The Deal Professor writes about the corporate governance standards in the recent hyped-tech-company IPOs – Facebook, Zynga, LinkedIn, Groupon and so on. He’s right to point out the potential for a worrisome trend, although I’ve yet to see evidence of one in a more wide-ranging study. And he does make the vital point that people who buy such companies have no excuse, because such less-friendly structures are very well laid out in the companies’ filings. Where I disagree with him is in the next sentence: “But shareholders may accept these arrangements because they assume that a board will act independently. Directors are meant to act as a check on executives or at least add their expertise and advice to big decisions.” — I don’t think one can call oneself an investor and assume that boards will act independently. I will never rely/ depend on such an assumption. While I do accept that some boards will be better than others, the incentives game is far more complicated than that.