From c49d7f1b73dcb9d17e64aade83dce26d322437c2 Mon Sep 17 00:00:00 2001 From: Charles N Wyble Date: Tue, 4 Mar 2025 14:25:43 -0600 Subject: [PATCH] . --- ...keyNetworkSystemsLLC-OperatingAgreement.md | 164 ++++-------------- 1 file changed, 38 insertions(+), 126 deletions(-) diff --git a/src/TXSOS-Registered-ForProfit/TurnkeyNetworkSystemsLLC/TurnkeyNetworkSystemsLLC-OperatingAgreement.md b/src/TXSOS-Registered-ForProfit/TurnkeyNetworkSystemsLLC/TurnkeyNetworkSystemsLLC-OperatingAgreement.md index 1a4bb45..d187187 100644 --- a/src/TXSOS-Registered-ForProfit/TurnkeyNetworkSystemsLLC/TurnkeyNetworkSystemsLLC-OperatingAgreement.md +++ b/src/TXSOS-Registered-ForProfit/TurnkeyNetworkSystemsLLC/TurnkeyNetworkSystemsLLC-OperatingAgreement.md @@ -1863,139 +1863,51 @@ f. Contractual rights necessary for series administration; and g. Intellectual property related to Company identity and administration. ## ARTICLE 7 - GOVERNANCE STRUCTURE - ### Section 7.1 - TSYS Group Board -1. The TSYS Group Board of Directors shall: +1. **Board Authority and Responsibilities**: The TSYS Group Board of Directors shall: - - Serve as the ultimate governing body for all TSYS Group entities - - Establish and oversee various sub-committees - - Set overall strategic direction and policies - - Ensure compliance with all applicable laws and regulations + a. Serve as the ultimate governing body for all TSYS Group entities; + + b. Establish and oversee various sub-committees; + + c. Set overall strategic direction and policies; + + d. Ensure compliance with all applicable laws and regulations; and + + e. Maintain fiduciary responsibility for the entire TSYS Group enterprise. -2. The Board shall maintain the following standing committees for series oversight: +2. **Standing Committees**: The Board shall maintain the following standing committees for series oversight: - - Company Committee (primary governance of Turnkey Network Systems LLC) - - Audit and Finance Committee - - Risk Management Committee - - Compliance and Ethics Committee - - Technology Oversight Committee - - Corporate Responsibility Committee - - Operations Committee - - Additional committees as determined by the Board + a. Company Committee (primary governance of Turnkey Network Systems LLC); + + b. Audit and Finance Committee; + + c. Risk Management Committee; + + d. Compliance and Ethics Committee; + + e. Technology Oversight Committee; + + f. Corporate Responsibility Committee; + + g. Operations Committee; and + + h. Additional committees as determined by the Board. -3. Each committee shall: +3. **Committee Governance**: Each committee shall: - - Operate under a separate committee charter - - Have specific oversight responsibilities - - Report regularly to the full Board - - Coordinate with other committees as needed - -4. Committee Responsibilities and Governance: a. **Audit and Finance Committee**: - - - Oversee financial reporting and audit processes - - Review financial statements and internal controls - - Assess financial risks and compliance - - Recommend financial strategies - - Conduct independent financial reviews - - b. **Risk Management Committee**: - - - Develop comprehensive enterprise risk assessment framework - - - Identify, categorize, and prioritize organizational risks - - - Create risk mitigation strategies - - - Monitor ongoing risk landscape - - - Provide regular risk assessment reports - - - Develop contingency and response plans for: - - - Operational risks - - Financial risks - - Strategic risks - - Technological risks - - Reputational risks - - c. **Compliance and Ethics Committee**: - - - Establish and maintain ethical standards - - - Develop compliance monitoring mechanisms - - - Investigate potential ethical violations - - - Manage whistleblower reporting system - - - Ensure organizational adherence to: - - - Legal requirements - - Regulatory standards - - Internal ethical guidelines - - - Conduct periodic ethics training and awareness programs - - d. **Technology Oversight Committee**: - - - Assess technological innovation opportunities - - Review and approve technology investments - - Monitor technological risk and security - - Develop technology strategy and roadmap - - Evaluate emerging technologies - - Ensure cybersecurity preparedness - - Oversee technology infrastructure development - - e. **Corporate Responsibility Committee**: - - - Develop and implement ESG (Environmental, Social, Governance) strategies - - Oversee sustainability initiatives - - Monitor diversity and inclusion programs - - Assess social impact of organizational activities - - Develop and track corporate social responsibility metrics - - Ensure transparent reporting of social and environmental performance - - f. **Operations Committee**: - - - Review operational efficiency - - Identify process improvement opportunities - - Oversee operational performance metrics - - Coordinate cross-functional operational strategies - - Ensure alignment of operational activities with strategic objectives - -5. Committee Charter Requirements: - - - Detailed charter for each committee - - - Clear definition of: - - - Committee purpose - - Membership criteria - - Decision-making processes - - Reporting requirements - - Performance evaluation mechanisms - - - Annual review and potential revision of charters - - Transparency in committee operations - - Be maintained separately from this Agreement - - Be referenced hereby and incorporated by reference - - Define committee composition, responsibilities, and procedures - - Be available to all series members upon request - -6. Committee Membership Principles: - - - Diverse expertise and background - - Rotating leadership to prevent stagnation - - Independent oversight - - Balanced representation - - Continuous professional development - -7. No Monetary Compensation: - - - Board and committee service is voluntary - - No financial remuneration for board or committee roles - - Reimbursement of pre-approved, reasonable expenses permitted + a. Operate under a separate committee charter; + + b. Have specific oversight responsibilities; + + c. Report regularly to the full Board; + + d. Coordinate with other committees as needed; + + e. Maintain minutes of all meetings in the electronic records system; and + + f. Conduct annual self-evaluations of committee performance. ### Section 7.2 - Conflict of Interest and Independence Protocols