Some key decisions also require approval from shareholder groups, beyond board approval. Investor Governance • Fund raising, M&A, debt • Scope and structure of business Board of Directors • Annual budget • Strategy & performance • Fund raising, M&A, audit, executive compensation • Exec team hiring / firing Executive Management • Strategy, monthly budgets, hiring / firing, financial results • Sales, marketing, pricing, product, support, HR, finance Source: Mark Suster, Both Sides of the Table