NEW: Water Street Partners discusses differences between governance of public companies and joint ventures, suggesting special considerations in certain facets of joint venture governance in Public Company vs. JV Governance.

Water Street Partners discusses conflicts affecting directors of joint ventures regarding whether they should vote based on what they believe is best for the venture, which may limit their nominating shareholder’s interests outside the venture, or what is in their shareholder’s interests, which may undercut venture performance and expose them to legal liabilities. JV Directors Duty of Loyalty.