First off, some basics. The size and composition of your corporate board will be defined in the company's Articles of Association; a set of legal documents registered with the state within which your business is located that define the rules and regulations of the company.
Among the many rules and regulations in the articles of association are a number of clauses that describe the number of directors that should sit on the board and, in the case of a company with different classes of shares, the number of representatives each class of share has been allocated.
The National Association of Corporate Directors recommends that public companies have a
board of no less than 9 and no more than 15 members. In our experience, a board with about
5 members is a very good size for an early stage company. It lets you retain your strategic
flexibility while being able to tap into the experience and connections of a few key industry
players.
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