Board Structure
As we start to work on tiered levels of support it became obvious that the highest tier should be a seat on the Board of Directors of KmikeyM. We are still working out the cost and corresponding benefits, but the question is if this is simply a metaphor for the highest tier of support or part of an actual Board of Directors.
Historically I've avoided having a Board of Directors because I can post questions directly to the shareholders. But there are two aspects of a board that I feel could be beneficial to KmikeyM.
- Private Deals. There are times when I must act privately and can't share decisions publicly. As a small group of the most active shareholders a board of directors would be a great resource in navigating private issues.
- Long Term Vision. A board of directors, serving terms of some length of time, would be required to meet on occasion to review and revise long term plans and ideas.
So should the board be simply a tiered level of support, or should it also be integrated into a personal board of directors I can turn to for matters that require privacy.
Option 1: Maximize Revenue
- Board seats will have valuable benefits but be unlimited in number and represent those shareholders most able to support the ongoing operations of KmikeyM.
Option 2: The Personal Board
The board will be limited to 12 positions, with six available as the highest levels of support, and six assigned as follows:
- I will act as chairman and be on the board
- 2 board seats will be chosen by me
- 2 board seats will be elected by shareholders
- 1 board seat will be appointed by the largest shareholder
- the remaining 6 positions will be optionally filled by paid supporters
Option 3: Minimize Revenue
The board will still be limited to 12 positions, but with only four available as the highest levels of support, and eight assigned as follows:
- I will act as chairman and be on the board
- 2 board seats will be chosen by me
- 4 board seats will be elected by shareholders
- 1 board seat will be appointed by the largest shareholder
- the remaining 4 positions will be optionally filled by paid supporters
Terms will be one year, with appointments/elections happening in January for odd seats and June for even seats. The board will meet virtually four times a year and be presented with updates and asked for feedback. Additionally the board will be consulted as needed in matters and opportunities that require privacy.
34 users voted with 4604 shares
it's finally happening! very excited for this.
How much will it cost to join the board in Option 1? If there a limited number of paid supporter positions as in Options 2 or 3, how will the price be set? What happens to the money paid for board seats?
Can we get clarification on Option 3? I can't figure out which assortment of options needs to be added to come up to 12 there.
I have been trying to get my money out of my account for over a month, can you please respond to my email?
Pumped this is happening. Love the ask on cost of board seats. With 12 what happens if there's a tie? And is 12 too many?
I don’t feel like I can vote well without a better definition of “paid supporters” — like what does it mean, how much, etc.
Also feel like the board needs to be able to vote for the chairman long term, not just assume it’ll be you.
@kprice322 - Sorry for the delay, I just emailed you and finalized the transaction.
@alexmalinovich - both option 2 and 3 will be a total of 12 board seats, with option 2 having 2 voted by shareholders and 6 paid seats, and option 3 having 4 voted in and 4 paid seats. (I'll edit the proposal to make it more clear.)
Regarding Cost of a Seat: the paid seats will be the highest tier of support and isn't determined yet and will be subject to change, but definitely more than a few hundred per board term.
@Nick - a lot to work out in terms of how the board will work (quorum and rules of order, etc.) but maybe a tiebreaker would just be based on how many shares they have? will be interesting to work this out!
I'm voting for options 2 and 3 here, but I think it would make sense to write up (collaboratively with shareholder review!) a board governance agreement that lays out how everything will work and bring that back for a yes/no vote.
Forgive me if this comes across as cynical, but the recent moves by kmikeym, including this creation of a Board of Directors feel mostly like an attempt so 1) generate money by selling influence and 2) dilute the value of shares held by existing shareholders. While I have no illusions about how the vote is going to turn out, the process would feel at least a bit more valid if there were a fourth option to vote against the creation of a BoD to begin with.
@eubie67 - You can always vote abstain, which is a pretty clear indicator of a flawed vote!
I voted "abstain."
As a shareholder, I am excited about the increase in questions to vote on. This is the third vote for 2024 (plus policy votes) vs. a single vote in 2023. I'd love to see this momentum continue before there is a new line in the sand for private votes. My concern here is that with a board of directors, the standard shareholders will start to lose visibility into kmikeym and see their ability to influence him decline as votes get moved to the board.
Regarding long term vision, I don't see why we the normal shareholders couldn't be the ones to help review long term plans and vision. From the about page -
> By using an adapted structure of the market economy, you and I have a ready-built mechanism for operations, accountability, and measuring success that is not only well documented but also easily understood.
I would love to see a proposal for bringing the shareholders together to review said vision. Many of us stockholders have been a part of this project for years.
How do we reconcile different support levels (ie. payments) being able to affect more change to kmikeym than owning shares?
@krickeyb - for most matters I'll continue to engage the shareholder community, but occasionally I've had to act in what I think is the best interest of the shareholders because an opportunity or situation involves non-public information. the board will offer general guidance, which will be shared, and also private guidance for matters that can't be shared.