More than half of the members of the Swiss Crypto Valley Association (CVA) board announced their decision to resign in January. The news comes after reports of governance issues and alleged conflicts of interest among the leadership of the growing organization.
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Four CVA Board members resign
In a joint statement sent to CVA members, board chairman Oliver Bussmann and three other members – vice chairman Vasiliy Suvorov, board secretary and treasurer René Hüssler and Nicolas Schobinger – announced them will not run for re-election next month, Swissinfo reported. They have all been in the governing body since the association was founded last January. The statement reads:
After two rewarding years, we feel it is best that the next phase of the Association’s growth is led with an innovative perspective. With that in mind, we made the decision a few weeks ago not to run for re-election for our seats in the upcoming board elections scheduled for January 2019.
The announcement comes amid concerns about the future direction of the cryptocurrency sector in Switzerland. According to Swissinfo, the main challenge is finding the right balance between promoting the potential social impact of cryptocurrency and blockchain technology and its commercial exploitation.
The CVA Board of Directors will be reformed after it was recently expanded to seven members. In September, the association elected two female board members to diversify its male-dominated leadership roles. The decision was made in response to allegations that it had become an “old boys club”. Two women, María Gomez and Jenna Zenk, did not step down.
Conducted an Independent Governance Review
The only remaining male member of the current board, Soren Fog, raised the question of running the association during the CVA General Assembly meeting in June. He warned of what he described as a “conflict of interest within leadership”, calling for greater accountability and independent audits.
The CVA invited Hans Kuhn, a lawyer and former general counsel at the Swiss National Bank, to conduct a review of the association’s articles. He told Swissinfo they were no longer enough. “This kind of housekeeping is done in any way that is relevant to this development and scope,” commented Kuhn.
According to the chairman of the CVA board, an independent governance review has been proposed to address the need to adjust the structure of the association. CVA, founded in January 2017, has grown rapidly and now has more than 1,200 members, notes Oliver Bussmann.
“CVA recently consulted with its members on a governance review report. We will present the results and propose changes to the General Assembly by the end of January 2019,” the official added.
What do you think about leadership change in CVA? Share your thoughts on this topic in the comments section below.
Image courtesy of Shutterstock.
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