The Nonlinear Library EA - The Charity Commission has concluded its inquiry into Effective Ventures Foundation UK by Rob Gledhill
May 22, 2024
02:18
Welcome to The Nonlinear Library, where we use Text-to-Speech software to convert the best writing from the Rationalist and EA communities into audio. This is: The Charity Commission has concluded its inquiry into Effective Ventures Foundation UK, published by Rob Gledhill on May 22, 2024 on The Effective Altruism Forum.
The Charity Commission for England and Wales has concluded its statutory inquiry into Effective Ventures Foundation UK (EVF UK), which was
originally launched in 2023 following the collapse of FTX. The full report on the inquiry can be found
here, and the Commission's press release on the inquiry can be found
here. The inquiry's
scope was to examine:
The extent of any risk to EVF's assets.
The extent to which the trustees were complying with their legal obligations to protect the charity's property
The governance and administration of the charity by the trustees.[1]
We are pleased that "the inquiry found that the trustees took appropriate steps to protect the charity's funds and complied with their legal duties acting diligently and quickly following the collapse of FTX." The Commission's report notes the full cooperation of EVF's trustees and that they "sought to act in the charity's best interests."
Although the Commission noted that there had been a "lack of clarity" around historical conflicts of interest and a lack of formal process for identifying conflicts of interest, "in practice no issues arose" and "there is no evidence to suggest that there were any unmanaged conflicts of interest regarding funds the charity received from the FTX Foundation or that any trustee had acted in a way contrary to the interests of the charity." They also note that subsequent to FTX's collapse, "Both the
finance and legal teams at the charity have been strengthened and policies have been bolstered or created with more robust frameworks."
I'm pleased that the charity commission recognises the improvements that have been made at EV. This report doesn't change EV's strategy to decentralise, as previously announced
here.
1. ^
For further context, the Charity Commission is a regulator in the UK whose responsibilities include: preventing mismanagement and misconduct by charities; promoting compliance with charity law; protecting the property, beneficiaries, and work of charities; and safeguarding the public's trust and confidence in charities. A statutory inquiry is a tool for the Commission to establish facts and collect evidence related to these responsibilities.
Thanks for listening. To help us out with The Nonlinear Library or to learn more, please visit nonlinear.org
The Charity Commission for England and Wales has concluded its statutory inquiry into Effective Ventures Foundation UK (EVF UK), which was
originally launched in 2023 following the collapse of FTX. The full report on the inquiry can be found
here, and the Commission's press release on the inquiry can be found
here. The inquiry's
scope was to examine:
The extent of any risk to EVF's assets.
The extent to which the trustees were complying with their legal obligations to protect the charity's property
The governance and administration of the charity by the trustees.[1]
We are pleased that "the inquiry found that the trustees took appropriate steps to protect the charity's funds and complied with their legal duties acting diligently and quickly following the collapse of FTX." The Commission's report notes the full cooperation of EVF's trustees and that they "sought to act in the charity's best interests."
Although the Commission noted that there had been a "lack of clarity" around historical conflicts of interest and a lack of formal process for identifying conflicts of interest, "in practice no issues arose" and "there is no evidence to suggest that there were any unmanaged conflicts of interest regarding funds the charity received from the FTX Foundation or that any trustee had acted in a way contrary to the interests of the charity." They also note that subsequent to FTX's collapse, "Both the
finance and legal teams at the charity have been strengthened and policies have been bolstered or created with more robust frameworks."
I'm pleased that the charity commission recognises the improvements that have been made at EV. This report doesn't change EV's strategy to decentralise, as previously announced
here.
1. ^
For further context, the Charity Commission is a regulator in the UK whose responsibilities include: preventing mismanagement and misconduct by charities; promoting compliance with charity law; protecting the property, beneficiaries, and work of charities; and safeguarding the public's trust and confidence in charities. A statutory inquiry is a tool for the Commission to establish facts and collect evidence related to these responsibilities.
Thanks for listening. To help us out with The Nonlinear Library or to learn more, please visit nonlinear.org