Facebook: Corporate Governance Minefield
Facebook filed its S1 yesterday afternoon after the markets closed, ending years of speculation about when the company would do so. Plenty of fodder remains for the rumor mill, of course, as this was Facebook’s first S1, and many of the details have yet to be revealed.
While Facebook hasn’t chosen an exchange or set a range for its IPO stock price, it has revealed a wealth of information about its approach to corporate governance. In many ways, Facebook is following in the footsteps of Groupon, Zynga and the other internet companies that have gone public over the past year – a sign corporate governance is not a priority for this sector.
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