> For the complete documentation index, see [llms.txt](https://arvo.gitbook.io/arvo/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://arvo.gitbook.io/arvo/11.-governance.md).

# 11. Governance

The Board and management team are responsible for the day-to-day operation of Arvo and its operating businesses, including the identification, acquisition, management and development of businesses within the portfolio. 

The governance framework establishes the principles under which the protocol operates and provides transparency around significant strategic matters. During the early stages of Arvo, responsibility for these matters remains with the founding team to support efficient execution, disciplined capital allocation and timely commercial decision-making. As the Treasury, operating portfolio and protocol mature, governance participation is expected to expand in accordance with the governance framework.

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Governance proposals may include matters such as:

* Treasury policy.
* Capital allocation.
* Business acquisitions and disposals.
* Staking parameters.
* Liquidity management.
* Token buyback programmes.
* Protocol upgrades.
* Other significant strategic matters.

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Proposals submitted for governance consideration are expected to include:

* A summary of the proposal.
* The rationale for the proposal.
* Financial implications.
* Material risks.
* Expected outcomes.
* An implementation plan, where appropriate.

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Governance decisions and other material protocol developments are communicated through the reporting framework described in this whitepaper.

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