Nem Ventures Governance and Group Structure – A Deep Dive (Nem Ventures のガバナンスとグループ構造詳細)

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Written by Kailin O’Donnell – Join the discussion about “Nem Ventures Governance and Group Structure” on the NEM Forums!

This is the third and final post of a multi part update series from NEM Ventures

Since our inception, we have been as transparent as possible about the NEM Ventures governance structure, the reasons for selecting it, the jurisdiction selected, and our initial proposal committed to making things such as annual community reports and audit accounts, etc. available to the community. We have exceeded what was promised in the proposal in terms of details and tried to be as open as is possible for a commercial entity to be, this post is a continuation of that approach and we welcome any questions.

As a follow up to the community update [here] and in the run up to our first legal birthday, we thought it would be appropriate to perform a bit of a deep dive into the legal set-up and it may even be useful for some start ups considering governance structures as well.

こちらは、NEM Venturesのマルチパートアップデートシリーズのパート3、最後の投稿となります。



In this post we will cover:

  • A reminder of the legal structure of the group, this was released previously here but some questions we have had recently imply it has been forgotten by some.
  • Why the structure has been set up in this way, including the jurisdiction selected.
  • Finally, we will release the Trust Deeds, Company Articles and other useful documents, in some places, these are also called By-Laws or Memorandum of Association.


  • グループの法的構造のリマインダー、こちら で以前にリリースされましたが、最近同様の質問を頂くのでこちらで再度回答させて頂きます。
  • 選択された管轄区域を含め、このように構造が設定された理由。
  • 最後に、信託証書、会社の記事、およびその他の有用な文書を公開します。これらの文書は、一部の場所で定款または基本定款とも呼ばれます。

The Legal Structure and Reasons

There are three useful background pieces of information to this section:

  1. Original Announcement
  2. NEM Ecosystem Explanation
  3. A previous response explaining the structure
  4. 法定構造とその理由


  1. 元のアナウンスメント
  2. NEMエコシステムの説明
  3. 構造に関する過去の解説

A reminder, the structure is set up specifically to ensure governance by design and to restrict the ability of the NEM Ventures board to do various things that would be against the good of NEM in general. Not because we want to, because we set up those rules to ensure it isn’t possible now or in future as part of good practice. We established it in Gibraltar because the Territory has a long history of running similar governance structures, is DLT friendly and legislation is clear, and it is one of the few jurisdictions which allows the Purpose Trust to live in perpetuity in this way without trying to bend other structures to fit it. A visual overview of the structure sets the scene below:

この構造は、設計によるガバナンスを確保し、NEM Ventures理事会が一般的にNEMの利益に反するさまざまなことを行う能力を制限するために設定されています。当社が求めるからではなく、このようなルールを設定して、現在または将来的にそれができないようにする意味合いがあります。当社は同様のガバナンス構造を運営してきた長い経歴があり、DLTフレンドリーで、法律が明確、目的信託の構造を曲げることなく、永続的に存続できることを許可する数少ない管轄区域の1つであることから当社はジブラルタルで設立しました。ビジュアル概要は以下のとおりです:

Nem Ventures Governance

Nem Ventures Governance and Group Structure

At the top we have the NEM Community Trust (NCT) It is a Purpose Trust, which exists in perpetuity for the good of NEM. It is managed by five Trustees, who are legally accountable to manage it for the good of NEM. The trustees’ profiles are as follows:

  • One (as dictated by Gibraltar law) is a Licenced Trustee and registered lawyer, and the current chair of the Gibraltar Finance Centre Council.
  • Another is an individual highly experienced in chairing executive boards
  • The remaining three are long-standing, respected members of the community, known and approved by the NEM Core Team
  • All have passed Know Your Customer (KYC) and Anti Money Laundering (AML) checks with banks, exchanges etc

最上部にはNEM Community Trust(NCT)があり、これはNEMの利益のために永続的に存在する目的信託です。NEMの利益のために法的に管理する5人の役員によって管理されています。役員のプロフィールは次のとおりです:

