# Governance

## Governance

**Owner (Coinshift, Steakhouse Financial, and Paxos International)**

* **Composition**: A 3-of-5 multi-signature committee 
* **Responsibilities**: Sets high-level vault strategies and assigns roles.

**Curator (Steakhouse Financial)**

* **Role**: Sets vault parameters such as adding or removing markets, reallocating capital, adjusting performance fees (as a percentage of borrower rates), and setting supply and borrow caps.
* **Function**: Ensures the vault's activities align with risk and optimization strategies. However, actions like adding a market or increasing fees are subject to a time delay (1 to 14 days). 

**Allocator (Steakhouse Financial & Public Allocator Contract)**

* **Role**: Dynamically optimizes fund allocation within established parameters.
* **Function**: Adjusts allocations to optimize yields while managing risk.

**Guardian (Coinshift Security Council, later: DAO made up of vault depositors)**

* **Role**: Monitors and provides oversight, with the ability to veto actions within a specified timelock.
* **Function**: Protects user interests by overseeing vault activities and intervening when necessary.

#### **Timelock**

* **Security Feature**: Timelocks introduce a waiting period before significant actions are executed in Morpho Vaults.
* **User Control**: Steakhouse curates with a 7-day delay for changes, giving users time to review. Using[ Aragon DAO guardians](https://forum.morpho.org/t/steakhouse-metamorpho-vaults-are-upgrading-their-guardian-setups-to-fully-trustless/527), capital suppliers can vote to revoke curator actions. This setup keeps the vault non-custodial, ensuring users maintain control and can withdraw assets anytime.[ ](https://forum.morpho.org/t/steakhouse-metamorpho-vaults-are-upgrading-their-guardian-setups-to-fully-trustless/527)
* **Risk Management**: Applies to changes that could increase vault risk (e.g., high LLTV markets, supply cap adjustments).
* **Transparency**: Users can inspect timelock values in the "Read Contract" section of the vault for oversight.