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This vote is interlinked with the oDAO Charter and Inflation & pDAO Budget Allocation votes -- if any of the 3 fail, all will be considered failed (and none will take effect).
The pDAO charter establishes what the pDAO is and what its values are. I don't think it can be summarized further than the RPIP, so please read the RPIP.
Please read the full RPIP here.
You can read discussion around this in the forum thread.