Mary Jo White, then the SEC chair, described the problem in a 2016 speech at Stanford. “As the latest batch of start-ups mature, generate revenue, achieve significant valuations, but stay private, it is important to assess whether they are likewise maturing their governance structures and internal control environments to match their size and market impact,” said White, who suggested asking a list of questions: “Is your board expanding from founders and venture seats to include outsiders with larger, and ideally public, company experience? Do you have the right regulatory and financial expertise on your boards to appropriately make decisions on behalf of all investors? Do you have the relevant expertise in the particular industry in which your company functions to bring to bear different viewpoints and spot critical issues? Is your company, in short, being run and governed for the benefit of all of your investors—a requirement whether the company is public or private?”