So, given the recent OpenAI shinanigans, I thought it might be a good opportunity to pass on some knowledge. You need to have a plan for managing your board of directors.

I believe that my board should absolutely be able to fire my ass if I go batshit insane and start collecting my urine in jars and making antisemitic comments on twitter. But, I want it to be a unanimous decision, not a one man coup.

To enable this legally as the chairman/ceo of a Delaware-C, you are able to alter your voting bylaws. I was advised to plan for a board of 5 members, me and my co-founder and 3 external members. This is solid advice. The trick is to assign, via bylaws, extra votes to specific board roles. I, as chairman get 3 votes, cofounder gets 2, and the other 3 get one vote each.

So, I can be convinced by the board using facts and logic to do something and when I’m obviously wrong, i can be unanimously overruled.

This openai rediculous ouster is exactly the type of situation I was concerned about when I proposed the idea. I’m 100% transparent about this and it seems to act as a great filter. Our lead outside board director is absolutely outstanding.

  • LiekLiterally@alien.topBEnglish
    1·
    10 months ago

    I believe that my board should absolutely be able to fire my ass

    So, how will they do it in the setup you had proposed or implemented? You + your co-founder have voting control over any decision, be it firing the CEO or buying a corporate jet.

    I will second the sentiment of managing your board - something any co-founder should focus on early on the path to stardom (or oblivion, as the case may be).