kaal:claim:3067615-019

Token holders, unlike shareholders in the traditional corporate infrastructure, cannot vote for or against directors or nominate directors, so ordinary ICO investors have no governance channel and simply must trust the promoters and their business intent.

Further limitations for token holders that amount to significant risk factors include token holders' inability, unlike shareholders in the traditional infrastructure, to vote for or against directors or to nominate directors.

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017), IV. Risk Factors, p. 16
https://ssrn.com/abstract=3067615 · source PDF

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

• typical ICO token structures
• ordinary investors as distinct from institutional pre-sale investors

failuresupport: arguedfailure: Token holder governance voidfamily: investor-protection-gapgovernance-designcorporate-governancetokenomics

• restated_by kaal:claim:3117224-005 Unlike shareholders in traditional corporate structures who can vote for or nominate directors, ICO investors ...
• extended_by kaal:claim:3117224-010 ICO investors have no preemptive rights or other anti-dilution protections, so they may be diluted if promoter...

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