  • 1人(Gibraltarの法律で規定されている)は、ライセンス管理役員および登録弁護士であり、Gibraltar Finance Center Councilの現在の議長です。
  • もう1人は、役員会の議長を務めた経験のある個人
  • 残りの3人は、コミュニティにおいて長年の信頼を得てきたメンバーであり、NEMコアチームによって知られ、承認されています
  • すべてが銀行、取引所などとの顧客確認(KYC)およびマネーロンダリング防止(AML)チェックに合格しています

The Trust also has what are known as Protectors, again vetted and approved by the NEM Core Team. Their sole purpose for being in the role is to ensure someone can hold the Trustees to account if necessary.


Below the Trust is a Company Limited by Guarantee called NEM Holdings Ltd (NHL). It is currently the only beneficiary of the trust and the only member of NHL is the Trust. This means that in the event of NHL being shut down, all assets and IP go to the Trust to be managed by the Trustees & Protectors in accordance with the deeds for the good of NEM. The directors of NHL and Trustees of NCT are the same people for efficiency. None of these people can legally be a beneficiary of the trust, nor can they close the trust down without permission of the Protectors.

信託の下には、NEM Holdings Ltd(NHL)と呼ばれる保証によって制限された会社があります。現在、信託の唯一の受益者であり、NHLの唯一のメンバーは信託です。これは、NHLがシャットダウンされた場合、すべての資産とIPがトラストに送られ、NEMの利益のための行為に従って役員&プロテクターによって管理されることを意味します。NHLのディレクターとNCTの役員は効率を考え同一人物が務めています。この人物たちは誰も法的に信託の受益者にはなれず、またプロテクターの許可なしに信託をクローズすることもできません。

Finally we have NEM Ventures Ltd (NVL), the company most people are familiar with. NVL takes equity positions and makes investments in portfolio companies. NVL is majority owned by NHL and NHL has the ability to remove or replace directors if necessary. In the event that NVL is shut down, all assets return to NHL and ultimately the Trust. The NVL directors have no ability to close NVL down without permission from the majority owner (NHL and therefore NCT).

その最後に、皆様が知っているNEM Ventures Ltd(NVL)があります。NVLは、株式ポジションを取り、ポートフォリオ企業に投資します。NVLはNHLが過半数を所有しており、NHLは必要に応じて取締役を解任または交代させることができます。NVLがシャットダウンされた場合、すべての資産はNHLに戻り、最終的には信託に戻ります。NVLディレクターは、所有者(NHL、したがってNCT)の許可なしにNVLをクローズすることはできません。

This structure means that by design it is not possible for the NVL directors to abscond with funds, a separate governance board has oversight into decisions and finances within NVL and, if necessary, can replace the board if sufficient reason exists to do so. Naturally these would be fairly extreme measures and unlikely to occur, but are there as a safeguard in case needed.


The structure may appear more complex than initially expected, it has been set up that way on purpose to protect the assets from either the current team, or future ones, acting nefariously. We have literally bound our own hands on purpose and encourage other community focussed entities to do similar, which is partly why NEM Studios was created under the same structure. We have done this with full openness with the Core Team all the way through.

構造は、当初の予想よりも複雑になっています。現在のチームまたは将来のチームのいずれかから悪意を持って行動する事ができないように意図的にそのような複雑な構造に設定されています。当社は文字通り自らの手を意図的に縛り、他のコミュニティに焦点を合わせたエンティティが同様のことをすることを奨励しました。これはNEM Studiosが同じ構造の下で作成された理由の一部です。当社はコアチームと完全なオープンな状態ででこれをすべて実行しました。

The Trust Deeds and Articles

Because we want to be as open with the Community as possible, and have nothing to hide, we have released our core paperwork below. Some personal details have been redacted to protect the privacy of the individuals involved, but the details are known to Core and various long-standing community members:

We understand that in some cases the documentation may not be very clear due to the legal language used, so please feel free to request clarification if necessary.




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