The current monthly Special Council compensation is 20,833$ paid in Apecoin. As a comparison the salary of the President of France is 25% less and there is no country in the world with with an average monthly income as high. Monaco, ranking #1 in average income per month is 15,507$.
Yes but High Salary attract high profiles?
Yes and no, the Apecoin Council is not a job. Candidates are not going through an interview and there is no requirements in term of background and competences. And most of all there is no requirement in term of activity, candidates are not requested to make the Special Council their main and only occupation. The minimum weekly working time expected is only
In this situation the opposite can happen, the high retribution can bring attention from people only motivated by money. Especially considering there is no accountability or task tracking of what’s performed by the Special Council members.
Dividing by 5
Currently, a Special council member receive 20833$/month. By reducing the amount by 5 to 4,166.6$, the current budget for 1 member would cover all 5 members of the Special Council.
The monthly 83,332$ saved could re-injected in the DAO’s budget to fund AIP or allocated to a special Marketing fund for exemple.
It is OTT to say the least, we must compensate our elected panel well ofc, but let’s be fair here, paying people over $120 dollars an hour (based on a 40 hour week, 260 day working year) is unnecessary and it’s maybe the reason behind such ludicrously overpriced AIP ideas and alike submitted.
We can’t be paying out $1,250,000 a year for special council. Year one ok, so much had to be done, but we have to taper this off, it’s defo an undelining factor why so many AIPs are overpriced imho.
Would you suggest enacting this on current and soon-to-be elected Special Council? If so, how would you justify changing it mid-term?
I partially agree with you, but I think it’s a sticky situation to enact at this time and discussion should have been had well before Special Council Nominations.
For some, $250k is a drop in the bucket. I can’t imagine that Alexis is heavily relying on his $250k/yr from ApeCoin. For others, $250k is way more than they’d earn in any other capacity.
The President of France and average income of Monaco aren’t fair comparisons. Surely there is some data out there on pay for role similar to SC.
I don’t think we can change now, but it is a lesson learned! How to decentralize the power structure and have a more efficient working teams. We should ask this question.
Who and why did we set the financial incentive compensation $20000+ per month as salary for SC? Which is higher than the working France President today, just like other members pointed it out. It is crazy too much!
Thank you for the reply and your thoughts. That’s the goal of this post: discussion. On the points you are raising:
Justifying the change mid term: I don’t see this as an issue considering the elections will always be split in two it would mean we never change it as there will always be people mid term. People against it will simply vote no.
I do agree that 250k can be a drop in the bucket for some. But for those, like me, who never earned this amount and probably never will this is an outrageous amount of money. I am personaly running for a seat on the Special Council and I have an issue with this amount.
The problem about looking for somilar role is there is not a clear guideline one the role. Just the mention that, as is, the work require just a few hours a week.
Sorry if I have some trouble articulating ideas, I’m not a native English speaker. Feel free to let me know if I need to explain more
I personally had plans to re invest 1/3 of my earnings back in to the NFT space.
I currently plan to work 60-80 hours a week for the current salary if elected as this is my current schedule in film production, and I would be open to a lower salary in scale to how many hours I contribute.
(deleted and reposted as I forgot to post it as an answer to your comment)
Thanks for passing by! The way the compensation is spent is obviously a personal choice and should not be an argument in my opinion.
A lot of the nominee have in mind to treat the special council as a full time job and be devoted to it. My comment on the expected work time was referring to the official description.
I am personally in for a fixed monthly compensation, as it would require time tracking etc which is (again imo) a lot of time for nothing. Also, there is always the option for the community to vote for a Special Council member to be removed from the council.
I suppose I mean, in justifying such a high salary I would anticipate allocating a large portion of earnings to support the ecosystem, as part of my platform.
And I am all for fixed monthly salary. Honestly I wouldn’t feel comfortable with working any less than 60 hours a week with the current salary. I suppose I meant that at 4,000 USD a month I would put in less hours a week because it wouldn’t be financially viable otherwise.
This is obviously all otherwise dependent on one’s living expenses, but at the current stated 3 hours a week minimum, the salary is outrageous.
Special council members should be paid for the amount of hours they put it in. There should be some oversight over this. Who keeps the special council members accountable right now with the current salary?
Straight answer to your question is NONE!
It is up to the SC how they want to work. The voting system was designed to favor the whales so if you are wealthy and have 1 million $APE in your wallet, you are welcome to play the game.
In other words, it is a game play as much as it is. It works well as designed! It would be hard to argue!
It looks like some whales are dumping the $APE coins after they voted. That implies that the voting system is not perfect by design. The fuel was added on top of the flawed voting system with excessive financial incentives for the SC election race.
All you need to study is by looking at the today’s chart below. 14.13% down within 24 hours.
UPDATE: Actually, everything is down by about the same amount right now. $SOL down 13.4%, AVAX down 11.4%, BNB down 20.2%, ADA down 16.3%. So we can’t say this was from voting. It’s a general selloff.
I personally am against changing it on the eve of elections for 3 new council members.
I do think this topic should be re-evaluated from time to time to ensure that compensation meets the output of the SC and expectations of the community. I think we’re all aligned that 3-4 hours of work per week is not enough to justify this salary, but to be honest, if the DAO is functioning and making significant process I personally don’t care if they work 10 hours or 100 hours a week.
Simply, if the newly elected candidates don’t live up to our collective standards, they should be replaced.
Additionally, if we want to attract world class talent to the DAO, we need competitive compensation.
I think the only tweak that’s warranted right now is that the compensation should be benchmarked fully in $ape versus USD to align incentives between the board and the DAO.
I strongly disagree on the fact that high salary is attracting world class talent. This is an election not an hire based on education, experience etc. High salaray without a clear view of what has to be done and especially without a clear task tracking and transparent reporting is a non sense.
If the compensation is benchmarked only in ape, le’s say a fixed 1k$Ape a months, what happens when ApeCoin is trading at 20$ or at 1$? Basing the compensation is a must to ensure stability of income especially for the Nominees who will dedicate full time to the task.
Thanks for the response. Just wanted to throw in a couple of counter-points.
I don’t necessarily think we can just correlate compensation to this election cycle regardless of what people’s thoughts are on the front-runners. Remember, there will be another election in 6 months and another 6 months after that, and members can be voted out at any time per governance (which will need replacements). We need competitive comp to attract talent not just in the short term, but in the long term as well.
If $ape goes to $20, great, candidates get rich. If $ape goes to $1 tomorrow, it’s clear they are having little impact on creating value. Special Council members (and perhaps all DAO service providers) should be aligned with the best interests of the DAO. I can’t think of a better way than direct economic incentive.
If the community wants to move in this direction, the amounts can be recalibrated each election cycle, or whatever duration the community feels is best to keep incentives aligned.
