Board seats, not line items on a cap table
A studio takes a board seat, not a passive line on a cap table. The seat is a working seat. It exists so decisions get made, not so reports get filed. It votes on raises, hires, and exits. It votes with the studio's portfolio logic, and it votes with the company in mind.
A working seat
The board seat exists so decisions get made, not so reports get filed. An operator who holds equity gives advice on raises, structure, and cap tables with a stake in how those terms treat the company. The seat is where that alignment shows up. It is not a ceremonial position, and it is not a passive line that files annual reports.
What the seat votes on
Raises, hires, and exits come to the seat. The vote follows the studio's portfolio logic, which means ideas that do not clear validation on schedule get shut down so the team can move to the next build. A founder who wants every decision run through a wider approval gets a slower company. That is the trade, and it is worth knowing before signing.