Press Release: Improving the governance structure within the I-REC Standard Foundation
After the updated organizational structure of the I-REC Standard Foundation – and the implementation of the International Attribute Tracking Standard and I-REC Code for Electricity – the I-REC Standard Foundation Board (Board) has made the decision to create new, more expansive, and stakeholder-inclusive governance bodies.
These new governance bodies are planned for implementation starting this year (2022). There will be three different types of governance bodies defined in the Standard. These groups will focus on individual Product Code or Accredited Entities and as such be move focused on the day-to-day decision making of a specific Accredited Product or Accredited Entity and less with the focus, vision, and mission of the organization which will continue to be maintained by the Board.
For new or developing Product Codes, the Board has introduced the concept of Initiative Groups that will govern the developing Product Code. An Initiative Group will represent a group of individuals or organizations that are active in the development of a Product Code and with the goal of keeping its progress towards Accreditation on track. The Initiative Group should include the future Code Manager, knowledgeable stakeholders, and potentially members of the I-REC Standard secretariat or Board. Once the relevant Product Code has been Accredited, and the market started, the Initiative Group will remain in force as they work to define the transition to its replacement structure, the Council.
A Council will be made up of a group of stakeholders that will support formalizing the governance and oversight of a Product Code. Depending on the type of asset or Product Code, the make-up and size of the Council can vary. It is expected that the future I-REC for Electricity Council, or just “Electricity Council” will include myriad stakeholders from the sides of Market Facilitators, Market Players, and independent Stakeholder.
In addition to the Initiative Group and Council, the Board will formalize its recognition of User Groups. However, a User Group is anybody formed under an Accredited Entity and as such will not be facilitated or supported by the I-REC Standard in any way.
It is the goal of the I-REC Standard to clarify the existence and roles of these groups within the International Attribute Tracking Standard, as well as implement the first Councils and Initiative Groups, where relevant, for Accredited or to be Accredited Product Codes during the 2022 calendar year.
For more information contact the I-REC Standard secretariat at email@example.com.