Tesla Senior Engineer joins the Xinja Board


#1

Hi xinjas!
:rocket:The super cool Tesla senior engineer Thomas Vikstrom has joined the Xinja Board! :ok_hand:

More deets here :point_right: http://bit.ly/newxinjaThomas
& on xinjamoney socials.

Welcome Thomas!
:ninja_emojis_blue_03::ninja_emojis_pink_03:


#2

Sounds like a good score.

Can I ask a dumb question. How does a ‘board’ operate? How often do you meet? What kinds of action items arise from a board meeting? What does a board member get from the arrangement? How do you select them?


#3

Hi @psychsplash Gareth - Not a dumb question, but a really good one (in fact thank you - adding it to our FAQs!), as the Board are the team that provide oversight across the business and make sure the Executive Team are doing their jobs well and ethically.

  1. The board meets once a month.

  2. We currently have 4 non executive directors (the Chair, Lindley Edwards, and also NEDs Craig Swanger, Stephen Garner and Thomas Vikstrom) and 2 executive directors (Eric Wilson and Van Le)

  3. We also have 2 board advisors (Jason Bates and Brett King) - they are not obliged to attend every board meeting but they often do via video link.

  4. The kinds of actions arising are strategic (the board has oversight on strategy for the business), financial (the board reviews the company’s finances each month) operational (the board is consulted on some operational matters where their expertise is relevant) and to do with governance (the board has significant experience in risk and compliance and importantly is responsible for ensuring that Xinja has a robust risk management framework, is compliant with all relevant regulations and is building a culture that ensures this compliance ongoing).

  5. A board member gets a fee for each board meeting, as well as options which only become worth something if the business is successful. They also get the chance to do something amazing which is helping to design and run a bank built in its customers’ interests :slight_smile:

  6. Our board member and board advisor invitations are based on finding people we know have significant professional expertise relevant to Xinja. Uniquely we make sure these people come from a broad range of areas/industries. Yes, we have people with a lot of banking and finance experience, but we have also have people with experience in innovative process design (such as Thomas Ekstrom) or specific neobank experience (such as Jason Bates and Brett King) and we will continue to invite great people from different walks of life to make sure we continue to inject new perspectives and fresh thinking into Xinja! We identify people we’d love to have and then ask them very nicely!