Greenfield Capital takes Safe Ecosystem governance fight to Swiss regulator

Greenfield Capital, an early investor in Safe, has filed a formal complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA). The complaint targets governance at the Safe Ecosystem Foundation, the Zug-based non-profit that oversees SafeDAO and its treasury. What Greenfield is asking for According to Greenfield, the complaint came only after months of trying to work things out with the foundation directly. Its requests were fairly specific: restructure the board and add independent directors. Greenfield also wanted a full review of Safe’s strategy, product, organization and tokenomics. That review, in its view, should come with measurable KPIs, so progress could actually be tracked rather than simply promised. The foundation’s answer fell short of that list. It set up a strategy committee with no decision-making power and filled existing board vacancies. The investor’s complaint also points to what it describes as statutory shortfalls. At times, according to the allegations, the foundation’s board has had only two members. Greenfield says the foundation has resisted appointing independent directors or bringing in outside expertise, despite calls from stakeholde...