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Angels, Dragons and Vultures: How to Tame Your Investors And Not Lose Your Company by Simon Acland

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BOARD COMPOSITION

One area on which you need to keep a careful eye is the composition of the board of directors. For of course, it is the board of directors to which the CEO reports. The CEO may run the company day to day, but is subject to the board’s scrutiny. The board will take the major decisions, including for example whether to fire the CEO. In the absence of other rules, the shareholders can pass a resolution changing the composition of the board. This is a cumbersome process, requiring notice periods to comply with company law, but so long as you hold a majority of the equity you should be safe… except that certain provisions in both your new Voting Agreement and Certificate of Incorporation (or Shareholders’ Agreement and Articles of ...

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