Signal

Governance Alignment

Are incentives aligned and oversight adequate?

Assessment Spectrum

ALIGNED

MIXED

MISALIGNED

CAPTURED

BestWorst

How This Signal Affects Analysis

This signal provides a standardized assessment that makes it easy to compare across different companies. When multiple lenses produce this signal, disagreements surface where the evidence is ambiguous.

Assessment Labels

Every analysis assigns one of 4 categorical labels to this signal. Labels represent a spectrum from best to worst assessment.

ALIGNEDBest outcome

Management and board incentives are well-aligned with shareholders. Strong oversight, appropriate compensation structure, and transparent governance.

MIXEDPositive outcome

Some alignment issues but also positive indicators. May have routine compensation concerns but overall structure is acceptable.

MISALIGNEDConcerning outcome

Significant divergence between management and shareholder interests. Compensation excessive, insider selling concerning, or board oversight weak.

CAPTUREDWorst outcome

Governance structure serves insiders, not shareholders. Board lacks independence, dual-class structure concentrates control, or egregious self-dealing.

What This Signal Captures

Board independenceInsider ownershipCompensation structureRelated-party issuesInsider trading patterns

Lenses That Produce This Signal

Multiple lenses can assess the same signal independently. When lenses disagree, we surface the conflict rather than hiding it.

Fugazi Filter

Are the reported numbers trustworthy?

Prospectus Probe

Is this a real business or a liquidity exit?

Insider Investigator

What are insiders signaling through their actions?

All Concepts Learn about Evidence Levels