Corporate Governance Checklist

CORPORATE GOVERNANCE PHILOSOPHY

Understanding Governance as Foundation

CORPORATE GOVERNANCE FUNDAMENTALS

WHAT GOVERNANCE ACTUALLY IS:
☐ Foundation for company operations
☐ Legal protection for directors/officers
☐ Investor confidence builder
☐ M&A/IPO readiness preparation
☐ Framework for decision-making

CEO'S ROLE IN GOVERNANCE:
☐ Champion good governance practices
☐ Ensure board is informed and engaged
☐ Maintain accurate corporate records
☐ Drive timely filings and compliance
☐ Prepare for board meetings properly

WHY GOVERNANCE MATTERS:
1. Legal protection (corporate veil)
2. Investor due diligence requirement
3. M&A readiness (clean house)
4. D&O insurance requirement
5. Fiduciary duty compliance

COMMON GOVERNANCE FAILURES:
☐ No board meetings for months/years
☐ Missing or incomplete minutes
☐ Stock ledger not maintained
☐ Missing shareholder consents
☐ Late or missing state filings
☐ 409A valuation expired

THE GOVERNANCE MINDSET SHIFT:
"Good governance isn't bureaucracy for its
own sake. It's the infrastructure that lets
you move fast with confidence. A well-
governed company can raise, acquire, and
exit without scrambling to fix problems."

GOVERNANCE MATURITY:
Level 1: Minimal (just incorporation docs)
Level 2: Basic (annual meetings, filings)
Level 3: Good (regular board, accurate records)
Level 4: Strong (full compliance, proactive)
Level 5: Best-in-class (audit-ready, M&A-ready)

---

COMPREHENSIVE GOVERNANCE COMPLIANCE

Corporate Governance Framework

═══════════════════════════════════════
CORPORATE GOVERNANCE CHECKLIST
═══════════════════════════════════════

COMPANY: _______________
State of Incorporation: _______________
Assessment Date: _______________
Responsible Party: _______________

═══════════════════════════════════════
SECTION 1: FORMATION & ORGANIZATION
═══════════════════════════════════════

FORMATION DOCUMENTS:

Certificate/Articles of Incorporation:
☐ Original certificate of incorporation
☐ All amendments to certificate
☐ Certificate of designation (if preferred stock)
☐ Certified copy from Secretary of State
Last Amendment Date: _______________
Filed in: _______________

Bylaws:
☐ Current bylaws on file
☐ All amendments documented
☐ Board approval for amendments
Last Amendment Date: _______________
Key Provisions:
  ☐ Board composition: ___ directors
  ☐ Board meetings: ___ per year required
  ☐ Quorum: ___ directors
  ☐ Indemnification: ☐ Standard ☐ Enhanced
  ☐ Advance notice: ___ days for nominations

Stockholder Agreements:
☐ Stockholder/Shareholders Agreement
    Parties: _______________
    Dated: _______________
    Key terms: _______________
☐ Investor Rights Agreement
    Information rights: ☐ Yes ☐ No
    Registration rights: ☐ Yes ☐ No
    Board seat rights: _______________
☐ Voting Agreement
    Board composition provisions: _______________
    Drag-along: ☐ Yes ☐ No
    Tag-along: ☐ Yes ☐ No
☐ Right of First Refusal/Co-Sale Agreement
    ROFR on transfers: ☐ Yes ☐ No
    Co-sale rights: ☐ Yes ☐ No

═══════════════════════════════════════
SECTION 2: BOARD GOVERNANCE
═══════════════════════════════════════

BOARD COMPOSITION:

Current Board Members:
| Name | Title | Class | Term Expires | Committee(s) |
|------|-------|-------|--------------|--------------|
| _____ | _____ | _____ | _____ | _____ |
| _____ | _____ | _____ | _____ | _____ |
| _____ | _____ | _____ | _____ | _____ |
| _____ | _____ | _____ | _____ | _____ |

Board Composition Requirements:
☐ Meets charter/bylaws requirements
☐ Meets stockholder agreement requirements
☐ Independent directors: ___ (required: ___)
☐ Financial expert: ☐ Yes ☐ No ☐ N/A
☐ Diversity considerations addressed

BOARD MEETINGS:

Meeting Frequency: ☐ Monthly ☐ Quarterly ☐ Other
Meetings Held This Year: ___
Meetings Required: ___

Meeting Compliance:
☐ Proper notice given for each meeting
☐ Quorum present at each meeting
☐ Minutes taken for each meeting
☐ Resolutions properly adopted
☐ Materials distributed in advance

Board Meeting Record:
| Date | Type | Quorum | Minutes | Location |
|------|------|--------|---------|----------|
| _____ | Regular/Special | ☐ | ☐ | _____ |
| _____ | Regular/Special | ☐ | ☐ | _____ |
| _____ | Regular/Special | ☐ | ☐ | _____ |
| _____ | Regular/Special | ☐ | ☐ | _____ |

BOARD ACTIONS BY WRITTEN CONSENT:
☐ Unanimous consent required (most states)
☐ All consents properly executed
☐ Filed in minute book

Written Consents This Year:
| Date | Subject | All Directors Signed |
|------|---------|----------------------|
| _____ | _____ | ☐ |
| _____ | _____ | ☐ |

COMMITTEES (If Applicable):

Audit Committee:
☐ Established: ☐ Yes ☐ No ☐ N/A
Members: _______________
Meetings held: ___
Charter on file: ☐

Compensation Committee:
☐ Established: ☐ Yes ☐ No ☐ N/A
Members: _______________
Meetings held: ___
Charter on file: ☐

Nominating/Governance Committee:
☐ Established: ☐ Yes ☐ No ☐ N/A
Members: _______________
Meetings held: ___
Charter on file: ☐

