The problem is that their fiduciary responsibility to the company is misaligned with the incentives of their VC career. Obviously some VCs still manage to do what’s right for the company, though many don’t. My point is that these incentives wouldn’t be misaligned if VCs would just stick to valuing companies and being limited partners. Let founders own the process of building a management structure and incentivizing the participants however they want to do it. VCs should be able their stake at any time if they don’t like management’s decisions.