Governance.
Governance is the rule-set that determines who can make which decisions and under what conditions. The structure below is designed so that material allocation, counterparty, and reserve decisions never sit with a single person — and so that conflicts of interest are surfaced, not buried.
Cross-functional committee responsible for strategy approval, allocation bands, counterparty onboarding, and material limit changes. Sits at least monthly; meets ad-hoc on material events.
Any material decision — adding a strategy, raising a limit, onboarding a counterparty, lifting a stop — requires sign-off from at least two committee members, typically the CIO and CRO.
All committee members disclose external positions and relationships that could create a conflict. Decisions involving a conflicting party require the conflicted member to recuse and to be replaced by an independent voter.
Strategies, counterparties, or venues with a related-party relationship are subject to enhanced diligence and an independent quorum requirement. The policy applies symmetrically to investors, employees, and advisors.
Material decisions are logged with thesis, dissent, approvers, and review date. The log is reviewed periodically by senior management and available to qualified investors on request.
Risk reports independently of treasury and trading. The CRO has unilateral pause authority across all strategies, pending committee review.