If there aren't any constraints like VC funding, co-founders, employees (that want equity) then yeah, it would be pretty logical to keep more than 50%. In real

If there aren't any constraints like VC funding, co-founders, employees (that want equity) then yeah, it would be pretty logical to keep more than 50%. In reality, you need to make compromises, it's better to have < 50% of something rather than having > 50% of nothing. BTW: They probably still have "decision power", because they have a board seat, which means they have influence over the company and are not just an "employee" as you stated.