Yes, but if it's a publicly-traded company, it's very unlikely that one man would be able to appoint the entire board, right? He would have to be essentially the sole shareholder, and if he were, it wouldn't make much sense to be public.
That assumption is your problem. There's no evidence that it's publicly-traded. It's implied, in fact, that all holdings were willed by David's father -- 51% to David, 49% to the 7 Dwarves (which divides quite nicely into 7% apiece.) Now
why he wouldn't just will it all to David, I couldn't say, though it's clear David wasn't exactly the serious, business-like type when he was younger. He was 31 when he died (per the label on his cryo unit) and we can probably assume that no more than a couple years or so passed between that party at the beginning and his suicide. So he would have been no older than 20 when his parents died. Still young and foolish. Perhaps had his father lived longer, the will would have been amended to give David everything.
As such, the BoD wouldn't be "appointed." They'd hold their positions by right of partial ownership. And even if you don't accept the interpretation of how they got their shares mentioned above, it could also be that David's father sold them their shares as a means of raising capital back in the early days of the company. Either way, there's no clear evidence that the company is publicly traded.
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