═══════════════════════════════════════
SECTION 3: STOCKHOLDER MATTERS
═══════════════════════════════════════

STOCKHOLDER MEETINGS:

Annual Meeting:
☐ Held within timeframe required
☐ Proper notice given (typically 10-60 days)
☐ Quorum present
☐ Directors elected
☐ Other matters approved
☐ Minutes documented
Last Annual Meeting Date: _______________

Special Meetings (if any):
☐ Proper purpose(s) stated
☐ Proper notice given
☐ Quorum present
☐ Minutes documented

STOCKHOLDER CONSENTS IN LIEU OF MEETING:
(Common for private companies)
☐ Majority/supermajority obtained as required
☐ All required consents on file
☐ Properly dated and executed

Consents This Year:
| Date | Subject | Threshold | Met |
|------|---------|-----------|-----|
| _____ | _____ | ___% | ☐ |
| _____ | _____ | ___% | ☐ |

MATTERS REQUIRING STOCKHOLDER APPROVAL:
☐ Director elections
☐ Charter amendments
☐ Equity plan adoption/amendments
☐ Significant asset sales
☐ Mergers/acquisitions
☐ Dissolution

═══════════════════════════════════════
SECTION 4: EQUITY RECORDS
═══════════════════════════════════════

STOCK LEDGER:
☐ Stock ledger current and accurate
☐ All issuances recorded
☐ All transfers recorded
☐ Certificate numbers tracked
☐ Last updated: _______________

CAP TABLE:
☐ Cap table matches stock ledger
☐ Fully diluted cap table maintained
☐ Option pool tracked
☐ Convertible instruments tracked
☐ Last reconciled: _______________

Total Authorized Shares:
Common: _______________
Preferred: _______________

Total Outstanding:
Common: _______________
Preferred: _______________
Options granted: _______________
Options available: _______________

STOCK CERTIFICATES:
☐ All certificates issued
☐ Certificate book maintained
☐ Lost certificate affidavits (if any)
☐ Legends properly included

OPTION PLAN:
☐ Plan document on file
☐ Board approval documented
☐ Stockholder approval documented
☐ Plan summary available
Plan name: _______________
Shares reserved: _______________
Shares granted: _______________
Shares available: _______________

OPTION GRANTS:
☐ All grants have board approval
☐ Grant agreements on file
☐ Exercise prices at FMV (409A)
☐ Vesting schedules documented
☐ Early exercise rights (if any)

409A VALUATION:
☐ Current 409A valuation on file
Valuation date: _______________
FMV per share: $_____
Expiration date: _______________
Valuation firm: _______________

409A Valuation Triggers:
☐ New funding round
☐ Material business change
☐ 12 months since last valuation
☐ Before any option grants

State Filing Requirements

State	Filing	Due Date	Fee	Status
Delaware	Annual Report/Franchise Tax	March 1	Varies	☐
California	Statement of Information	Varies	$25	☐
New York	Biennial Statement	Varies	$9	☐
Texas	Annual Report	Anniversary	Varies	☐
[State]	_____	_____	$_____	☐

Corporate Records Maintenance Checklist

═══════════════════════════════════════
CORPORATE RECORDS CHECKLIST
═══════════════════════════════════════

MINUTE BOOK CONTENTS:

Formation:
☐ Certificate of Incorporation (certified)
☐ All amendments to Certificate
☐ Bylaws (current, marked version)
☐ Initial organizational minutes
☐ EIN confirmation letter

Stockholder Agreements:
☐ Stockholders Agreement
☐ Investor Rights Agreement
☐ Voting Agreement
☐ ROFR/Co-Sale Agreement
☐ All amendments to above

Board Records:
☐ Board meeting minutes (all)
☐ Board written consents (all)
☐ Committee meeting minutes
☐ Committee charters

Stockholder Records:
☐ Stockholder meeting minutes (all)
☐ Stockholder written consents (all)
☐ Stockholder communications

Equity:
☐ Stock ledger
☐ Stock certificates (copies)
☐ Stock certificate stubs
☐ Option plan documents
☐ Option grant agreements
☐ 409A valuations
☐ 83(b) election filings

Regulatory:
☐ Qualification certificates (foreign states)
☐ Form D filings
☐ Blue sky filings
☐ State annual reports/receipts

Insurance:
☐ D&O insurance policies
☐ E&O insurance policies
☐ General liability policies

Governance Calendar

Month	Requirement	Owner	Due Date	Status
Jan	409A valuation review	CFO	Jan 31	☐
Feb	D&O insurance renewal review	CFO	Feb 28	☐
Mar	Q1 Board meeting	CEO	Mar 15	☐
Mar	Delaware franchise tax	CFO	Mar 1	☐
Mar	Annual stockholder consent	Legal	Mar 31	☐
Apr	State annual report	Legal	Varies	☐
Jun	Q2 Board meeting	CEO	Jun 15	☐
Jun	Mid-year equity reconciliation	CFO	Jun 30	☐
Sep	Q3 Board meeting	CEO	Sep 15	☐
Sep	409A valuation (if needed)	CFO	Sep 30	☐
Dec	Q4 Board meeting	CEO	Dec 15	☐
Dec	Year-end equity reconciliation	CFO	Dec 31	☐
Dec	Annual governance audit	Legal	Dec 31	☐

Governance Dashboard

Metric	Requirement	Current	Status
Board meetings held	4/year		☐
Board minutes current	All documented		☐
Stockholder consents current	All required obtained		☐
Stock ledger current	Last 30 days		☐
409A valuation current	<12 months old		☐
State filings current	All filed		☐
D&O insurance active	Yes		☐
Minute book complete	Yes		☐

---