Pet subject time. It can happen that VCs attend board meetings, have the right to appoint directors but don't appoint them, as a way of holding power over the

Pet subject time. It can happen that VCs attend board meetings, have the right to appoint directors but don't appoint them, as a way of holding power over the rest of the board. They do this (amongst other reasons) to avoid being directors of a company that might fail (as many companies do in the early years). This legally should make them 'shadow directors' and should mean they have the same responsibilities as a director, but I haven't seen this enforced. Anyway, if they became real directors, like they should, then they would have open access to the financial records. Hoisted by their own petard.