Venture Backed IPOs and the Competitiveness of US Capital Markets

The competitiveness of US capital markets can be impacted by IPO trends and listings of US companies and non-US companies on non US stock exchanges. Corporate Governance in the United States can influence listing decisions by management. A recent report from Wilson Sonsini (http://entrepreneur.typepad.com/files/ipo-survey-2012_web.pdf) on venture-backed IPOs has several interesting findings:

  • 98% of these companies had adopted a code of business conduct.
  • 94%  of the companies are incorporated in Delaware
  • Over 80% of the companies implemented a classified board in connection with the IPO.
  • More companies separated the chairman and CEO roles than combined them.
  • Venture capitalists who had invested in the companies are often represented on board committees (counting the VCs as independent,” despite their share ownership).
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