Currently, the Sögur's intermediary board of directors (“Intermediary Board”) has the authority to update the smart contract. The Intermediary Board has committed to using this authority only under extreme circumstances. Changes are limited to cases where they are necessary in order to promote the balance between stability and sustainable long term growth. In addition, amendments to the Smart Contract shall be limited and shall take into account the need for predictability. In any case, changes to the smart contract will not be made retroactively.
In future, as the governance framework evolves, the authority to make changes will be given to Sögur's Monetary Committee – responsible for ensuring the long term sustainability and soundness of SGR as currency. In addition, any changes will be subject to the Assembly's veto power and must be presented in advance. This is planned to take place not later than December 2021, though it requires a minimum market cap of 100M SDR to transpire.