10 Letdowns From The Facebook IPO Filing

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Corporate Governance

Reports Facebook: “In light of our status as a controlled company, our board of directors has determined not to have an independent nominating function and has chosen to have the full board of directors be directly responsible for nominating members of our board, and in the future we could elect not to have a majority of our board of directors be independent or not to have a compensation committee.”

There’s a reason good companies opt for independent directors, and Facebook should take that to heart.

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