I am mostly agreeing with @pedrob here; despite so, will vote in favour.
I think is worth hammering the table on one of the narrative in which arbitrum is leading, which is RWA. I would have rather preferred to see some changes, including either
- the program falling into the new one just voted for treasury management OR
- the program falling under opco.
Understanding that continuity here means moving relatively fast (relatively cause is ognna take months according to the timeline), the handover of the program would likely be such to further increment this time. For this reason, and knowing the very good professional background of Paper & Gang on these instruments, I prefer a continuation as it is. With a caveat: this, ideally, should be the last iteration of this program as it is. For the next one we will either have 1) opco up and running 2) treasury initiative going to expiration with a potential renewal if opco is not ready. I would like an handover of the program. To clarify, doesn’t mean it would need a new committee for example (but there could be a merit to reduce it if the current treasury management committee has some experience, to avoid surplus), nor that steakhouse won’t be the PM until the end of the mandate. But if in 6 months we want to add another 40, 50, $100M to the program, it should be done under either opco or currently elected treasury managers.
On a final note, I hope we will be able to diversify the issuers with the next RFP, obviously always while being compatible with the risk profile the committee will deem necessary. But I would like to see also new issuers, since the growth is one of the target of this program.
As a final note: please potentially reconsider the budget for the 4 committee members. It’s quite likely there should be more applications, and the budget might be on the low end here. An increase of 20-25% to 30-32.5k per member could be ok imho, knowing that there is in these programs a somehow linear effort based on the amount of applicants.