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Decision Making Process

In general, EMTA's policies are set by its Board of Directors or, between Board meetings, by its Executive Director in consultation with EMTA's Executive Committee. 

As a practical matter, decisions relating to Market Practices, standard documentation and EMTA's general policies and positions are made by consensus. Proposals and drafts are developed by EMTA's staff, normally in consultation with EMTA's Co-Chairs or the applicable Working Group, and submitted to representatives of EMTA's Board of Directors and other interested market participants for their review and input. If consensus is not reached in the first instance, the proposals and drafts are revised and re-submitted for additional review and comment. After consensus is reached, final Market Practices and standard documentation are recognized by EMTA and recommended to the marketplace. 

The consensus process is designed to balance the interests of responsible and quick and efficient decision-making.  Quite intentionally, key decisions are not made by a prescribed majority or super-majority vote.  Rather, through a process of explanation and discussion, individual market views and concerns are expressed, considered and addressed, and the marketplace is encouraged to reach a common view.  Inherent in this consensus approach are expectations that majority decisions will not be imposed upon conscientious objectors, that minority views will be accommodated whenever possible, and that after minority views have been considered and accommodated, they will yield to consensus. 

EMTA recommendations are advisory only and not binding on market participants, but have generally been followed by the marketplace, in large part because EMTA's decision-making process ensures that market concerns are addressed, and consensus achieved, before such recommendations are made.