confirm if election results can be published on November 13 instead of November 14.
The board will vote on a proposed chair pay adjustment at the next session.
Jack Briggs and Nick Cook will present recommendations on the mission, vision, and financial sustainability subcommittee.
Prof. Steven, Nick Cook, and Jack Briggs will coordinate on resolving the 501(c)(6) issue.
Nick Cook and Jack Briggs will audit historical board payments and present a summary at the next session.
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