You Can't Fire a VC From Your Board: Here's Why | Wilson Sonsini Startup Legal Basics
Summary
In this Startup Basics episode, host Jacob and lawyer Becky DeGraw discuss board composition, explaining when founders should establish a board and how investor seats are allocated. They clarify the differences between voting directors and non-voting observers, including compensation norms and fiduciary duties. The conversation also covers the legal and practical challenges of removing uncooperative directors, emphasizing the importance of relationship management.
Topics discussed
Introduction to Startup Basics and legal series
Role of the board and when to establish one
Board composition evolution from seed to Series A
Selecting and approving independent directors
Compensation and expenses for board members
Board members vs. board observers
Removing directors and managing board relationships
Listen ad-free on Castria