저자: BillAckman · 외국인
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오픈AI 이사회 사태를 계기로 지배구조의 중요성을 강조. 비영리-영리 혼합 구조에서 투자자 이익 상한과 이사회 대표성 부족이 문제를 키웠다고 주장. 벤처 이사회는 VC의 평판·다음 딜 이익에 치우쳐 경영진 견제가 약하다고 설명. 자산 가격 예측 발언은 없음.
다듬은 글
on a small tangent since we were talking about boards did you get a chance to see what happened with the open AI board CU I'm talking to Sam wman Soon um is there any insight you have just maybe lessons you draw from this kind of sure these kinds of events especially with an AI technology company such dramatic things happening yeah that was an incredible Story look governance really matters and the governance structure of op I think leav something to be desired you know I think Sam's Point was this and maybe musk Elon Musk Point originally set up as a nonprofit uh and uh reminds me actually I invested in a nonprofit run by a former Facebook founder where he was going to create a facebook- like entity for nonprofits to promote you know goodness in the world and the problem was he couldn't hire the talent he wanted because he couldn't Grant stock options he couldn't pay Market salaries um and ultimately we ended up he ended up selling the business to a for-profit so it taught me for-profit solutions to problems are much better than nonprofits and here you had kind of a blent right it was set up as a nonprofit but I think they found the same thing they couldn't hire the talent they wanted without having a for-profit subsidiary um but the nonprofit entity as I understand it owns a big chunk of open Ai and the investors own sort of a capped interest where their upside is capped uh and don't have representation on the board and I think that's a you know was a setup for a problem and that's clearly what happened here and there's I guess some kind of complexity in the governance I mean because of this nonprofit and cap profit thing it seems like there's a bunch of complexity and um non-standard aspects to it that perhaps also contributed to the problem yeah uh govern governance really matters Boards of directors really matter um giving the shareholders the right to uh have input at least once a year and the structure of the governance of a companies is really important and private you know Venture backed boards are also not ideal you know I'm an active investor and venturous and uh there are some complicated issues that emerge in private sort of venture stage companies um where board members have somewhat Divergent incentives from you know the long-term owners of a business and what you see a lot in Venture boards is you know they're presided over generally by uh you know Venture Capital investors who are big investors in the company and oftentimes it's more important to them to give the uh to have the public perception that they're good directors so they get the next best deal right if they get a you know if they have a reputation for kind of taking on management too aggressively word will get out in the small community of founders and they'll miss the next Google and so they their interests are not just in that particular company that's also you know one of the problems again it all comes back to incentives can you explain to me the difference you know Venture back like VCS and shareholders so this means before the company goes public yeah so private venture-backed companies the boards tend to be very small uh could be a handful of the Venture investors and management they're often very rarely uh independent directors it's just not an ideal structure oh I see you want independent it's beneficial to have people who have an economic interest in the business and they care only about the success of that company uh as opposed to someone who you know if you think about the Venture business getting into the best deals is more important than any one deal and you see cases where you know the boards go along with in some s cases bad behavior on the part of management because they want a reputation for being kind of a a Founder friendly a director you know that's that's kind of problematic you don't have the same issue in public company boards
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