A major West Coast venture capital organization today endorsed corporate governance guidelines for board members of private companies.
It lists do’s and don’ts board members should follow, from the attitude they should exhibit toward entrepreneurs during board meetings, to refraining from fiddling with their Blackberry’s during board meetings, and much more. Our flippant headline aside, these appear to be very solid guidelines, and worth a read for board members — many of whom have never had training in how to be a board member.
The group, the Western Association of Venture Capitalists, which consists of more than 800 venture capitalists, released their guidelines in a report entitled A Simple Guide to the Basic Responsibilities of VC-Backed Company Directors. A working group of 22 venture capitalists, technology CEOs and industry leaders collaborated on the paper. It included representatives of the valley’s leading firms, including Kleiner Perkins, Foundation, Mayfield, Norwest and August, among others. It is the first such paper of its kind, the group said.
Here is a copy of the report: Download’s PDF