Structure is a control, not a formality.

The group board sets mandate and capital allocation. Each venture holds its own board with at least one director who is not a group employee, so that a venture can formally disagree with its parent on the record.

Where a venture transacts with another venture, the transaction is disclosed to both boards and priced against an external benchmark. Group employees recuse from votes on entities in which they hold a personal interest.

Services supplied between group companies — compute, intelligence, shared operations — are benchmarked against external market rates annually. A venture may buy outside the group, and the fact that one occasionally does is treated as evidence the control works.

Ventures report monthly to the group on a common chart of accounts. Reporting is a control, not a courtesy: a venture that cannot produce its numbers on schedule is treated as a governance issue rather than an accounting one.

Follow-on capital is not automatic. Each request is underwritten as though it were a new position, by people who did not lead the original commitment.

Every position is formally reviewed once a year against the thesis on which it was taken. The review has three outcomes only: continue, restructure, or exit. 'Monitor' is not an available answer.